Looking to balance out your exposure to CENX? The ETFs below have historically moved differently from CENX, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for CENX
3 ETFs have low correlation with CENX (below 0.3), 0 of which are negatively correlated. The least correlated is Breakwave Tanker Shipping ETF (BWET) (Commodities) with a 1Y correlation of 0.03, roughly unchanged from 0.04 over 3 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Breakwave Tanker Shipping ETF | 0.03 | 0.04 | — | 99 | Commodities | CENX vs BWET | |
| United States Gasoline Fund, LP | 0.04 | 0.15 | 0.21 | 83 | Oil & Gas | CENX vs UGA | |
| Vanguard Energy ETF | 0.10 | 0.27 | 0.40 | 76 | Energy Equities | CENX vs VDE | |
| iShares MSCI South Korea ETF | 0.32 | 0.34 | 0.37 | 88 | South Korea Equities, Asia Pacific Equities | CENX vs EWY | |
| State Street SPDR S&P 500 ETF | 0.35 | 0.35 | 0.40 | 78 | S&P 500 | CENX vs SPY |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for CENX, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is McKesson Corporation (MCK) (Healthcare) with a 1Y correlation of -0.09, down from 0.02 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| McKesson Corporation | -0.09 | -0.10 | 0.02 | 62 | Healthcare | |
| Par Pacific Holdings, Inc. | 0.03 | 0.13 | 0.25 | 95 | Energy | |
| Millicom International Cellular S.A. | 0.07 | 0.18 | 0.24 | 98 | Communication Services | |
| Universal Technical Institute, Inc. | 0.11 | 0.14 | 0.19 | 61 | Consumer Defensive | |
| Apple Inc | 0.12 | 0.13 | 0.20 | 90 | Technology |
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