Looking to balance out your exposure to NJR? The ETFs below have the lowest correlation with NJR — they tend to move on their own, which can help reduce risk when NJR drops. The stock ideas table highlights individual companies that behave independently from NJR.
Best Diversifiers for NJR
2 ETFs have low correlation with NJR (below 0.3), 2 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 -0.13, down from 0.25 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | -0.13 | 0.10 | 0.25 | 70 | S&P 500 | NJR vs SPY | |
| Vanguard S&P 500 ETF | -0.13 | 0.10 | 0.25 | 70 | S&P 500 | NJR vs VOO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from NJR, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NJR and solid risk/return profiles. The least correlated is Nuveen AMT-Free Municipal Credit Income Fund (NVG) (Financial Services) with a 1Y correlation of 0.11, roughly unchanged from 0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Nuveen AMT-Free Municipal Credit Income Fund | 0.11 | 0.19 | 0.19 | 74 | Financial Services | |
| Trinity Industries, Inc. | 0.21 | 0.32 | 0.38 | 68 | Industrials | |
| ALLETE, Inc. | 0.22 | 0.41 | 0.52 | 75 | Utilities | |
| H2O America | 0.44 | 0.55 | 0.54 | 52 | Utilities | |
| American Electric Power Company, Inc. | 0.47 | 0.51 | 0.56 | 79 | Utilities |
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