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 ProShares UltraPro QQQ (TQQQ) (Leveraged Equities) with a 1Y correlation of -0.10, down from 0.15 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| ProShares UltraPro QQQ | -0.10 | 0.05 | 0.15 | 71 | Leveraged Equities | PARR vs TQQQ | |
| Vanguard S&P 500 ETF | -0.10 | 0.11 | 0.24 | 70 | S&P 500 | PARR vs VOO | |
| Invesco NASDAQ 100 ETF | -0.10 | 0.05 | 0.16 | 74 | Nasdaq-100 | PARR vs QQQM | |
| First Trust Nasdaq BuyWrite Income ETF | -0.09 | 0.09 | 0.26 | 85 | Nasdaq-100, Derivative Income | PARR vs FTQI | |
| VanEck Semiconductor ETF | -0.02 | 0.06 | 0.17 | 96 | Semiconductors, Technology Equities | PARR vs SMH |
To view more results, upgrade your current subscription plan.
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 -0.18, down from -0.03 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Eli Lilly and Company | -0.18 | -0.07 | -0.03 | 72 | Healthcare | |
| Kinross Gold Corporation | -0.13 | -0.03 | 0.10 | 79 | Basic Materials | |
| Broadcom Inc. | -0.11 | 0.01 | 0.13 | 84 | Technology | |
| AppLovin Corporation | -0.09 | 0.02 | 0.08 | 59 | Technology | |
| Dycom Industries, Inc. | -0.08 | 0.08 | 0.23 | 90 | Industrials |
To view more results, upgrade your current subscription plan.
Build a portfolio that complements PARR
Add PARR to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.
Analyze a portfolio with PARR