Looking to balance out your exposure to PAY? The ETFs below have the lowest correlation with PAY — they tend to move on their own, which can help reduce risk when PAY drops. The stock ideas table highlights individual companies that behave independently from PAY.
Best Diversifiers for PAY
2 ETFs have low correlation with PAY (below 0.3), 0 of which are negatively correlated. The least correlated is State Street SPDR S&P 500 ETF (SPY) (S&P 500) with a 1Y correlation of 0.23, down from 0.44 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street SPDR S&P 500 ETF | 0.23 | 0.36 | 0.44 | 59 | S&P 500 | PAY vs SPY | |
| State Street SPDR Portfolio S&P 500 ETF | 0.23 | 0.36 | 0.44 | 59 | S&P 500 | PAY vs SPYM |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PAY, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PAY and solid risk/return profiles. The least correlated is Walmart Inc. (WMT) (Consumer Defensive) with a 1Y correlation of -0.07, down from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Walmart Inc. | -0.07 | 0.08 | 0.12 | 69 | Consumer Defensive | |
| Onto Innovation Inc. | -0.02 | 0.17 | 0.30 | 95 | Technology | |
| Lincoln Electric Holdings, Inc. | 0.00 | 0.21 | 0.28 | 61 | Industrials | |
| ONEOK, Inc. | 0.00 | 0.18 | 0.23 | 66 | Energy | |
| Ducommun Incorporated | 0.04 | 0.21 | 0.27 | 94 | Industrials |
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