Looking to balance out your exposure to MKL? The ETFs below have the lowest correlation with MKL — they tend to move on their own, which can help reduce risk when MKL drops. The stock ideas table highlights individual companies that behave independently from MKL.
Best Diversifiers for MKL
12 ETFs have low correlation with MKL (below 0.3), 0 of which are negatively correlated. The least correlated is iShares Semiconductor ETF (SOXX) (Semiconductors) with a 1Y correlation of 0.03, down from 0.23 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Semiconductor ETF | 0.03 | 0.13 | 0.23 | 96 | Semiconductors, Technology Equities | MKL vs SOXX | |
| Direxion Daily Semiconductor Bull 3X ETF | 0.03 | 0.13 | 0.23 | 97 | Leveraged Equities, Semiconductors | MKL vs SOXL | |
| Direxion Daily Technology Bull 3X Shares | 0.07 | 0.16 | 0.27 | 84 | Leveraged Equities, Technology Equities | MKL vs TECL | |
| State Street Technology Select Sector SPDR ETF | 0.08 | 0.16 | 0.27 | 82 | Technology Equities | MKL vs XLK | |
| Vanguard Information Technology ETF | 0.11 | 0.18 | 0.28 | 76 | Technology Equities | MKL vs VGT |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from MKL, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to MKL and solid risk/return profiles. The least correlated is Micron Technology, Inc. (MU) (Technology) with a 1Y correlation of -0.06, down from 0.17 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Micron Technology, Inc. | -0.06 | 0.08 | 0.17 | 99 | Technology | |
| Precision Drilling Corporation | -0.05 | 0.16 | 0.24 | 94 | Energy | |
| EOG Resources, Inc. | -0.04 | 0.12 | 0.24 | 71 | Energy | |
| NVIDIA Corporation | -0.04 | 0.06 | 0.16 | 80 | Technology | |
| Taiwan Semiconductor Manufacturing Company Limited | -0.04 | 0.05 | 0.14 | 95 | Technology |
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