Looking to balance out your exposure to ONON? The ETFs below have historically moved differently from ONON, 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 ONON
5 ETFs have low correlation with ONON (below 0.3), 1 of which are negatively correlated. The least correlated is Barclays ETN+ Select MLP ETN (ATMP) (MLPs) with a 1Y correlation of -0.08, down from 0.14 over 3 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Barclays ETN+ Select MLP ETN | -0.08 | 0.14 | — | 64 | MLPs | ONON vs ATMP | |
| iShares Semiconductor ETF | 0.21 | 0.31 | — | 90 | Semiconductors, Technology Equities | ONON vs SOXX | |
| VanEck Semiconductor ETF | 0.22 | 0.31 | — | 88 | Semiconductors, Technology Equities | ONON vs SMH | |
| Invesco S&P 500 Momentum ETF | 0.25 | 0.37 | — | 51 | Momentum, S&P 500 | ONON vs SPMO | |
| Invesco International BuyBack Achievers™ ETF | 0.29 | 0.32 | — | 79 | Global Equities | ONON vs IPKW |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for ONON, 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 Cenovus Energy Inc. (CVE) (Energy) with a 1Y correlation of -0.12, down from 0.13 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Cenovus Energy Inc. | -0.12 | 0.06 | 0.13 | 95 | Energy | |
| Diamondback Energy, Inc. | -0.12 | 0.06 | 0.14 | 78 | Energy | |
| Ovintiv Inc. | -0.10 | 0.09 | 0.17 | 86 | Energy | |
| Range Resources Corporation | -0.09 | 0.10 | 0.14 | 57 | Energy | |
| Apache Corporation | -0.09 | 0.05 | 0.15 | 91 | Energy |
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