Looking to balance out your exposure to MCHP? The ETFs below have the lowest correlation with MCHP — they tend to move on their own, which can help reduce risk when MCHP drops. The stock ideas table highlights individual companies that behave independently from MCHP.
Best Diversifiers for MCHP
3 ETFs have low correlation with MCHP (below 0.3), 1 of which are negatively correlated. The least correlated is iShares 0-3 Month Treasury Bond ETF (SGOV) (Ultrashort Bond) 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 |
|---|---|---|---|---|---|---|---|
| iShares 0-3 Month Treasury Bond ETF | -0.07 | -0.00 | -0.01 | 100 | Ultrashort Bond | MCHP vs SGOV | |
| State Street Energy Select Sector SPDR ETF | 0.06 | 0.17 | 0.23 | 63 | Energy Equities | MCHP vs XLE | |
| Invesco Ultra Short Duration ETF | 0.11 | 0.09 | 0.07 | 100 | Ultrashort Bond | MCHP vs GSY | |
| Global X Dow 30 Covered Call ETF | 0.34 | 0.38 | — | 51 | Derivative Income | MCHP vs DJIA | |
| iShares MSCI South Korea ETF | 0.35 | 0.42 | 0.48 | 96 | Asia Pacific Equities | MCHP vs EWY |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from MCHP, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to MCHP and solid risk/return profiles. The least correlated is Altria Group, Inc. (MO) (Consumer Defensive) with a 1Y correlation of -0.20, down from 0.03 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Altria Group, Inc. | -0.20 | -0.05 | 0.03 | 69 | Consumer Defensive | |
| Duke Energy Corporation | -0.14 | -0.05 | 0.00 | 53 | Utilities | |
| The Coca-Cola Company | -0.06 | 0.01 | 0.11 | 66 | Consumer Defensive | |
| Johnson & Johnson | -0.03 | 0.03 | 0.09 | 92 | Healthcare | |
| Pinnacle West Capital Corporation | -0.03 | 0.02 | 0.08 | 66 | Utilities |
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