Looking to balance out your exposure to HP? The ETFs below have the lowest correlation with HP — they tend to move on their own, which can help reduce risk when HP drops. The stock ideas table highlights individual companies that behave independently from HP.
Best Diversifiers for HP
3 ETFs have low correlation with HP (below 0.3), 0 of which are negatively correlated. The least correlated is Vanguard S&P 500 ETF (VOO) (S&P 500) with a 1Y correlation of 0.14, down from 0.32 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Vanguard S&P 500 ETF | 0.14 | 0.23 | 0.32 | 70 | S&P 500 | HP vs VOO | |
| State Street SPDR S&P 500 ETF | 0.14 | 0.24 | 0.32 | 70 | S&P 500 | HP vs SPY | |
| Vanguard Total Stock Market ETF | 0.15 | 0.26 | 0.34 | 68 | Large Cap Blend Equities | HP vs VTI |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HP, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HP and solid risk/return profiles. The least correlated is Verizon Communications Inc. (VZ) (Communication Services) with a 1Y correlation of 0.03, down from 0.13 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Verizon Communications Inc. | 0.03 | 0.06 | 0.13 | 59 | Communication Services | |
| International Business Machines Corporation | 0.03 | 0.13 | 0.25 | 53 | Technology | |
| Taiwan Semiconductor Manufacturing Company Limited | 0.06 | 0.13 | 0.19 | 95 | Technology | |
| PepsiCo, Inc. | 0.06 | 0.05 | 0.07 | 56 | Consumer Defensive | |
| Apple Inc | 0.07 | 0.10 | 0.17 | 89 | Technology |
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