Looking to diversify beyond PRNYX? The mutual funds below have historically moved differently from PRNYX, 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 PRNYX
14 mutual funds have low correlation with PRNYX (below 0.3), 1 of which are negatively correlated. The least correlated is DFA California Municipal Real Return Portfolio (DCARX) (Municipal Bonds) with a 1Y correlation of -0.01, down from 0.21 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| DFA California Municipal Real Return Portfolio | -0.01 | 0.18 | 0.21 | 91 | Municipal Bonds | PRNYX vs DCARX | |
| DFA Municipal Real Return Portfolio | 0.05 | 0.22 | 0.23 | 94 | Municipal Bonds | PRNYX vs DMREX | |
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.09 | 0.19 | 0.19 | 99 | Municipal Bonds | PRNYX vs TFCYX | |
| Federated Hermes Conservative Municipal Microshort... | 0.13 | 0.15 | 0.12 | 99 | Municipal Bonds | PRNYX vs FHMIX | |
| DFA Short Term Municipal Bond Portfolio | 0.15 | 0.26 | 0.35 | 100 | Municipal Bonds | PRNYX vs DFSMX |
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