Looking to balance out your exposure to ELAN? The ETFs below have the lowest correlation with ELAN — they tend to move on their own, which can help reduce risk when ELAN drops. The stock ideas table highlights individual companies that behave independently from ELAN.
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 0.45, roughly unchanged from 0.50 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.45 | 0.44 | 0.50 | 70 | S&P 500 | ELAN vs SPY |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ELAN, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ELAN and solid risk/return profiles. The least correlated is Kratos Defense & Security Solutions, Inc. (KTOS) (Industrials) with a 1Y correlation of 0.15, down from 0.27 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Kratos Defense & Security Solutions, Inc. | 0.16 | 0.17 | 0.27 | 60 | Industrials | |
| Ligand Pharmaceuticals Incorporated | 0.30 | 0.27 | 0.31 | 95 | Healthcare | |
| Medpace Holdings, Inc. | 0.39 | 0.33 | 0.37 | 68 | Healthcare |
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