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National Grid plc (NG.L) Diversifiers

Equity · Currency in GBp · Last updated Jun 4, 2026

National Grid plc transmits and distributes electricity and gas. The company operates through UK Electricity Transmission, UK Electricity Distribution, UK Electricity System Operator, New England, and New York segments. The UK Electricity Transmission segment provides electricity transmission and construction work services in England and Wales. The UK Electricity Distribution segment offers electricity distribution services in Midlands, and South West of England and South Wales. The UK Electricity System Operator segment provides balancing services for supply and demand of electricity on Great Britain's electricity transmission system; and acts as an agent on behalf of transmission operators. The New England segment offers electricity and gas distribution, and electricity transmission services in New England. The New York segment provides electricity and gas distribution, and electricity transmission services in New York. It also engages in the provision of transmission services through electricity interconnectors and LNG importation at the Isle of Grain; sale of renewables projects; and leasing and sale of commercial property, as well as insurance activities in the United Kingdom. The company was founded in 1990 and is headquartered in London, the United Kingdom.

Looking to balance out your exposure to NG.L? The ETFs below have the lowest correlation with NG.L — they tend to move on their own, which can help reduce risk when NG.L drops. The stock ideas table highlights individual companies that behave independently from NG.L.

Best Diversifiers for NG.L

4 ETFs have low correlation with NG.L (below 0.3), 3 of which are negatively correlated. The least correlated is Scottish Mortgage Investment Trust plc (SMT.L) (Global Equities) with a 1Y correlation of -0.10, down from 0.01 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
SMT.L
Scottish Mortgage Investment Trust plc-0.100.010.01
83
Global EquitiesNG.L vs SMT.L
SWDA.L
iShares Core MSCI World UCITS ETF USD (Acc)-0.010.060.09
81
Global EquitiesNG.L vs SWDA.L
HMWO.L
HSBC MSCI World UCITS ETF-0.010.060.09
76
Global EquitiesNG.L vs HMWO.L
SWRD.L
SPDR MSCI World UCITS ETF0.000.070.09
67
Large Cap Growth EquitiesNG.L vs SWRD.L
FTAL.L
SPDR FTSE UK All Share UCITS ETF0.340.350.34
51
Europe EquitiesNG.L vs FTAL.L
See all 7 diversifiers for NG.L

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from NG.L, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NG.L and solid risk/return profiles. The least correlated is BP plc (BP.L) (Energy) with a 1Y correlation of 0.03, roughly unchanged from 0.04 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
BP.L
BP plc0.030.050.04
86
Energy
BARC.L
Barclays plc0.050.080.07
75
Financial Services
RR.L
Rolls-Royce Holdings PLC0.070.050.05
74
Industrials
GAW.L
Games Workshop Group plc0.100.100.10
72
Consumer Cyclical
ASL.L
Aberforth Smaller Companies Trust plc0.120.150.14
60
Financial Services
See all 13 low-correlation stocks for NG.L

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Diversification Analysis

Build a portfolio that complements NG.L

Add NG.L to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with NG.L