Looking to balance out your exposure to MGY? The ETFs below have the lowest correlation with MGY — they tend to move on their own, which can help reduce risk when MGY drops. The stock ideas table highlights individual companies that behave independently from MGY.
Best Diversifiers for MGY
2 ETFs have low correlation with MGY (below 0.3), 2 of which are negatively correlated. The least correlated is Invesco NASDAQ 100 ETF (QQQM) (Nasdaq-100) with a 1Y correlation of -0.12, down from 0.21 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco NASDAQ 100 ETF | -0.12 | 0.09 | 0.21 | 75 | Nasdaq-100 | MGY vs QQQM | |
| State Street SPDR S&P 500 ETF | -0.06 | 0.18 | 0.32 | 74 | S&P 500 | MGY vs SPY | |
| Invesco DWA Energy Momentum ETF | 0.77 | 0.79 | 0.84 | 69 | Momentum, Energy Equities | MGY vs PXI | |
| State Street Energy Select Sector SPDR ETF | 0.81 | 0.82 | 0.82 | 70 | Energy Equities | MGY vs XLE |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from MGY, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to MGY and solid risk/return profiles. The least correlated is Robinhood Markets, Inc. (HOOD) (Financial Services) with a 1Y correlation of -0.06, down from 0.12 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Robinhood Markets, Inc. | -0.06 | 0.12 | — | 52 | Financial Services | |
| Duke Energy Corporation | 0.02 | 0.05 | 0.08 | 57 | Utilities | |
| Marathon Petroleum Corporation | 0.53 | 0.53 | 0.61 | 88 | Energy | |
| Chord Energy Corp | 0.86 | 0.82 | 0.81 | 78 | Energy |
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