Looking to balance out your exposure to NVNO? The ETFs below have the lowest correlation with NVNO — they tend to move on their own, which can help reduce risk when NVNO drops. The stock ideas table highlights individual companies that behave independently from NVNO.
Best Diversifiers for NVNO
4 ETFs have low correlation with NVNO (below 0.3), 0 of which are negatively correlated. The least correlated is Convergence Long/Short Equity ETF (CLSE) (Long-Short) with a 1Y correlation of 0.14, roughly unchanged from 0.16 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 0.14 | 0.16 | — | 95 | Long-Short | NVNO vs CLSE | |
| Direxion Daily Semiconductor Bull 3X ETF | 0.22 | 0.21 | 0.23 | 97 | Leveraged Equities, Semiconductors | NVNO vs SOXL | |
| Invesco Semiconductors ETF | 0.24 | 0.21 | 0.23 | 96 | Semiconductors, Technology Equities | NVNO vs PSI | |
| Defiance Quantum ETF | 0.26 | 0.25 | 0.27 | 91 | Technology Equities | NVNO vs QTUM |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from NVNO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NVNO and solid risk/return profiles. The least correlated is Edwards Lifesciences Corporation (EW) (Healthcare) with a 1Y correlation of -0.00, down from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Edwards Lifesciences Corporation | -0.00 | 0.04 | 0.12 | 54 | Healthcare | |
| ASA Gold and Precious Metals Limited | 0.08 | 0.09 | 0.08 | 79 | Financial Services | |
| Palo Alto Networks, Inc. | 0.09 | 0.14 | 0.16 | 67 | Technology | |
| Globalstar, Inc. | 0.13 | 0.19 | 0.22 | 97 | Communication Services | |
| Micron Technology, Inc. | 0.13 | 0.16 | 0.19 | 99 | Technology |
To view more results, upgrade your current subscription plan.
Build a portfolio that complements NVNO
Add NVNO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.
Analyze a portfolio with NVNO