Looking to diversify beyond AMLP? The ETFs below have the lowest correlation with AMLP — 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 AMLP.
Best Diversifiers for AMLP
2023 ETFs have low correlation with AMLP (below 0.3), 1001 of which are negatively correlated. The least correlated is IQ MacKay Municipal Insured ETF (MMIN) (Municipal Bonds) with a 1Y correlation of -0.25, down from -0.01 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| IQ MacKay Municipal Insured ETF | -0.25 | -0.02 | -0.01 | 74 | Municipal Bonds | AMLP vs MMIN | |
| Invesco BulletShares 2032 Municipal Bond ETF | -0.22 | -0.03 | — | 64 | Municipal Bonds | AMLP vs BSMW | |
| Eaton Vance Intermediate Municipal Income ETF | -0.20 | — | — | 74 | Municipal Bonds | AMLP vs EVIM | |
| Invesco BulletShares 2031 Municipal Bond ETF | -0.20 | -0.00 | — | 60 | Municipal Bonds | AMLP vs BSMV | |
| Vanguard Short-Term Tax-Exempt Bond ETF | -0.20 | 0.03 | — | 71 | Municipal Bonds | AMLP vs VTES |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from AMLP, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to AMLP and solid risk/return profiles. The least correlated is Micron Technology, Inc. (MU) (Technology) with a 1Y correlation of -0.11, down from 0.22 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Micron Technology, Inc. | -0.11 | 0.13 | 0.22 | 99 | Technology | |
| Lam Research Corporation | -0.11 | 0.11 | 0.20 | 99 | Technology | |
| HSBC Holdings plc | -0.11 | 0.20 | 0.31 | 93 | Financial Services | |
| Arm Holdings plc American Depositary Shares | -0.09 | 0.11 | 0.11 | 90 | Technology | |
| Interactive Brokers Group, Inc. | -0.09 | 0.19 | 0.25 | 90 | Financial Services |
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