Looking to balance out your exposure to ALGT? The ETFs below have the lowest correlation with ALGT — they tend to move on their own, which can help reduce risk when ALGT drops. The stock ideas table highlights individual companies that behave independently from ALGT.
Best Diversifiers for ALGT
0 ETFs have low correlation with ALGT (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 0.45, roughly unchanged from 0.46 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.45 | 0.39 | 0.46 | 70 | S&P 500 | ALGT vs SPY |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ALGT, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ALGT and solid risk/return profiles. The least correlated is Chevron Corporation (CVX) (Energy) with a 1Y correlation of -0.17, down from 0.15 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Chevron Corporation | -0.17 | 0.07 | 0.15 | 83 | Energy | |
| Eversource Energy | 0.11 | 0.12 | 0.12 | 51 | Utilities | |
| Dow Inc. | 0.13 | 0.26 | 0.34 | 60 | Basic Materials | |
| International Business Machines Corporation | 0.15 | 0.18 | 0.25 | 53 | Technology | |
| Lithium Americas Corp. | 0.15 | 0.23 | 0.23 | 71 | Basic Materials |
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