Looking to diversify beyond PWLIX? The mutual funds below have the lowest correlation with PWLIX — 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 PWLIX.
Best Diversifiers for PWLIX
19 mutual funds have low correlation with PWLIX (below 0.3), 13 of which are negatively correlated. The least correlated is Nuveen Equity Long/Short Fund (NELIX) (Long-Short) with a 1Y correlation of -0.31, down from -0.06 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Nuveen Equity Long/Short Fund | -0.31 | -0.13 | -0.06 | 58 | Long-Short | PWLIX vs NELIX | |
| Multi-Manager Directional Alternative Strategies F... | -0.27 | -0.04 | 0.12 | 84 | Long-Short | PWLIX vs CDAZX | |
| Gotham Absolute Return Fund | -0.22 | -0.05 | -0.00 | 82 | Long-Short | PWLIX vs GARIX | |
| Meeder Spectrum Fund | -0.18 | -0.00 | 0.01 | 67 | Long-Short | PWLIX vs FLSPX | |
| AB Select US Long/Short Portfolio | -0.18 | -0.02 | 0.04 | 77 | Long-Short | PWLIX vs ASILX |
See all 20 diversifiers for PWLIX
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Diversification Analysis
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