Looking to balance out your exposure to CDE? The ETFs below have the lowest correlation with CDE — they tend to move on their own, which can help reduce risk when CDE drops. The stock ideas table highlights individual companies that behave independently from CDE.
Best Diversifiers for CDE
5 ETFs have low correlation with CDE (below 0.3), 2 of which are negatively correlated. The least correlated is State Street Energy Select Sector SPDR ETF (XLE) (Energy Equities) with a 1Y correlation of -0.04, down from 0.24 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street Energy Select Sector SPDR ETF | -0.04 | 0.12 | 0.24 | 59 | Energy Equities | CDE vs XLE | |
| Vanguard Energy ETF | -0.02 | 0.13 | 0.25 | 60 | Energy Equities | CDE vs VDE | |
| iShares 1-3 Year Treasury Bond ETF | 0.22 | 0.18 | 0.20 | 87 | Government Bonds, Short-Term Bond | CDE vs SHY | |
| iShares 1-5 Year Investment Grade Corporate Bond E... | 0.27 | 0.23 | 0.26 | 80 | Corporate Bonds | CDE vs IGSB | |
| ProShares Ultra Nasdaq Biotechnology | 0.27 | 0.27 | 0.28 | 88 | Leveraged Equities | CDE vs BIB |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CDE, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CDE and solid risk/return profiles. The least correlated is Arch Capital Group Ltd. (ACGL) (Financial Services) with a 1Y correlation of -0.13, down from 0.04 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Arch Capital Group Ltd. | -0.13 | -0.03 | 0.04 | 62 | Financial Services | |
| Vista Oil & Gas, S.A.B. de C.V. | -0.09 | 0.12 | 0.21 | 70 | Energy | |
| Waste Management, Inc. | -0.09 | 0.03 | 0.09 | 56 | Industrials | |
| Skyward Specialty Insurance Group Inc. Common Stoc... | -0.06 | 0.03 | 0.02 | 51 | Financial Services | |
| WD-40 Company | -0.06 | 0.02 | 0.08 | 60 | Basic Materials |
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Build a portfolio that complements CDE
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