Looking to balance out your exposure to NVO? The ETFs below have the lowest correlation with NVO — they tend to move on their own, which can help reduce risk when NVO drops. The stock ideas table highlights individual companies that behave independently from NVO.
Best Diversifiers for NVO
169 ETFs have low correlation with NVO (below 0.3), 3 of which are negatively correlated. The least correlated is ProShares UltraShort Yen (YCS) (Leveraged Currency) with a 1Y correlation of -0.22, down from -0.05 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| ProShares UltraShort Yen | -0.22 | -0.05 | -0.05 | 73 | Leveraged Currency | NVO vs YCS | |
| WisdomTree Floating Rate Treasury Fund | -0.08 | -0.00 | -0.02 | 100 | Government Bonds, Ultrashort Bond | NVO vs USFR | |
| iShares Global Energy ETF | -0.01 | 0.03 | 0.06 | 54 | Energy Equities | NVO vs IXC | |
| Vanguard 0-3 Month Treasury Bill ETF | 0.00 | — | — | 100 | Ultrashort Bond | NVO vs VBIL | |
| SPDR Bloomberg 1-3 Month T-Bill ETF | 0.01 | -0.06 | -0.03 | 100 | Government Bonds, Ultrashort Bond | NVO vs BIL |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from NVO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NVO and solid risk/return profiles. The least correlated is Coca-Cola Consolidated, Inc. (COKE) (Consumer Defensive) with a 1Y correlation of -0.10, down from 0.06 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Coca-Cola Consolidated, Inc. | -0.10 | 0.02 | 0.06 | 85 | Consumer Defensive | |
| Altria Group, Inc. | -0.10 | -0.03 | 0.04 | 78 | Consumer Defensive | |
| Chubb Limited | -0.07 | 0.05 | 0.12 | 73 | Financial Services | |
| The Coca-Cola Company | -0.07 | 0.04 | 0.11 | 76 | Consumer Defensive | |
| Equinor ASA | -0.07 | 0.02 | 0.03 | 69 | Energy |
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