Looking to balance out your exposure to MLYS? The ETFs below have the lowest correlation with MLYS — they tend to move on their own, which can help reduce risk when MLYS drops. The stock ideas table highlights individual companies that behave independently from MLYS.
Best Diversifiers for MLYS
1 ETFs have low correlation with MLYS (below 0.3), 0 of which are negatively correlated. The least correlated is State Street SPDR S&P 500 ETF (SPY) (S&P 500) with a 1Y correlation of 0.24, roughly unchanged from 0.27 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.24 | 0.27 | — | 74 | S&P 500 | MLYS vs SPY |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from MLYS, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to MLYS and solid risk/return profiles. The least correlated is Guardant Health, Inc. (GH) (Healthcare) with a 1Y correlation of 0.11, roughly unchanged from 0.20 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Guardant Health, Inc. | 0.11 | 0.20 | — | 93 | Healthcare | |
| nLIGHT, Inc. | 0.12 | 0.20 | — | 96 | Technology | |
| AngloGold Ashanti Limited | 0.14 | 0.12 | — | 83 | Basic Materials | |
| Vistance Networks, Inc | 0.14 | 0.19 | — | 99 | Technology | |
| Ciena Corporation | 0.14 | 0.16 | — | 99 | Technology |
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