Looking to balance out your exposure to BW? The ETFs below have historically moved differently from BW, 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 BW
2 ETFs have low correlation with BW (below 0.3), 0 of which are negatively correlated. The least correlated is Breakwave Tanker Shipping ETF (BWET) (Commodities) with a 1Y correlation of 0.06, roughly unchanged from 0.04 over 3 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Breakwave Tanker Shipping ETF | 0.06 | 0.04 | — | 99 | Commodities | BW vs BWET | |
| Direxion Daily GOOGL Bull 2X Shares | 0.18 | 0.19 | — | 94 | Leveraged Equities | BW vs GGLL | |
| Direxion Daily MU Bull 2X Shares | 0.30 | — | — | 98 | Leveraged Equities, Semiconductors | BW vs MUU | |
| Invesco QQQ ETF | 0.34 | 0.33 | 0.37 | 58 | Nasdaq-100 | BW vs QQQ | |
| Invesco S&P 500 Momentum ETF | 0.36 | 0.34 | 0.39 | 51 | Momentum, S&P 500 | BW vs SPMO |
Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for BW, 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 Johnson & Johnson (JNJ) (Healthcare) with a 1Y correlation of -0.15, down from -0.00 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Johnson & Johnson | -0.15 | -0.05 | -0.00 | 96 | Healthcare | |
| Monster Beverage Corporation | -0.03 | 0.05 | 0.13 | 92 | Consumer Defensive | |
| Cheniere Energy, Inc. | 0.01 | 0.07 | 0.12 | 53 | Energy | |
| Revolution Medicines Inc. Warrant | 0.02 | — | — | 100 | Healthcare | |
| AxoGen, Inc. | 0.06 | 0.20 | 0.26 | 99 | Healthcare |
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