Looking to balance out your exposure to DKL? The ETFs below have the lowest correlation with DKL — they tend to move on their own, which can help reduce risk when DKL drops. The stock ideas table highlights individual companies that behave independently from DKL.
Best Diversifiers for DKL
4 ETFs have low correlation with DKL (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 0.12, down from 0.25 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.12 | 0.18 | 0.25 | 70 | S&P 500 | DKL vs SPY | |
| Vanguard S&P 500 ETF | 0.12 | 0.19 | 0.25 | 70 | S&P 500 | DKL vs VOO | |
| Fidelity Fundamental Large Cap Core ETF | 0.13 | 0.18 | 0.29 | 61 | Large Cap Blend Equities | DKL vs FFLC | |
| Amplify CWP Enhanced Dividend Income ETF | 0.26 | 0.28 | 0.28 | 61 | Derivative Income | DKL vs DIVO | |
| Schwab U.S. Dividend Equity ETF | 0.36 | 0.32 | 0.33 | 80 | Dividend | DKL vs SCHD |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from DKL, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to DKL and solid risk/return profiles. The least correlated is Broadcom Inc. (AVGO) (Technology) with a 1Y correlation of 0.03, roughly unchanged from 0.11 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Broadcom Inc. | 0.03 | 0.04 | 0.11 | 84 | Technology | |
| NVIDIA Corporation | 0.05 | 0.08 | 0.11 | 78 | Technology | |
| Pfizer Inc. | 0.07 | 0.14 | 0.09 | 61 | Healthcare | |
| SoFi Technologies, Inc. | 0.11 | 0.18 | 0.20 | 51 | Financial Services | |
| Edison International | 0.16 | 0.23 | 0.20 | 77 | Utilities |
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