Looking to balance out your exposure to HON? The ETFs below have the lowest correlation with HON — they tend to move on their own, which can help reduce risk when HON drops. The stock ideas table highlights individual companies that behave independently from HON.
Best Diversifiers for HON
10 ETFs have low correlation with HON (below 0.3), 3 of which are negatively correlated. The least correlated is SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) (Government Bonds) with a 1Y correlation of -0.07, roughly unchanged from -0.01 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| SPDR Bloomberg 1-3 Month T-Bill ETF | -0.07 | -0.06 | -0.01 | 100 | Government Bonds, Ultrashort Bond | HON vs BIL | |
| abrdn Bloomberg All Commodity Longer Dated Strateg... | -0.06 | 0.04 | 0.15 | 71 | Commodities | HON vs BCD | |
| iShares 0-3 Month Treasury Bond ETF | -0.05 | -0.02 | -0.00 | 100 | Ultrashort Bond | HON vs SGOV | |
| State Street Energy Select Sector SPDR ETF | 0.05 | 0.21 | 0.29 | 63 | Energy Equities | HON vs XLE | |
| Invesco Ultra Short Duration ETF | 0.13 | 0.12 | 0.10 | 100 | Ultrashort Bond | HON vs GSY |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HON, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HON and solid risk/return profiles. The least correlated is ConocoPhillips Company (COP) (Energy) with a 1Y correlation of -0.07, down from 0.19 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| ConocoPhillips Company | -0.07 | 0.11 | 0.19 | 76 | Energy | |
| Exxon Mobil Corporation | -0.02 | 0.15 | 0.24 | 85 | Energy | |
| Altria Group, Inc. | 0.00 | 0.19 | 0.28 | 69 | Consumer Defensive | |
| Chevron Corporation | 0.01 | 0.17 | 0.27 | 83 | Energy | |
| The Williams Companies, Inc. | 0.02 | 0.19 | 0.29 | 66 | Energy |
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