Looking to diversify beyond PRNHX? The mutual funds below have the lowest correlation with PRNHX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from PRNHX.
Best Diversifiers for PRNHX
14 mutual funds have low correlation with PRNHX (below 0.3), 0 of which are negatively correlated. The least correlated is T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX) (Municipal Bonds) with a 1Y correlation of 0.05, roughly unchanged from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| T. Rowe Price Tax Free Short-Intermediate Fund | 0.05 | 0.09 | 0.12 | 73 | Municipal Bonds | PRNHX vs PRFSX | |
| T. Rowe Price Short-Term Bond Fund | 0.07 | 0.06 | 0.10 | 94 | Short-Term Bond | PRNHX vs PRWBX | |
| T. Rowe Price Ultra Short-Term Bond Fund | 0.12 | 0.04 | 0.09 | 99 | Ultrashort Bond | PRNHX vs TRBUX | |
| T. Rowe Price California Tax Free Bond Fund | 0.14 | 0.13 | 0.14 | 92 | Municipal Bonds | PRNHX vs PRXCX | |
| T. Rowe Price New York Tax Free Bond Fund | 0.14 | 0.13 | 0.13 | 92 | Municipal Bonds | PRNHX vs PRNYX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PRNHX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PRNHX and solid risk/return profiles. The least correlated is NVIDIA Corporation (NVDA) (Technology) with a 1Y correlation of 0.34, down from 0.51 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| NVIDIA Corporation | 0.34 | 0.37 | 0.51 | 63 | Technology |
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