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
61 ETFs have low correlation with CDNS (below 0.3), 9 of which are negatively correlated. The least correlated is WisdomTree Floating Rate Treasury Fund (USFR) (Government Bonds) with a 1Y correlation of -0.08, roughly unchanged from -0.02 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| WisdomTree Floating Rate Treasury Fund | -0.08 | -0.03 | -0.02 | 100 | Government Bonds, Ultrashort Bond | CDNS vs USFR | |
| iShares 0-1 Year Treasury Bond ETF | -0.07 | -0.01 | 0.02 | 100 | Government Bonds, Ultrashort Bond | CDNS vs SHV | |
| Global X MLP & Energy Infrastructure ETF | -0.05 | 0.14 | 0.21 | 55 | MLPs | CDNS vs MLPX | |
| iShares 0-3 Month Treasury Bond ETF | -0.05 | 0.02 | 0.01 | 100 | Ultrashort Bond | CDNS vs SGOV | |
| Vanguard Short-Term Inflation-Protected Securities... | -0.04 | 0.03 | 0.10 | 83 | Inflation-Protected Bonds | CDNS vs VTIP |
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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 -0.07 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Altria Group, Inc. | -0.29 | -0.18 | -0.07 | 72 | Consumer Defensive | |
| Duke Energy Corporation | -0.26 | -0.19 | -0.07 | 62 | Utilities | |
| The Coca-Cola Company | -0.23 | -0.11 | 0.05 | 74 | Consumer Defensive | |
| The Southern Company | -0.21 | -0.18 | -0.02 | 55 | Utilities | |
| Chubb Limited | -0.20 | -0.07 | 0.07 | 69 | Financial Services |
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