Looking to diversify beyond PRTAX? The mutual funds below have historically moved differently from PRTAX, 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 PRTAX
12 mutual funds have low correlation with PRTAX (below 0.3), 0 of which are negatively correlated. The least correlated is Fidelity Floating Rate High Income Fund (FFRHX) (Bank Loan) with a 1Y correlation of 0.03, down from 0.19 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Floating Rate High Income Fund | 0.03 | 0.12 | 0.19 | 93 | Bank Loan | PRTAX vs FFRHX | |
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.07 | 0.18 | 0.17 | 99 | Municipal Bonds | PRTAX vs TFCYX | |
| Federated Hermes Conservative Municipal Microshort... | 0.07 | 0.13 | 0.10 | 99 | Municipal Bonds | PRTAX vs FHMIX | |
| DFA Short Term Municipal Bond Portfolio | 0.14 | 0.25 | 0.34 | 100 | Municipal Bonds | PRTAX vs DFSMX | |
| T. Rowe Price Equity Index 500 Fund | 0.19 | 0.13 | 0.12 | 57 | Large Cap Blend Equities | PRTAX vs PREIX |
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