Looking to balance out your exposure to NVO? The ETFs below have historically moved differently from NVO, 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 NVO
199 ETFs have low correlation with NVO (below 0.3), 11 of which are negatively correlated. The least correlated is ProShares UltraShort Yen (YCS) (Leveraged Currency) with a 1Y correlation of -0.18, down from -0.06 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| ProShares UltraShort Yen | -0.18 | -0.07 | -0.06 | 56 | Leveraged Currency | NVO vs YCS | |
| Invesco DB Commodity Index Tracking Fund | -0.11 | -0.03 | 0.01 | 59 | Commodities | NVO vs DBC | |
| Invesco Optimum Yield Diversified Commodity Strate... | -0.10 | -0.03 | 0.01 | 60 | Commodities | NVO vs PDBC | |
| iShares Global Energy ETF | -0.06 | 0.02 | 0.06 | 66 | Energy Equities | NVO vs IXC | |
| State Street Energy Select Sector SPDR ETF | -0.06 | 0.00 | 0.04 | 61 | Energy Equities | NVO vs XLE |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for NVO, 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 Equinor ASA (EQNR) (Energy) with a 1Y correlation of -0.11, down from 0.03 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Equinor ASA | -0.11 | 0.00 | 0.03 | 82 | Energy | |
| Occidental Petroleum Corporation | -0.11 | -0.03 | 0.01 | 65 | Energy | |
| CF Industries Holdings, Inc. | -0.10 | -0.03 | 0.01 | 64 | Basic Materials | |
| Petróleo Brasileiro S.A. - Petrobras | -0.09 | 0.04 | 0.03 | 79 | Energy | |
| ConocoPhillips Company | -0.08 | 0.01 | 0.03 | 68 | Energy |
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