Looking to balance out your exposure to DK? The ETFs below have the lowest correlation with DK — they tend to move on their own, which can help reduce risk when DK drops. The stock ideas table highlights individual companies that behave independently from DK.
Best Diversifiers for DK
3 ETFs have low correlation with DK (below 0.3), 3 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 -0.10, down from 0.20 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | -0.10 | 0.10 | 0.20 | 65 | S&P 500 | DK vs SPY | |
| Direxion Daily S&P 500 Bull 3X ETF | -0.09 | 0.10 | 0.20 | 52 | Leveraged Equities, S&P 500 | DK vs SPXL | |
| Invesco QQQ ETF | -0.05 | 0.07 | 0.13 | 53 | Nasdaq-100 | DK vs QQQ | |
| SPDR S&P Oil & Gas Equipment & Services ETF | 0.32 | 0.42 | 0.53 | 86 | Energy Equities | DK vs XES | |
| State Street Energy Select Sector SPDR ETF | 0.49 | 0.52 | 0.61 | 59 | Energy Equities | DK vs XLE |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from DK, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to DK and solid risk/return profiles. The least correlated is Powell Industries, Inc. (POWL) (Industrials) with a 1Y correlation of -0.07, down from 0.13 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Powell Industries, Inc. | -0.07 | 0.04 | 0.13 | 96 | Industrials | |
| Cognex Corporation | -0.05 | 0.07 | 0.13 | 87 | Technology | |
| NGL Energy Partners LP | 0.18 | 0.22 | 0.28 | 99 | Energy | |
| Delek Logistics Partners, LP | 0.31 | 0.30 | 0.32 | 85 | Energy | |
| Imperial Oil Limited | 0.37 | 0.36 | 0.47 | 85 | Energy |
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