Looking to balance out your exposure to CBOE? The ETFs below have the lowest correlation with CBOE — they tend to move on their own, which can help reduce risk when CBOE drops. The stock ideas table highlights individual companies that behave independently from CBOE.
Best Diversifiers for CBOE
18 ETFs have low correlation with CBOE (below 0.3), 13 of which are negatively correlated. The least correlated is State Street Technology Select Sector SPDR ETF (XLK) (Technology Equities) with a 1Y correlation of -0.19, down from 0.06 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street Technology Select Sector SPDR ETF | -0.19 | -0.19 | 0.06 | 83 | Technology Equities | CBOE vs XLK | |
| Fidelity MSCI Information Technology Index ETF | -0.16 | -0.18 | 0.06 | 77 | Technology Equities | CBOE vs FTEC | |
| ProShares UltraPro QQQ | -0.14 | -0.17 | 0.07 | 71 | Leveraged Equities | CBOE vs TQQQ | |
| Invesco QQQ ETF | -0.14 | -0.17 | 0.07 | 73 | Nasdaq-100 | CBOE vs QQQ | |
| ProShares Investment Grade-Interest Rate Hedged | -0.14 | -0.11 | 0.08 | 56 | Corporate Bonds | CBOE vs IGHG |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CBOE, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CBOE and solid risk/return profiles. The least correlated is EnerSys (ENS) (Industrials) with a 1Y correlation of -0.26, down from 0.02 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| EnerSys | -0.26 | -0.17 | 0.02 | 98 | Industrials | |
| Taiwan Semiconductor Manufacturing Company Limited | -0.26 | -0.25 | -0.08 | 95 | Technology | |
| Lam Research Corporation | -0.23 | -0.21 | -0.02 | 98 | Technology | |
| Micron Technology, Inc. | -0.23 | -0.22 | -0.04 | 99 | Technology | |
| Vicor Corporation | -0.21 | -0.19 | 0.00 | 99 | Technology |
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