Looking to balance out your exposure to AXON? The ETFs below have historically moved differently from AXON, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for AXON
229 ETFs have low correlation with AXON (below 0.3), 27 of which are negatively correlated. The least correlated is SPDR S&P Oil & Gas Exploration & Production ETF (XOP) (Energy Equities) with a 1Y correlation of -0.15, down from 0.12 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| SPDR S&P Oil & Gas Exploration & Production ETF | -0.15 | 0.06 | 0.12 | 58 | Energy Equities | AXON vs XOP | |
| State Street Energy Select Sector SPDR ETF | -0.15 | 0.05 | 0.08 | 76 | Energy Equities | AXON vs XLE | |
| Global X MLP & Energy Infrastructure ETF | -0.14 | 0.19 | 0.20 | 74 | Infrastructure Equities, MLPs | AXON vs MLPX | |
| iShares Global Energy ETF | -0.14 | 0.05 | 0.09 | 82 | Energy Equities | AXON vs IXC | |
| Fidelity MSCI Energy Index ETF | -0.14 | 0.06 | 0.10 | 76 | Energy Equities | AXON vs FENY |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for AXON, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Consolidated Edison, Inc. (ED) (Utilities) with a 1Y correlation of -0.24, down from -0.06 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Consolidated Edison, Inc. | -0.24 | -0.12 | -0.06 | 59 | Utilities | |
| Devon Energy Corporation | -0.20 | 0.01 | 0.06 | 76 | Energy | |
| Occidental Petroleum Corporation | -0.17 | -0.01 | 0.04 | 70 | Energy | |
| The Coca-Cola Company | -0.17 | -0.07 | 0.00 | 90 | Consumer Defensive | |
| Verizon Communications Inc. | -0.16 | -0.12 | -0.06 | 66 | Communication Services |
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