Looking to diversify beyond NOVZ? The ETFs below have historically moved differently from NOVZ, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for NOVZ
211 ETFs have low correlation with NOVZ (below 0.3), 41 of which are negatively correlated. The least correlated is ProShares Short Bitcoin ETF (BITI) (Cryptocurrency) with a 1Y correlation of -0.47, down from -0.37 over 3 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| ProShares Short Bitcoin ETF | -0.47 | -0.37 | — | 61 | Cryptocurrency | NOVZ vs BITI | |
| Alpha Architect Tail Risk ETF | -0.37 | -0.06 | — | 56 | Options Trading | NOVZ vs CAOS | |
| Invesco DB Energy Fund | -0.27 | -0.09 | 0.07 | 72 | Oil & Gas | NOVZ vs DBE | |
| United States Brent Oil Fund LP | -0.26 | -0.07 | 0.06 | 52 | Oil & Gas | NOVZ vs BNO | |
| Invesco DB Oil Fund | -0.23 | -0.06 | 0.07 | 58 | Oil & Gas | NOVZ vs DBO |
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