Looking to diversify beyond CANE? The ETFs below have the lowest correlation with CANE — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from CANE.
Best Diversifiers for CANE
2070 ETFs have low correlation with CANE (below 0.3), 1803 of which are negatively correlated. The least correlated is Direxion Daily MU Bull 2X Shares (MUU) (Leveraged Equities) with a 1Y correlation of -0.29, roughly unchanged from -0.29 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Direxion Daily MU Bull 2X Shares | -0.29 | -0.29 | -0.29 | 98 | Leveraged Equities, Semiconductors | CANE vs MUU | |
| VanEck Intermediate Muni ETF | -0.29 | -0.08 | -0.02 | 68 | Municipal Bonds | CANE vs ITM | |
| Dimensional National Municipal Bond ETF | -0.28 | -0.08 | — | 81 | Municipal Bonds | CANE vs DFNM | |
| iShares New York Muni Bond ETF | -0.28 | -0.10 | -0.04 | 78 | Municipal Bonds | CANE vs NYF | |
| Franklin Liberty Federal Intermediate Tax-Free Bon... | -0.27 | -0.09 | -0.03 | 84 | Municipal Bonds | CANE vs FLMI |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CANE, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CANE and solid risk/return profiles. The least correlated is Camtek Ltd (CAMT) (Technology) with a 1Y correlation of -0.02, roughly unchanged from 0.02 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Camtek Ltd | -0.02 | 0.02 | 0.02 | 73 | Technology | |
| Eli Lilly and Company | -0.01 | -0.02 | 0.01 | 79 | Healthcare | |
| Amazon.com, Inc | 0.01 | 0.02 | 0.05 | 56 | Consumer Cyclical |
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