Looking to balance out your exposure to BW? The ETFs below have the lowest correlation with BW — they tend to move on their own, which can help reduce risk when BW drops. The stock ideas table highlights individual companies that behave independently from BW.
Best Diversifiers for BW
5 ETFs have low correlation with BW (below 0.3), 1 of which are negatively correlated. The least correlated is Breakwave Tanker Shipping ETF (BWET) (Commodities) with a 1Y correlation of -0.00, roughly unchanged from 0.03 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Breakwave Tanker Shipping ETF | -0.00 | 0.03 | 0.03 | 99 | Commodities | BW vs BWET | |
| Direxion Daily GOOGL Bull 2X Shares | 0.15 | 0.20 | — | 94 | Leveraged Equities | BW vs GGLL | |
| Direxion Daily MU Bull 2X Shares | 0.25 | — | — | 99 | Leveraged Equities | BW vs MUU | |
| Invesco QQQ ETF | 0.25 | 0.30 | 0.35 | 73 | Nasdaq-100 | BW vs QQQ | |
| Invesco S&P 500 Momentum ETF | 0.29 | 0.32 | 0.37 | 75 | Momentum, S&P 500 | BW vs SPMO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from BW, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to BW and solid risk/return profiles. The least correlated is Johnson & Johnson (JNJ) (Healthcare) with a 1Y correlation of -0.07, roughly unchanged from 0.01 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Johnson & Johnson | -0.07 | -0.03 | 0.01 | 92 | Healthcare | |
| Revolution Medicines Inc. Warrant | -0.04 | — | — | 99 | Healthcare | |
| Monster Beverage Corporation | -0.01 | 0.06 | 0.14 | 79 | Consumer Defensive | |
| AxoGen, Inc. | 0.07 | 0.21 | 0.26 | 98 | Healthcare | |
| Global Ship Lease, Inc. | 0.09 | 0.17 | 0.24 | 86 | Industrials |
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