Looking to balance out your exposure to PAX? The ETFs below have the lowest correlation with PAX — they tend to move on their own, which can help reduce risk when PAX drops. The stock ideas table highlights individual companies that behave independently from PAX.
Best Diversifiers for PAX
3 ETFs have low correlation with PAX (below 0.3), 1 of which are negatively correlated. The least correlated is Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) (Commodities) with a 1Y correlation of -0.08, down from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco Optimum Yield Diversified Commodity Strate... | -0.08 | 0.09 | 0.12 | 74 | Commodities | PAX vs PDBC | |
| iShares Treasury Floating Rate Bond ETF | 0.02 | -0.04 | -0.04 | 100 | Government Bonds, Ultrashort Bond | PAX vs TFLO | |
| Janus Henderson B-BBB CLO ETF | 0.27 | 0.18 | 0.11 | 51 | CLO | PAX vs JBBB | |
| iShares MSCI South Korea ETF | 0.35 | 0.37 | 0.38 | 96 | Asia Pacific Equities | PAX vs EWY | |
| Virtus InfraCap U.S. Preferred Stock ETF | 0.37 | 0.35 | 0.38 | 56 | Preferred Stock/Convertible Bonds | PAX vs PFFA |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PAX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PAX and solid risk/return profiles. The least correlated is Dynex Capital, Inc. (DX) (Real Estate) with a 1Y correlation of 0.32, roughly unchanged from 0.37 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Dynex Capital, Inc. | 0.32 | 0.39 | 0.37 | 74 | Real Estate | |
| Capital Southwest Corporation | 0.35 | 0.32 | 0.33 | 76 | Financial Services | |
| Matson, Inc. | 0.35 | 0.34 | 0.34 | 83 | Industrials | |
| Royce Value Trust Inc. | 0.46 | 0.54 | 0.54 | 83 | Financial Services |
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