Looking to diversify beyond PRWAX? The mutual funds below have historically moved differently from PRWAX, 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 PRWAX
19 mutual funds have low correlation with PRWAX (below 0.3), 1 of which are negatively correlated. The least correlated is Fidelity Select Energy Portfolio (FSENX) (Energy Equities) with a 1Y correlation of -0.15, down from 0.29 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Energy Portfolio | -0.15 | 0.15 | 0.29 | 87 | Energy Equities | PRWAX vs FSENX | |
| T. Rowe Price Ultra Short-Term Bond Fund Class I | 0.01 | 0.07 | 0.05 | 99 | Ultrashort Bond | PRWAX vs TRSTX | |
| Vanguard Short-Term Inflation-Protected Securities... | 0.03 | 0.07 | 0.13 | 91 | Inflation-Protected Bonds | PRWAX vs VTAPX | |
| T. Rowe Price Short-Term Bond Fund | 0.06 | 0.06 | 0.08 | 91 | Short-Term Bond | PRWAX vs PRWBX | |
| T. Rowe Price Ultra Short-Term Bond Fund | 0.15 | 0.04 | 0.08 | 98 | Ultrashort Bond | PRWAX vs TRBUX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PRWAX, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Chevron Corporation (CVX) (Energy) with a 1Y correlation of -0.28, down from 0.14 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Chevron Corporation | -0.28 | -0.02 | 0.14 | 79 | Energy | |
| Occidental Petroleum Corporation | -0.27 | 0.03 | 0.19 | 68 | Energy | |
| Duke Energy Corporation | -0.26 | -0.08 | 0.06 | 52 | Utilities | |
| Exxon Mobil Corporation | -0.26 | -0.01 | 0.14 | 85 | Energy | |
| Devon Energy Corporation | -0.25 | 0.05 | 0.20 | 78 | Energy |
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