Looking to balance out your exposure to HLX? The ETFs below have the lowest correlation with HLX — they tend to move on their own, which can help reduce risk when HLX drops. The stock ideas table highlights individual companies that behave independently from HLX.
Best Diversifiers for HLX
2 ETFs have low correlation with HLX (below 0.3), 0 of which are negatively correlated. The least correlated is State Street SPDR S&P 500 ETF (SPY) (S&P 500) with a 1Y correlation of 0.15, down from 0.32 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.15 | 0.28 | 0.32 | 63 | S&P 500 | HLX vs SPY | |
| iShares MSCI Brazil ETF | 0.29 | 0.31 | 0.36 | 54 | Latin America Equities | HLX vs EWZ | |
| State Street Energy Select Sector SPDR ETF | 0.61 | 0.59 | 0.68 | 69 | Energy Equities | HLX vs XLE |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HLX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HLX and solid risk/return profiles. The least correlated is Texas Roadhouse, Inc. (TXRH) (Consumer Cyclical) with a 1Y correlation of -0.01, down from 0.17 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Texas Roadhouse, Inc. | -0.01 | 0.13 | 0.17 | 54 | Consumer Cyclical | |
| Apple Inc | 0.03 | 0.14 | 0.17 | 92 | Technology | |
| Credo Technology Group Holding Ltd | 0.05 | 0.15 | 0.19 | 81 | Technology | |
| Healthcare Services Group, Inc. | 0.08 | 0.20 | 0.23 | 94 | Healthcare | |
| FirstCash, Inc. | 0.10 | 0.20 | 0.21 | 92 | Financial Services |
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