Looking to balance out your exposure to CNMD? The ETFs below have the lowest correlation with CNMD — they tend to move on their own, which can help reduce risk when CNMD drops. The stock ideas table highlights individual companies that behave independently from CNMD.
Best Diversifiers for CNMD
0 ETFs have low correlation with CNMD (below 0.3), 0 of which are negatively correlated. The least correlated is State Street SPDR S&P 500 ETF (SPY) (S&P 500) with a 1Y correlation of 0.32, down from 0.46 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.32 | 0.32 | 0.46 | 70 | S&P 500 | CNMD vs SPY |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CNMD, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CNMD and solid risk/return profiles. The least correlated is Carnival Corporation & Plc (CUK) (Consumer Cyclical) with a 1Y correlation of 0.30, roughly unchanged from 0.37 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Carnival Corporation & Plc | 0.30 | 0.28 | 0.37 | 73 | Consumer Cyclical |
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