Looking to diversify beyond PTDIX? The mutual funds below have the lowest correlation with PTDIX — 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 PTDIX.
Best Diversifiers for PTDIX
2 mutual funds have low correlation with PTDIX (below 0.3), 0 of which are negatively correlated. The least correlated is Principal Tax-Exempt Bond Fund (PTEAX) (Municipal Bonds) with a 1Y correlation of 0.24, roughly unchanged from 0.16 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Principal Tax-Exempt Bond Fund | 0.24 | 0.20 | 0.16 | 68 | Municipal Bonds | PTDIX vs PTEAX | |
| Principal Opportunistic Municipal Fund | 0.27 | 0.20 | 0.17 | 83 | High Yield Muni | PTDIX vs PMOAX | |
| Principal California Municipal Fund | 0.31 | 0.23 | 0.17 | 72 | Municipal Bonds | PTDIX vs SRCMX | |
| Principal Short-Term Income Fund | 0.34 | 0.25 | 0.20 | 85 | Short-Term Bond | PTDIX vs SRHQX | |
| Principal Capital Securities Fund | 0.51 | 0.42 | 0.40 | 77 | Preferred Stock/Convertible Bonds | PTDIX vs PCSFX |
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