Looking to balance out your exposure to NVAX? The ETFs below have historically moved differently from NVAX, 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 NVAX
2 ETFs have low correlation with NVAX (below 0.3), 0 of which are negatively correlated. The least correlated is Schwab U.S. Dividend Equity ETF (SCHD) (Dividend) with a 1Y correlation of 0.19, roughly unchanged from 0.29 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Schwab U.S. Dividend Equity ETF | 0.19 | 0.28 | 0.29 | 94 | Dividend | NVAX vs SCHD | |
| GraniteShares 2x Long AMD Daily ETF | 0.24 | — | — | 82 | Leveraged Equities | NVAX vs AMDL | |
| Invesco QQQ ETF | 0.36 | 0.29 | 0.35 | 54 | Nasdaq-100 | NVAX vs QQQ | |
| Vanguard Total International Stock ETF | 0.40 | 0.37 | 0.36 | 64 | Global Equities | NVAX vs VXUS | |
| State Street SPDR S&P 500 ETF | 0.42 | 0.34 | 0.35 | 71 | S&P 500 | NVAX vs SPY |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for NVAX, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Targa Resources Corp. (TRGP) (Energy) with a 1Y correlation of -0.07, down from 0.11 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Targa Resources Corp. | -0.07 | 0.05 | 0.11 | 91 | Energy | |
| Energy Transfer LP | -0.02 | 0.12 | 0.16 | 82 | Energy | |
| Monarch Casino & Resort, Inc. | 0.05 | 0.16 | 0.20 | 70 | Consumer Cyclical | |
| New Oriental Education & Technology Group Inc. | 0.09 | 0.12 | 0.18 | 63 | Consumer Defensive | |
| Zoom Communications, Inc. | 0.12 | 0.22 | 0.34 | 71 | Technology |
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