Looking to balance out your exposure to HBB? The ETFs below have historically moved differently from HBB, 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 HBB
2 ETFs have low correlation with HBB (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 -0.12, down from 0.03 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 | -0.12 | -0.04 | 0.03 | 100 | Ultrashort Bond | HBB vs SGOV | |
| State Street SPDR S&P 500 ETF | 0.30 | 0.26 | 0.27 | 78 | S&P 500 | HBB vs SPY |
Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for HBB, 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 Cboe Global Markets, Inc. (CBOE) (Financial Services) with a 1Y correlation of -0.18, down from -0.02 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Cboe Global Markets, Inc. | -0.18 | -0.12 | -0.02 | 62 | Financial Services | |
| Chord Energy Corp | -0.13 | 0.05 | 0.08 | 71 | Energy | |
| Millicom International Cellular S.A. | -0.06 | 0.09 | 0.13 | 98 | Communication Services | |
| Cencora Inc. | -0.03 | -0.03 | 0.04 | 50 | Healthcare | |
| Targa Resources Corp. | -0.03 | 0.06 | 0.10 | 93 | Energy |
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