Looking to diversify beyond OVL? The ETFs below have the lowest correlation with OVL — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from OVL.
Best Diversifiers for OVL
268 ETFs have low correlation with OVL (below 0.3), 65 of which are negatively correlated. The least correlated is United States Oil Fund LP (USO) (Oil & Gas) with a 1Y correlation of -0.31, down from 0.07 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| United States Oil Fund LP | -0.31 | -0.07 | 0.07 | 66 | Oil & Gas | OVL vs USO | |
| Invesco DB Energy Fund | -0.30 | -0.07 | 0.09 | 71 | Oil & Gas | OVL vs DBE | |
| United States Brent Oil Fund LP | -0.29 | -0.06 | 0.07 | 65 | Oil & Gas | OVL vs BNO | |
| Defiance Oil Enhanced Options Income ETF | -0.27 | -0.08 | -0.08 | 56 | Derivative Income | OVL vs USOY | |
| ProShares K-1 Free Crude Oil Strategy ETF | -0.27 | -0.04 | 0.09 | 55 | Oil & Gas | OVL vs OILK |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from OVL, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to OVL and solid risk/return profiles. The least correlated is BlackRock Science and Technology Trust (BST) (Financial Services) with a 1Y correlation of 0.72, roughly unchanged from 0.77 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| BlackRock Science and Technology Trust | 0.72 | 0.73 | 0.77 | 88 | Financial Services |
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