Looking to balance out your exposure to ELAN? The ETFs below have historically moved differently from ELAN, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for ELAN
0 ETFs have low correlation with ELAN (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 0.43, roughly unchanged from 0.50 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.43 | 0.44 | 0.50 | 72 | S&P 500 | ELAN vs SPY |
Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for ELAN, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Royalty Pharma plc (RPRX) (Healthcare) with a 1Y correlation of 0.13, down from 0.30 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Royalty Pharma plc | 0.13 | 0.19 | 0.30 | 95 | Healthcare | |
| Ligand Pharmaceuticals Incorporated | 0.27 | 0.27 | 0.31 | 97 | Healthcare | |
| Sanmina Corporation | 0.27 | 0.32 | 0.33 | 76 | Technology | |
| Eastman Chemical Company | 0.34 | 0.39 | 0.41 | 68 | Basic Materials | |
| Hasbro, Inc. | 0.36 | 0.34 | 0.39 | 65 | Consumer Cyclical |
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