Looking to balance out your exposure to DAVE? The ETFs below have the lowest correlation with DAVE — they tend to move on their own, which can help reduce risk when DAVE drops. The stock ideas table highlights individual companies that behave independently from DAVE.
Best Diversifiers for DAVE
0 ETFs have low correlation with DAVE (below 0.3), 0 of which are negatively correlated. The least correlated is Fidelity High Dividend ETF (FDVV) (Large Cap Blend Equities) with a 1Y correlation of 0.31, roughly unchanged from 0.30 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity High Dividend ETF | 0.31 | 0.32 | 0.30 | 64 | Large Cap Blend Equities, Dividend | DAVE vs FDVV | |
| Amplify CWP Enhanced Dividend Income ETF | 0.36 | 0.29 | 0.26 | 61 | Derivative Income | DAVE vs DIVO | |
| SPDR Portfolio High Yield Bond ETF | 0.36 | 0.31 | 0.30 | 62 | High Yield Bonds | DAVE vs SPHY | |
| Invesco S&P 500 Momentum ETF | 0.39 | 0.37 | 0.31 | 75 | Momentum, S&P 500 | DAVE vs SPMO | |
| ProShares UltraPro QQQ | 0.42 | 0.38 | 0.35 | 71 | Leveraged Equities | DAVE vs TQQQ |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from DAVE, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to DAVE and solid risk/return profiles. The least correlated is Johnson & Johnson (JNJ) (Healthcare) with a 1Y correlation of -0.22, down from -0.03 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Johnson & Johnson | -0.22 | -0.12 | -0.03 | 92 | Healthcare | |
| Altria Group, Inc. | -0.19 | -0.10 | -0.04 | 69 | Consumer Defensive | |
| British American Tobacco p.l.c. | -0.09 | -0.04 | 0.01 | 77 | Consumer Defensive | |
| Cenovus Energy Inc. | -0.06 | 0.05 | 0.06 | 95 | Energy | |
| Cboe Global Markets, Inc. | -0.06 | -0.12 | 0.01 | 68 | Financial Services |
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