Looking to balance out your exposure to PAX? The ETFs below have historically moved differently from PAX, 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 PAX
3 ETFs have low correlation with PAX (below 0.3), 2 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 -0.12, down from 0.11 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco Optimum Yield Diversified Commodity Strate... | -0.12 | 0.07 | 0.11 | 72 | Commodities | PAX vs PDBC | |
| Alerian MLP ETF | -0.07 | 0.21 | 0.28 | 66 | MLPs | PAX vs AMLP | |
| iShares Treasury Floating Rate Bond ETF | 0.01 | -0.03 | -0.05 | 100 | Government Bonds, Ultrashort Bond | PAX vs TFLO | |
| Janus Henderson B-BBB CLO ETF | 0.31 | 0.20 | — | 60 | CLO | PAX vs JBBB | |
| iShares MSCI South Korea ETF | 0.36 | 0.37 | 0.38 | 86 | South Korea Equities, Asia Pacific Equities | PAX vs EWY |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PAX, 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 Berkshire Hathaway Inc. (BRK-B) (Financial Services) with a 1Y correlation of -0.04, down from 0.27 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Berkshire Hathaway Inc. | -0.04 | 0.20 | 0.27 | 61 | Financial Services | |
| American Healthcare REIT, Inc. | 0.01 | 0.13 | 0.13 | 89 | Real Estate | |
| Tekla Healthcare Investors | 0.24 | 0.34 | 0.37 | 95 | Financial Services | |
| Dynex Capital, Inc. | 0.30 | 0.39 | 0.38 | 73 | Real Estate | |
| Capital Southwest Corporation | 0.34 | 0.31 | 0.34 | 68 | Financial Services |
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