Looking to balance out your exposure to ELMD? The ETFs below have historically moved differently from ELMD, 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 ELMD
2 ETFs have low correlation with ELMD (below 0.3), 0 of which are negatively correlated. The least correlated is iShares 0-3 Month Treasury Bond ETF (SGOV) (Ultrashort Bond) with a 1Y correlation of 0.01, roughly unchanged from 0.01 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares 0-3 Month Treasury Bond ETF | 0.01 | -0.01 | 0.01 | 100 | Ultrashort Bond | ELMD vs SGOV | |
| Vanguard S&P 500 ETF | 0.27 | 0.21 | 0.17 | 68 | S&P 500 | ELMD vs VOO |
Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for ELMD, 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 BW LPG Limited (BWLP) (Industrials) with a 1Y correlation of -0.05, down from 0.06 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| BW LPG Limited | -0.05 | 0.10 | 0.06 | 91 | Industrials | |
| Hachijuni Bank Ltd ADR | -0.04 | -0.03 | -0.02 | 94 | Financial Services | |
| Verizon Communications Inc. | -0.04 | -0.03 | 0.02 | 66 | Communication Services | |
| Altria Group, Inc. | -0.04 | -0.02 | 0.01 | 66 | Consumer Defensive | |
| Navigator Holdings Ltd. | -0.04 | 0.05 | 0.06 | 81 | Energy |
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