Looking to balance out your exposure to CDNS? The ETFs below have the lowest correlation with CDNS — they tend to move on their own, which can help reduce risk when CDNS drops. The stock ideas table highlights individual companies that behave independently from CDNS.
Best Diversifiers for CDNS
79 ETFs have low correlation with CDNS (below 0.3), 22 of which are negatively correlated. The least correlated is Invesco DB US Dollar Index Bullish Fund (UUP) (Currency) with a 1Y correlation of -0.12, roughly unchanged from -0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco DB US Dollar Index Bullish Fund | -0.12 | -0.11 | -0.18 | 51 | Currency | CDNS vs UUP | |
| Franklin U.S. Low Volatility High Dividend Index E... | -0.09 | 0.02 | 0.19 | 53 | Dividend | CDNS vs LVHD | |
| WisdomTree Floating Rate Treasury Fund | -0.09 | -0.03 | -0.02 | 100 | Government Bonds, Ultrashort Bond | CDNS vs USFR | |
| iShares Core High Dividend ETF | -0.08 | 0.03 | 0.20 | 78 | Dividend, Large Cap Value Equities | CDNS vs HDV | |
| Global X MLP & Energy Infrastructure ETF | -0.08 | 0.13 | 0.21 | 72 | MLPs | CDNS vs MLPX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CDNS, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CDNS and solid risk/return profiles. The least correlated is Altria Group, Inc. (MO) (Consumer Defensive) with a 1Y correlation of -0.29, down from -0.06 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Altria Group, Inc. | -0.29 | -0.17 | -0.06 | 81 | Consumer Defensive | |
| Duke Energy Corporation | -0.29 | -0.21 | -0.06 | 66 | Utilities | |
| The Coca-Cola Company | -0.28 | -0.14 | 0.03 | 83 | Consumer Defensive | |
| The Southern Company | -0.23 | -0.18 | -0.02 | 58 | Utilities | |
| Chubb Limited | -0.22 | -0.08 | 0.07 | 86 | Financial Services |
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