Looking to balance out your exposure to NOV? The ETFs below have the lowest correlation with NOV — they tend to move on their own, which can help reduce risk when NOV drops. The stock ideas table highlights individual companies that behave independently from NOV.
Best Diversifiers for NOV
2 ETFs have low correlation with NOV (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, down from 0.35 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.24 | 0.32 | 0.35 | 70 | S&P 500 | NOV vs SPY | |
| Vanguard FTSE All-World ex-US ETF | 0.25 | 0.36 | 0.40 | 60 | Foreign Large Cap Equities | NOV vs VEU | |
| Vanguard Dividend Appreciation ETF | 0.30 | 0.36 | 0.37 | 56 | Dividend | NOV vs VIG |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from NOV, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NOV and solid risk/return profiles. The least correlated is Orange S.A (ORANY) (Communication Services) with a 1Y correlation of 0.03, roughly unchanged from 0.13 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Orange S.A | 0.03 | 0.04 | 0.13 | 88 | Communication Services | |
| First Solar, Inc. | 0.04 | 0.20 | 0.18 | 81 | Technology | |
| AstraZeneca PLC | 0.06 | 0.07 | 0.10 | 70 | Healthcare | |
| Broadcom Inc. | 0.06 | 0.15 | 0.19 | 84 | Technology | |
| Fabrinet | 0.11 | 0.17 | 0.22 | 93 | Technology |
To view more results, upgrade your current subscription plan.
Build a portfolio that complements NOV
Add NOV to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.
Analyze a portfolio with NOV