Looking to diversify beyond PRMDX? The mutual funds below have historically moved differently from PRMDX, 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 PRMDX
24 mutual funds have low correlation with PRMDX (below 0.3), 0 of which are negatively correlated. The least correlated is SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) (Municipal Bonds) with a 1Y correlation of 0.02, down from 0.20 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.02 | 0.19 | 0.20 | 99 | Municipal Bonds | PRMDX vs TFCYX | |
| Federated Hermes Conservative Municipal Microshort... | 0.03 | 0.17 | 0.13 | 99 | Municipal Bonds | PRMDX vs FHMIX | |
| DFA California Municipal Real Return Portfolio | 0.04 | 0.21 | 0.21 | 91 | Municipal Bonds | PRMDX vs DCARX | |
| T. Rowe Price Dividend Growth Fund, Inc. | 0.07 | 0.11 | 0.08 | 77 | Large Cap Blend Equities, Dividend | PRMDX vs PRDGX | |
| T. Rowe Price U.S. Equity Research Fund | 0.14 | 0.08 | 0.07 | 56 | Large Cap Blend Equities | PRMDX vs PRCOX |
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