Looking to balance out your exposure to ELMD? The ETFs below have the lowest correlation with ELMD — they tend to move on their own, which can help reduce risk when ELMD drops. The stock ideas table highlights individual companies that behave independently from ELMD.
Best Diversifiers for ELMD
1 ETFs have low correlation with ELMD (below 0.3), 1 of which are negatively correlated. The least correlated is iShares 0-3 Month Treasury Bond ETF (SGOV) (Ultrashort Bond) with a 1Y correlation of -0.04, roughly unchanged from -0.01 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares 0-3 Month Treasury Bond ETF | -0.04 | -0.02 | -0.01 | 100 | Ultrashort Bond | ELMD vs SGOV | |
| Vanguard S&P 500 ETF | 0.32 | 0.20 | 0.18 | 74 | S&P 500 | ELMD vs VOO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ELMD, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ELMD and solid risk/return profiles. The least correlated is Altria Group, Inc. (MO) (Consumer Defensive) with a 1Y correlation of -0.10, down from 0.01 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Altria Group, Inc. | -0.10 | -0.03 | 0.01 | 73 | Consumer Defensive | |
| Hachijuni Bank Ltd ADR | -0.04 | -0.03 | -0.01 | 82 | Financial Services | |
| Navigator Holdings Ltd. | 0.03 | 0.09 | 0.08 | 87 | Energy | |
| Clearway Energy, Inc. | 0.06 | 0.06 | 0.08 | 79 | Utilities | |
| Teekay Tankers Ltd. | 0.06 | 0.08 | 0.08 | 80 | Energy |
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