Looking to diversify beyond PRHAX? The mutual funds below have historically moved differently from PRHAX, 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 PRHAX
3 mutual funds have low correlation with PRHAX (below 0.3), 0 of which are negatively correlated. The least correlated is PGIM Jennison Small Company Fund (PGOAX) (Small Cap Growth Equities) with a 1Y correlation of 0.20, roughly unchanged from 0.11 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| PGIM Jennison Small Company Fund | 0.20 | 0.15 | 0.11 | 67 | Small Cap Growth Equities | PRHAX vs PGOAX | |
| PGIM Floating Rate Income Fund | 0.25 | 0.24 | 0.24 | 97 | Bank Loan | PRHAX vs FRFZX | |
| PGIM 60/40 Allocation Fund | 0.28 | 0.25 | 0.21 | 76 | Diversified Portfolio | PRHAX vs PALDX | |
| PGIM High Yield Fund | 0.51 | 0.52 | 0.48 | 63 | High Yield Bonds | PRHAX vs PBHAX | |
| PGIM Short Duration High Yield Income Fund | 0.52 | 0.54 | 0.49 | 67 | High Yield Bonds | PRHAX vs HYSZX |
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