Looking to balance out your exposure to PAA? The ETFs below have historically moved differently from PAA, 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 PAA
15 ETFs have low correlation with PAA (below 0.3), 12 of which are negatively correlated. The least correlated is iShares S&P 100 ETF (OEF) (Large Cap Blend Equities) with a 1Y correlation of -0.20, down from 0.27 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P 100 ETF | -0.20 | 0.12 | 0.27 | 60 | Large Cap Blend Equities | PAA vs OEF | |
| Vanguard Total World Stock ETF | -0.20 | 0.19 | 0.34 | 70 | Global Equities | PAA vs VT | |
| First Trust Nasdaq BuyWrite Income ETF | -0.19 | 0.13 | 0.32 | 88 | Nasdaq-100, Derivative Income | PAA vs FTQI | |
| iShares 1-5 Year Investment Grade Corporate Bond E... | -0.18 | -0.00 | 0.04 | 69 | Corporate Bonds, Investment Grade Bonds | PAA vs IGSB | |
| State Street SPDR S&P 500 ETF | -0.18 | 0.17 | 0.31 | 71 | S&P 500 | PAA vs SPY |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PAA, 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 Fortuna Silver Mines Inc. (FSM) (Basic Materials) with a 1Y correlation of -0.22, down from 0.17 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Fortuna Silver Mines Inc. | -0.22 | 0.06 | 0.17 | 63 | Basic Materials | |
| HSBC Holdings plc | -0.22 | 0.11 | 0.26 | 95 | Financial Services | |
| Hudbay Minerals Inc. | -0.22 | 0.13 | 0.29 | 93 | Basic Materials | |
| Banco Santander, S.A. | -0.21 | 0.08 | 0.25 | 90 | Financial Services | |
| ASE Technology Holding Co., Ltd. | -0.21 | 0.09 | 0.17 | 98 | Technology |
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