Looking to diversify beyond PRFRX? The mutual funds below have historically moved differently from PRFRX, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for PRFRX
35 mutual funds have low correlation with PRFRX (below 0.3), 2 of which are negatively correlated. The least correlated is Pioneer ILS Interval Fund (XILSX) (High Yield Bonds) with a 1Y correlation of -0.13, down from 0.03 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Pioneer ILS Interval Fund | -0.13 | 0.02 | 0.03 | 100 | High Yield Bonds | PRFRX vs XILSX | |
| Fairholme Focused Income Fund | -0.09 | 0.10 | 0.21 | 73 | High Yield Bonds | PRFRX vs FOCIX | |
| Fidelity Conservative Income Bond Institutional Cl... | 0.05 | 0.15 | 0.20 | 100 | Ultrashort Bond | PRFRX vs FCNVX | |
| Cliffwater Corporate Lending Fund Class I Shares | 0.06 | 0.08 | 0.15 | 100 | Bank Loan, High Yield Bonds | PRFRX vs CCLFX | |
| Stone Ridge High Yield Reinsurance Risk Premium Fu... | 0.06 | 0.01 | 0.06 | 99 | Multistrategy | PRFRX vs SHRIX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PRFRX, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Verizon Communications Inc. (VZ) (Communication Services) with a 1Y correlation of -0.19, down from 0.05 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Verizon Communications Inc. | -0.19 | 0.01 | 0.05 | 66 | Communication Services | |
| NextEra Energy, Inc. | -0.12 | 0.08 | 0.12 | 77 | Utilities | |
| Berkshire Hathaway Inc. | 0.01 | 0.15 | 0.19 | 61 | Financial Services | |
| Laboratory Corporation of America Holdings | 0.04 | 0.09 | 0.12 | 69 | Healthcare | |
| ZIM Integrated Shipping Services Ltd. | 0.06 | 0.12 | 0.11 | 82 | Industrials |
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