Looking to balance out your exposure to IRDM? The ETFs below have the lowest correlation with IRDM — they tend to move on their own, which can help reduce risk when IRDM drops. The stock ideas table highlights individual companies that behave independently from IRDM.
Best Diversifiers for IRDM
13 ETFs have low correlation with IRDM (below 0.3), 2 of which are negatively correlated. The least correlated is Global X 1-3 Month T-Bill ETF (CLIP) (Ultrashort Bond) with a 1Y correlation of -0.06, roughly unchanged from -0.02 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X 1-3 Month T-Bill ETF | -0.06 | -0.02 | — | 100 | Ultrashort Bond | IRDM vs CLIP | |
| SPDR Bloomberg 1-3 Month T-Bill ETF | -0.05 | -0.05 | -0.04 | 100 | Government Bonds, Ultrashort Bond | IRDM vs BIL | |
| Invesco S&P 500 Momentum ETF | 0.23 | 0.21 | 0.32 | 51 | Momentum, S&P 500 | IRDM vs SPMO | |
| Invesco S&P 500 BuyWrite ETF | 0.25 | 0.25 | 0.35 | 90 | Derivative Income, S&P 500 | IRDM vs PBP | |
| WisdomTree Japan Opportunities ETF | 0.25 | 0.23 | 0.28 | 94 | Japan Equities, Asia Pacific Equities | IRDM vs OPPJ |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from IRDM, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to IRDM and solid risk/return profiles. The least correlated is Occidental Petroleum Corporation (OXY) (Energy) with a 1Y correlation of 0.02, down from 0.14 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Occidental Petroleum Corporation | 0.02 | 0.08 | 0.14 | 67 | Energy | |
| Walmart Inc. | 0.02 | 0.07 | 0.12 | 69 | Consumer Defensive | |
| Clean Harbors, Inc. | 0.06 | 0.15 | 0.24 | 79 | Industrials | |
| Sandisk Corporation | 0.07 | — | — | 100 | Technology | |
| NVIDIA Corporation | 0.08 | 0.07 | 0.21 | 63 | Technology |
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Build a portfolio that complements IRDM
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