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 iShares Silver Trust (SLV) (Silver) with a 1Y correlation of 0.12, roughly unchanged from 0.21 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Silver Trust | 0.12 | 0.16 | 0.21 | 51 | Silver, Precious Metals | HLX vs SLV | |
| State Street SPDR S&P 500 ETF | 0.16 | 0.29 | 0.32 | 74 | S&P 500 | HLX vs SPY | |
| State Street Energy Select Sector SPDR ETF | 0.60 | 0.58 | 0.68 | 70 | 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 Credo Technology Group Holding Ltd (CRDO) (Technology) with a 1Y correlation of 0.03, down from 0.19 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Credo Technology Group Holding Ltd | 0.03 | 0.15 | 0.19 | 85 | Technology | |
| Apple Inc | 0.05 | 0.13 | 0.16 | 90 | Technology | |
| Sibanye Stillwater Limited | 0.08 | 0.17 | 0.23 | 74 | Basic Materials | |
| IonQ, Inc. | 0.10 | 0.17 | 0.19 | 64 | Technology | |
| DigitalBridge Group, Inc. | 0.10 | 0.26 | 0.27 | 73 | Real Estate |
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