Looking to balance out your exposure to COO? The ETFs below have the lowest correlation with COO — they tend to move on their own, which can help reduce risk when COO drops. The stock ideas table highlights individual companies that behave independently from COO.
Best Diversifiers for COO
2 ETFs have low correlation with COO (below 0.3), 0 of which are negatively correlated. The least correlated is Invesco NASDAQ 100 ETF (QQQM) (Nasdaq-100) with a 1Y correlation of 0.23, down from 0.44 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco NASDAQ 100 ETF | 0.23 | 0.29 | 0.44 | 75 | Nasdaq-100 | COO vs QQQM | |
| Invesco QQQ ETF | 0.23 | 0.29 | 0.44 | 74 | Nasdaq-100 | COO vs QQQ | |
| SPDR S&P Biotech ETF | 0.36 | 0.40 | 0.43 | 80 | Health & Biotech Equities | COO vs XBI | |
| State Street SPDR S&P 500 ETF | 0.38 | 0.42 | 0.53 | 74 | S&P 500 | COO vs SPY |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from COO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to COO and solid risk/return profiles. The least correlated is Suncor Energy Inc. (SU) (Energy) with a 1Y correlation of -0.07, down from 0.09 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Suncor Energy Inc. | -0.07 | 0.02 | 0.09 | 96 | Energy | |
| Amphenol Corporation | 0.06 | 0.20 | 0.37 | 77 | Technology | |
| NVIDIA Corporation | 0.06 | 0.12 | 0.27 | 80 | Technology | |
| Monster Beverage Corporation | 0.10 | 0.24 | 0.34 | 80 | Consumer Defensive | |
| Sterling Construction Company, Inc. | 0.14 | 0.16 | 0.23 | 98 | Industrials |
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