Looking to diversify beyond HECO? The ETFs below have the lowest correlation with HECO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from HECO.
Best Diversifiers for HECO
482 ETFs have low correlation with HECO (below 0.3), 82 of which are negatively correlated. The least correlated is ProShares Short Bitcoin ETF (BITI) (Cryptocurrency) with a 1Y correlation of -0.64, roughly unchanged from -0.65 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| ProShares Short Bitcoin ETF | -0.64 | -0.65 | — | 57 | Cryptocurrency | HECO vs BITI | |
| Proshares Ultrashort Bitcoin ETF | -0.64 | — | — | 52 | Cryptocurrency, Leveraged Cryptocurrency | HECO vs SBIT | |
| T-REX 2X Inverse MSTR Daily Target ETF | -0.63 | — | — | 68 | Inverse Equities, Leveraged Equities | HECO vs MSTZ | |
| Defiance Daily Target 2X Short MSTR ETF | -0.63 | -0.65 | -0.65 | 60 | Inverse Equities | HECO vs SMST | |
| YieldMax Short MSTR Option Income Strategy ETF | -0.60 | — | — | 70 | Derivative Income | HECO vs WNTR |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HECO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HECO and solid risk/return profiles.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Super Group (SGHC) Limited | 0.12 | — | — | 68 | Consumer Cyclical | |
| Catalyst Pharmaceuticals, Inc. | 0.18 | — | — | 84 | Healthcare | |
| Alamos Gold Inc. | 0.29 | 0.18 | 0.18 | 50 | Basic Materials | |
| NVIDIA Corporation | 0.47 | 0.52 | 0.52 | 65 | Technology |
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