Looking to balance out your exposure to NWE? The ETFs below have the lowest correlation with NWE — they tend to move on their own, which can help reduce risk when NWE drops. The stock ideas table highlights individual companies that behave independently from NWE.
Best Diversifiers for NWE
2 ETFs have low correlation with NWE (below 0.3), 0 of which are negatively correlated. The least correlated is State Street SPDR S&P 500 ETF (SPY) (S&P 500) with a 1Y correlation of 0.12, down from 0.28 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.12 | 0.23 | 0.28 | 70 | S&P 500 | NWE vs SPY | |
| Vanguard S&P 500 ETF | 0.12 | 0.23 | 0.28 | 70 | S&P 500 | NWE vs VOO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from NWE, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NWE and solid risk/return profiles. The least correlated is Pfizer Inc. (PFE) (Healthcare) with a 1Y correlation of 0.11, down from 0.28 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Pfizer Inc. | 0.11 | 0.26 | 0.28 | 61 | Healthcare | |
| United Parcel Service, Inc. | 0.17 | 0.31 | 0.30 | 57 | Industrials | |
| AbbVie Inc. | 0.18 | 0.26 | 0.30 | 62 | Healthcare | |
| Canadian Utilities Limited | 0.21 | 0.27 | 0.28 | 90 | Utilities | |
| Entergy Corporation | 0.45 | 0.53 | 0.59 | 83 | Utilities |
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