Looking to balance out your exposure to ONON? The ETFs below have the lowest correlation with ONON — they tend to move on their own, which can help reduce risk when ONON drops. The stock ideas table highlights individual companies that behave independently from ONON.
Best Diversifiers for ONON
2 ETFs have low correlation with ONON (below 0.3), 0 of which are negatively correlated. The least correlated is Invesco International BuyBack Achievers™ ETF (IPKW) (Global Equities) with a 1Y correlation of 0.27, down from 0.41 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco International BuyBack Achievers™ ETF | 0.27 | 0.32 | 0.41 | 54 | Global Equities | ONON vs IPKW | |
| VanEck Semiconductor ETF | 0.29 | 0.34 | 0.44 | 96 | Semiconductors, Technology Equities | ONON vs SMH | |
| Vanguard International High Dividend Yield ETF | 0.31 | 0.32 | 0.39 | 66 | Dividend, Foreign Large Cap Equities | ONON vs VYMI | |
| State Street SPDR Portfolio S&P 500 Growth ETF | 0.36 | 0.40 | 0.50 | 57 | S&P 500, Large Cap Growth Equities | ONON vs SPYG | |
| Invesco S&P 500 Momentum ETF | 0.36 | 0.39 | 0.44 | 75 | Momentum, S&P 500 | ONON vs SPMO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ONON, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ONON and solid risk/return profiles. The least correlated is Cenovus Energy Inc. (CVE) (Energy) with a 1Y correlation of -0.07, down from 0.08 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Cenovus Energy Inc. | -0.07 | 0.08 | — | 95 | Energy | |
| Diamondback Energy, Inc. | -0.06 | 0.10 | — | 82 | Energy | |
| Ovintiv Inc. | -0.05 | 0.13 | — | 81 | Energy | |
| Apache Corporation | -0.03 | 0.08 | — | 90 | Energy | |
| The Williams Companies, Inc. | -0.02 | 0.17 | 0.20 | 66 | Energy |
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