Looking to diversify beyond PRUAX? The mutual funds below have the lowest correlation with PRUAX — 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 PRUAX.
Best Diversifiers for PRUAX
6 mutual funds have low correlation with PRUAX (below 0.3), 0 of which are negatively correlated. The least correlated is PGIM Floating Rate Income Fund (FRFZX) (Bank Loan) with a 1Y correlation of 0.05, roughly unchanged from 0.14 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| PGIM Floating Rate Income Fund | 0.05 | 0.13 | 0.14 | 94 | Bank Loan | PRUAX vs FRFZX | |
| PGIM Short-Term Corporate Bond Fund | 0.21 | 0.22 | 0.21 | 55 | Short-Term Bond | PRUAX vs PBSMX | |
| PGIM High Yield Fund | 0.21 | 0.31 | 0.33 | 72 | High Yield Bonds | PRUAX vs PBHAX | |
| PGIM Short Duration High Yield Income Fund | 0.22 | 0.34 | 0.34 | 70 | High Yield Bonds | PRUAX vs HYSZX | |
| PGIM Short Duration Multi-Sector Bond Fund | 0.23 | 0.22 | 0.21 | 64 | Short-Term Bond | PRUAX vs SDMZX |
See all 7 diversifiers for PRUAX
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