Looking to balance out your exposure to EDN? The ETFs below have the lowest correlation with EDN — they tend to move on their own, which can help reduce risk when EDN drops. The stock ideas table highlights individual companies that behave independently from EDN.
Best Diversifiers for EDN
0 ETFs have low correlation with EDN (below 0.3), 0 of which are negatively correlated. The least correlated is Vanguard S&P 500 ETF (VOO) (S&P 500) with a 1Y correlation of 0.32, roughly unchanged from 0.27 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Vanguard S&P 500 ETF | 0.32 | 0.29 | 0.27 | 70 | S&P 500 | EDN vs VOO | |
| State Street SPDR S&P 500 ETF | 0.32 | 0.29 | 0.27 | 70 | S&P 500 | EDN vs SPY |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from EDN, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to EDN and solid risk/return profiles. The least correlated is M/I Homes, Inc. (MHO) (Consumer Cyclical) with a 1Y correlation of 0.01, down from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| M/I Homes, Inc. | 0.01 | 0.10 | 0.12 | 62 | Consumer Cyclical | |
| Tri Pointe Homes, Inc. | 0.02 | 0.09 | 0.12 | 79 | Consumer Cyclical | |
| Forestar Group Inc. | 0.05 | 0.11 | 0.14 | 71 | Real Estate | |
| Frontline Ltd. | 0.05 | 0.08 | 0.08 | 89 | Energy | |
| Teekay Tankers Ltd. | 0.08 | 0.09 | 0.09 | 82 | Energy |
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