Looking to balance out your exposure to ALGM? The ETFs below have the lowest correlation with ALGM — they tend to move on their own, which can help reduce risk when ALGM drops. The stock ideas table highlights individual companies that behave independently from ALGM.
Best Diversifiers for ALGM
0 ETFs have low correlation with ALGM (below 0.3), 0 of which are negatively correlated. The least correlated is State Street SPDR S&P 500 ETF (SPY) (S&P 500) with a 1Y correlation of 0.53, roughly unchanged from 0.61 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.53 | 0.56 | 0.61 | 65 | S&P 500 | ALGM vs SPY | |
| Invesco QQQ ETF | 0.59 | 0.60 | 0.64 | 53 | Nasdaq-100 | ALGM vs QQQ |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ALGM, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ALGM and solid risk/return profiles. The least correlated is United Therapeutics Corporation (UTHR) (Healthcare) with a 1Y correlation of 0.06, roughly unchanged from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| United Therapeutics Corporation | 0.06 | 0.10 | 0.12 | 93 | Healthcare | |
| CBL & Associates Properties, Inc. | 0.06 | 0.18 | — | 98 | ||
| Exelixis, Inc. | 0.18 | 0.18 | 0.22 | 65 | Healthcare | |
| Globus Medical, Inc. | 0.23 | 0.26 | 0.31 | 76 | Healthcare | |
| NVIDIA Corporation | 0.26 | 0.37 | 0.52 | 63 | Technology |
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