Looking to balance out your exposure to ELP? The ETFs below have the lowest correlation with ELP — they tend to move on their own, which can help reduce risk when ELP drops. The stock ideas table highlights individual companies that behave independently from ELP.
Best Diversifiers for ELP
13 ETFs have low correlation with ELP (below 0.3), 0 of which are negatively correlated. The least correlated is First Trust RBA American Industrial Renaissance ETF (AIRR) (Building & Construction) with a 1Y correlation of 0.08, down from 0.22 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| First Trust RBA American Industrial Renaissance ET... | 0.08 | 0.19 | 0.22 | 78 | Building & Construction | ELP vs AIRR | |
| iShares MSCI Austria ETF | 0.08 | 0.23 | 0.26 | 66 | Europe Equities | ELP vs EWO | |
| Franklin International Low Volatility High Dividen... | 0.09 | 0.22 | 0.27 | 89 | Volatility Hedged Equity, Dividend | ELP vs LVHI | |
| First Trust Rising Dividend Achievers ETF | 0.10 | 0.23 | 0.24 | 57 | Large Cap Blend Equities, Dividend | ELP vs RDVY | |
| iShares Currency Hedged MSCI EAFE Small Cap ETF | 0.11 | 0.22 | 0.24 | 73 | Foreign Small & Mid Cap Equities | ELP vs HSCZ |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ELP, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ELP and solid risk/return profiles. The least correlated is Walmart Inc. (WMT) (Consumer Defensive) with a 1Y correlation of -0.02, roughly unchanged from 0.06 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Walmart Inc. | -0.02 | 0.07 | 0.06 | 63 | Consumer Defensive | |
| Eli Lilly and Company | -0.01 | 0.02 | 0.06 | 72 | Healthcare | |
| Linde plc | 0.01 | 0.16 | 0.20 | 52 | Basic Materials | |
| AbbVie Inc. | 0.01 | 0.05 | 0.05 | 62 | Healthcare | |
| Pan American Silver Corp. | 0.02 | 0.16 | 0.21 | 83 | Basic Materials |
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Build a portfolio that complements ELP
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