Looking to diversify beyond PWLIX? The mutual funds below have historically moved differently from PWLIX, 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 PWLIX
26 mutual funds have low correlation with PWLIX (below 0.3), 16 of which are negatively correlated. The least correlated is Multi-Manager Directional Alternative Strategies Fund (CDAZX) (Long-Short) with a 1Y correlation of -0.33, down from 0.10 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Multi-Manager Directional Alternative Strategies F... | -0.33 | -0.06 | 0.10 | 87 | Long-Short | PWLIX vs CDAZX | |
| Gotham Absolute Return Fund | -0.33 | -0.09 | -0.03 | 89 | Long-Short | PWLIX vs GARIX | |
| Meeder Spectrum Fund | -0.29 | -0.04 | -0.01 | 73 | Long-Short | PWLIX vs FLSPX | |
| AB Select US Long/Short Portfolio | -0.27 | -0.05 | 0.02 | 69 | Long-Short | PWLIX vs ASILX | |
| AQR Long-Short Equity Fund Class N | -0.25 | -0.05 | 0.15 | 75 | Long-Short, Actively Managed | PWLIX vs QLENX |
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