64 An analyst gathers the following information about a traditional stock/bond portfolio and blended portfolios that combine this traditional portfolio with an equal allocation to one of three different hedge funds:

Portfolio	First-Order Serial Autocorrelation (Rho)	Maximum Drawdown
Traditional Portfolio	16%	18%
Traditional Portfolio + Hedge Fund 1	15%	18%
Traditional Portfolio + Hedge Fund 2	16%	17%
Traditional Portfolio + Hedge Fund 3	15%	17%

If all three hedge funds have similar risk-return profiles, which fund is most likely to mitigate the risk of the traditional portfolio?