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
74 ETFs have low correlation with CDNS (below 0.3), 12 of which are negatively correlated. The least correlated is United States Oil Fund LP (USO) (Oil & Gas) with a 1Y correlation of -0.08, down from 0.04 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| United States Oil Fund LP | -0.08 | -0.01 | 0.04 | 66 | Oil & Gas | CDNS vs USO | |
| Vanguard Short-Term Inflation-Protected Securities... | -0.07 | 0.03 | 0.10 | 93 | Inflation-Protected Bonds | CDNS vs VTIP | |
| iShares 0-5 Year TIPS Bond ETF | -0.05 | 0.04 | 0.09 | 93 | Inflation-Protected Bonds | CDNS vs STIP | |
| Invesco DB Commodity Index Tracking Fund | -0.05 | 0.07 | 0.09 | 75 | Commodities | CDNS vs DBC | |
| WisdomTree Floating Rate Treasury Fund | -0.03 | -0.00 | 0.01 | 100 | Government Bonds, Ultrashort Bond | CDNS vs USFR |
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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 -0.24, down from -0.05 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Altria Group, Inc. | -0.24 | -0.14 | -0.05 | 69 | Consumer Defensive | |
| Duke Energy Corporation | -0.24 | -0.19 | -0.06 | 53 | Utilities | |
| The Coca-Cola Company | -0.19 | -0.12 | 0.06 | 66 | Consumer Defensive | |
| Chubb Limited | -0.17 | -0.06 | 0.07 | 51 | Financial Services | |
| Walmart Inc. | -0.17 | 0.09 | 0.16 | 63 | Consumer Defensive |
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Build a portfolio that complements CDNS
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