Looking to balance out your exposure to HRL? The ETFs below have the lowest correlation with HRL — they tend to move on their own, which can help reduce risk when HRL drops. The stock ideas table highlights individual companies that behave independently from HRL.
Best Diversifiers for HRL
2 ETFs have low correlation with HRL (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 0.08, roughly unchanged from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.08 | 0.08 | 0.12 | 70 | S&P 500 | HRL vs SPY | |
| iShares MSCI ACWI ETF | 0.11 | 0.12 | 0.13 | 66 | Global Equities | HRL vs ACWI | |
| Schwab U.S. Dividend Equity ETF | 0.52 | 0.42 | 0.38 | 80 | Dividend | HRL vs SCHD |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HRL, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HRL and solid risk/return profiles. The least correlated is Micron Technology, Inc. (MU) (Technology) with a 1Y correlation of -0.18, roughly unchanged from -0.10 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Micron Technology, Inc. | -0.18 | -0.15 | -0.10 | 99 | Technology | |
| Oracle Corporation | -0.12 | -0.05 | 0.02 | 58 | Technology | |
| Advanced Micro Devices, Inc. | -0.11 | -0.10 | -0.09 | 98 | Technology | |
| Veeco Instruments Inc. | -0.08 | -0.09 | -0.08 | 96 | Technology | |
| Teradyne, Inc. | -0.05 | -0.05 | -0.03 | 98 | Technology |
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