Looking to diversify beyond HECO? The ETFs below have historically moved differently from HECO, 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 HECO
606 ETFs have low correlation with HECO (below 0.3), 104 of which are negatively correlated.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Proshares Ultrashort Bitcoin ETF | -0.64 | — | — | 55 | Cryptocurrency, Leveraged Cryptocurrency | HECO vs SBIT | |
| ProShares Short Bitcoin ETF | -0.64 | — | — | 61 | Cryptocurrency | HECO vs BITI | |
| Defiance Daily Target 2X Short MSTR ETF | -0.62 | — | — | 52 | Inverse Equities | HECO vs SMST | |
| T-REX 2X Inverse MSTR Daily Target ETF | -0.62 | — | — | 61 | Inverse Equities, Leveraged Equities | HECO vs MSTZ | |
| YieldMax MSTR Short Option Income Strategy ETF | -0.60 | — | — | 75 | Derivative Income | HECO vs WNTR |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for HECO, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Super Group (SGHC) Limited | 0.11 | — | — | 67 | Consumer Cyclical | |
| Alamos Gold Inc. | 0.33 | 0.19 | 0.19 | 53 | Basic Materials | |
| NVIDIA Corporation | 0.51 | 0.52 | 0.52 | 56 | Technology |
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