Looking to diversify beyond PRWAX? The mutual funds below have the lowest correlation with PRWAX — 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 PRWAX.
Best Diversifiers for PRWAX
24 mutual funds have low correlation with PRWAX (below 0.3), 2 of which are negatively correlated. The least correlated is T. Rowe Price Dynamic Credit Fund (RPIDX) (Nontraditional Bonds) with a 1Y correlation of -0.10, down from 0.02 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| T. Rowe Price Dynamic Credit Fund | -0.10 | 0.08 | 0.02 | 76 | Nontraditional Bonds | PRWAX vs RPIDX | |
| T. Rowe Price Ultra Short-Term Bond Fund Class I | -0.01 | 0.07 | 0.04 | 99 | Ultrashort Bond | PRWAX vs TRSTX | |
| Vanguard Short-Term Inflation-Protected Securities... | 0.02 | 0.08 | 0.13 | 84 | Inflation-Protected Bonds | PRWAX vs VTAPX | |
| T. Rowe Price Tax Free Short-Intermediate Fund | 0.06 | 0.08 | 0.09 | 70 | Municipal Bonds | PRWAX vs PRFSX | |
| T. Rowe Price Short-Term Bond Fund | 0.08 | 0.06 | 0.07 | 90 | Short-Term Bond | PRWAX vs PRWBX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PRWAX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PRWAX and solid risk/return profiles. The least correlated is Exxon Mobil Corporation (XOM) (Energy) with a 1Y correlation of -0.24, down from 0.16 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Exxon Mobil Corporation | -0.24 | 0.00 | 0.16 | 72 | Energy | |
| Chevron Corporation | -0.22 | 0.02 | 0.17 | 70 | Energy | |
| ConocoPhillips Company | -0.21 | 0.04 | 0.17 | 65 | Energy | |
| Altria Group, Inc. | -0.19 | -0.03 | 0.08 | 72 | Consumer Defensive | |
| The Coca-Cola Company | -0.17 | 0.03 | 0.19 | 74 | Consumer Defensive |
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