Looking to balance out your exposure to ALKS? The ETFs below have the lowest correlation with ALKS — they tend to move on their own, which can help reduce risk when ALKS drops. The stock ideas table highlights individual companies that behave independently from ALKS.
Best Diversifiers for ALKS
14 ETFs have low correlation with ALKS (below 0.3), 2 of which are negatively correlated. The least correlated is iShares 0-3 Month Treasury Bond ETF (SGOV) (Ultrashort Bond) with a 1Y correlation of -0.14, down from -0.04 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares 0-3 Month Treasury Bond ETF | -0.14 | -0.07 | -0.04 | 100 | Ultrashort Bond | ALKS vs SGOV | |
| Schwab Government Money Market ETF | -0.07 | — | — | 100 | Money Market | ALKS vs SGVT | |
| Invesco QQQ ETF | 0.08 | 0.17 | 0.24 | 64 | Nasdaq-100 | ALKS vs QQQ | |
| JPMorgan Nasdaq Equity Premium Income ETF | 0.09 | 0.16 | — | 71 | Nasdaq-100, Derivative Income | ALKS vs JEPQ | |
| Vanguard S&P 500 ETF | 0.15 | 0.24 | 0.29 | 68 | S&P 500 | ALKS vs VOO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ALKS, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ALKS and solid risk/return profiles. The least correlated is Halliburton Company (HAL) (Energy) with a 1Y correlation of -0.01, down from 0.13 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Halliburton Company | -0.01 | 0.10 | 0.13 | 85 | Energy | |
| ConocoPhillips Company | -0.01 | 0.07 | 0.10 | 63 | Energy | |
| Altria Group, Inc. | -0.01 | 0.07 | 0.09 | 79 | Consumer Defensive | |
| Ovintiv Inc. | 0.01 | 0.06 | 0.10 | 76 | Energy | |
| CF Industries Holdings, Inc. | 0.02 | 0.08 | 0.09 | 63 | Basic Materials |
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