Looking to balance out your exposure to PARR? The ETFs below have the lowest correlation with PARR — they tend to move on their own, which can help reduce risk when PARR drops. The stock ideas table highlights individual companies that behave independently from PARR.
Best Diversifiers for PARR
5 ETFs have low correlation with PARR (below 0.3), 5 of which are negatively correlated. The least correlated is Vanguard S&P 500 ETF (VOO) (S&P 500) with a 1Y correlation of -0.11, down from 0.24 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Vanguard S&P 500 ETF | -0.11 | 0.10 | 0.24 | 59 | S&P 500 | PARR vs VOO | |
| First Trust Nasdaq BuyWrite Income ETF | -0.10 | 0.08 | 0.25 | 86 | Nasdaq-100, Derivative Income | PARR vs FTQI | |
| ProShares UltraPro QQQ | -0.09 | 0.05 | 0.16 | 53 | Leveraged Equities | PARR vs TQQQ | |
| Invesco NASDAQ 100 ETF | -0.09 | 0.05 | 0.16 | 60 | Nasdaq-100 | PARR vs QQQM | |
| VanEck Semiconductor ETF | -0.03 | 0.06 | 0.18 | 94 | Semiconductors, Technology Equities | PARR vs SMH |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PARR, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PARR and solid risk/return profiles. The least correlated is Eli Lilly and Company (LLY) (Healthcare) with a 1Y correlation of -0.17, down from -0.03 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Eli Lilly and Company | -0.17 | -0.07 | -0.03 | 74 | Healthcare | |
| Kinross Gold Corporation | -0.15 | -0.04 | 0.09 | 72 | Basic Materials | |
| Broadcom Inc. | -0.12 | 0.01 | 0.14 | 72 | Technology | |
| Robinhood Markets, Inc. | -0.10 | 0.04 | — | 58 | Financial Services | |
| JPMorgan Chase & Co. | -0.10 | 0.12 | 0.24 | 68 | Financial Services |
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