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
173 ETFs have low correlation with NVO (below 0.3), 8 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 | 67 | Leveraged Currency | NVO vs YCS | |
| United States Oil Fund LP | -0.17 | -0.07 | -0.03 | 66 | Oil & Gas | NVO vs USO | |
| ProShares Ultra Bloomberg Crude Oil | -0.14 | -0.06 | -0.02 | 54 | Leveraged Commodities | NVO vs UCO | |
| Invesco Optimum Yield Diversified Commodity Strate... | -0.07 | 0.00 | 0.03 | 76 | Commodities | NVO vs PDBC | |
| Invesco DB Commodity Index Tracking Fund | -0.07 | 0.00 | 0.03 | 76 | Commodities | NVO vs DBC |
To view more results, upgrade your current subscription plan.
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 Altria Group, Inc. (MO) (Consumer Defensive) with a 1Y correlation of -0.11, down from 0.04 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Altria Group, Inc. | -0.11 | -0.03 | 0.04 | 73 | Consumer Defensive | |
| CF Industries Holdings, Inc. | -0.09 | -0.04 | 0.01 | 63 | Basic Materials | |
| Chubb Limited | -0.06 | 0.06 | 0.13 | 57 | Financial Services | |
| Coca-Cola Consolidated, Inc. | -0.06 | 0.02 | 0.06 | 81 | Consumer Defensive | |
| Antero Midstream Corporation | -0.06 | 0.02 | 0.09 | 70 | Energy |
To view more results, upgrade your current subscription plan.
Build a portfolio that complements NVO
Add NVO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.
Analyze a portfolio with NVO