Looking to balance out your exposure to CALY? The ETFs below have historically moved differently from CALY, 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 CALY
8 ETFs have low correlation with CALY (below 0.3), 2 of which are negatively correlated. The least correlated is WisdomTree Floating Rate Treasury Fund (USFR) (Government Bonds) with a 1Y correlation of -0.04, roughly unchanged from -0.02 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| WisdomTree Floating Rate Treasury Fund | -0.04 | -0.06 | -0.02 | 100 | Government Bonds, Ultrashort Bond | CALY vs USFR | |
| iShares 0-3 Month Treasury Bond ETF | -0.01 | -0.06 | -0.04 | 100 | Ultrashort Bond | CALY vs SGOV | |
| Alpha Architect 1-3 Month Box ETF | 0.02 | -0.03 | — | 100 | Ultrashort Bond | CALY vs BOXX | |
| Vanguard Short-Term Inflation-Protected Securities... | 0.06 | 0.05 | 0.11 | 88 | Inflation-Protected Bonds | CALY vs VTIP | |
| First Trust California Municipal High Income ETF | 0.09 | 0.07 | 0.08 | 68 | Municipal Bonds | CALY vs FCAL |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for CALY, 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 YETI Holdings, Inc. (YETI) (Consumer Cyclical) with a 1Y correlation of 0.41, down from 0.53 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| YETI Holdings, Inc. | 0.41 | 0.45 | 0.53 | 72 | Consumer Cyclical | |
| Acushnet Holdings Corp. | 0.52 | 0.58 | 0.64 | 77 | Consumer Cyclical |
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