Looking to balance out your exposure to MGEE? The ETFs below have the lowest correlation with MGEE — they tend to move on their own, which can help reduce risk when MGEE drops. The stock ideas table highlights individual companies that behave independently from MGEE.
Best Diversifiers for MGEE
4 ETFs have low correlation with MGEE (below 0.3), 1 of which are negatively correlated. The least correlated is Invesco QQQ ETF (QQQ) (Nasdaq-100) with a 1Y correlation of -0.05, down from 0.11 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco QQQ ETF | -0.05 | 0.03 | 0.11 | 73 | Nasdaq-100 | MGEE vs QQQ | |
| State Street SPDR S&P 500 ETF | 0.08 | 0.18 | 0.25 | 70 | S&P 500 | MGEE vs SPY | |
| Vanguard S&P 500 ETF | 0.09 | 0.18 | 0.25 | 70 | S&P 500 | MGEE vs VOO | |
| iShares Core S&P 500 ETF | 0.09 | 0.18 | 0.25 | 70 | S&P 500 | MGEE vs IVV |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from MGEE, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to MGEE and solid risk/return profiles. The least correlated is Chevron Corporation (CVX) (Energy) with a 1Y correlation of -0.04, down from 0.15 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Chevron Corporation | -0.04 | 0.15 | 0.15 | 83 | Energy | |
| Imperial Oil Limited | 0.02 | 0.13 | 0.12 | 91 | Energy | |
| ALLETE, Inc. | 0.24 | 0.41 | 0.54 | 75 | Utilities | |
| Sempra Energy | 0.49 | 0.53 | 0.57 | 67 | Utilities | |
| Otter Tail Corporation | 0.50 | 0.47 | 0.53 | 59 | Utilities |
To view more results, upgrade your current subscription plan.
Build a portfolio that complements MGEE
Add MGEE to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.
Analyze a portfolio with MGEE