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
3 ETFs have low correlation with CDE (below 0.3), 0 of which are negatively correlated. The least correlated is iShares 1-3 Year Treasury Bond ETF (SHY) (Government Bonds) with a 1Y correlation of 0.19, roughly unchanged from 0.20 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares 1-3 Year Treasury Bond ETF | 0.19 | 0.18 | 0.20 | 72 | Government Bonds, Short-Term Bond | CDE vs SHY | |
| iShares 1-5 Year Investment Grade Corporate Bond E... | 0.24 | 0.24 | 0.26 | 69 | Corporate Bonds | CDE vs IGSB | |
| ProShares Ultra Nasdaq Biotechnology | 0.26 | 0.28 | 0.28 | 80 | Leveraged Equities | CDE vs BIB | |
| WisdomTree Japan Hedged Equity Fund | 0.34 | 0.23 | 0.22 | 90 | Japan Equities | CDE vs DXJ | |
| Federated Hermes Short Duration High Yield ETF | 0.34 | 0.30 | — | 80 | High Yield Bonds | CDE vs FHYS |
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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 Vista Oil & Gas, S.A.B. de C.V. (VIST) (Energy) with a 1Y correlation of -0.08, down from 0.22 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Vista Oil & Gas, S.A.B. de C.V. | -0.08 | 0.13 | 0.22 | 63 | Energy | |
| Quest Diagnostics Incorporated | -0.03 | 0.08 | 0.09 | 59 | Healthcare | |
| CareTrust REIT, Inc. | -0.02 | 0.16 | 0.18 | 78 | Real Estate | |
| Eli Lilly and Company | 0.01 | 0.02 | 0.03 | 74 | Healthcare | |
| Catalyst Pharmaceuticals, Inc. | 0.02 | 0.15 | 0.20 | 79 | Healthcare |
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Build a portfolio that complements CDE
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