Looking to balance out your exposure to BAX? The ETFs below have historically moved differently from BAX, 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 BAX
2 ETFs have low correlation with BAX (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 0.25, roughly unchanged from 0.34 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.25 | 0.27 | 0.34 | 78 | S&P 500 | BAX vs SPY | |
| iShares MSCI USA Value Factor ETF | 0.29 | 0.40 | 0.42 | 97 | Large Cap Value Equities | BAX vs VLUE | |
| iShares Nasdaq Biotechnology ETF | 0.33 | 0.39 | 0.38 | 84 | Health & Biotech Equities | BAX vs IBB |
Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for BAX, 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 Energy Transfer LP (ET) (Energy) with a 1Y correlation of -0.02, down from 0.15 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Energy Transfer LP | -0.02 | 0.10 | 0.15 | 82 | Energy | |
| Teva Pharmaceutical Industries Limited | 0.21 | 0.20 | 0.25 | 97 | Healthcare | |
| Edwards Lifesciences Corporation | 0.25 | 0.27 | 0.36 | 60 | Healthcare | |
| Bristol-Myers Squibb Company | 0.37 | 0.32 | 0.31 | 91 | Healthcare | |
| Pfizer Inc. | 0.38 | 0.36 | 0.34 | 62 | Healthcare |
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