Looking to balance out your exposure to PLUG? The ETFs below have the lowest correlation with PLUG — they tend to move on their own, which can help reduce risk when PLUG drops. The stock ideas table highlights individual companies that behave independently from PLUG.
Best Diversifiers for PLUG
1 ETFs have low correlation with PLUG (below 0.3), 0 of which are negatively correlated. The least correlated is State Street Energy Select Sector SPDR ETF (XLE) (Energy Equities) with a 1Y correlation of 0.02, down from 0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| State Street Energy Select Sector SPDR ETF | 0.02 | 0.13 | 0.18 | 59 | Energy Equities | PLUG vs XLE | |
| Invesco QQQ ETF | 0.37 | 0.34 | 0.46 | 53 | Nasdaq-100 | PLUG vs QQQ | |
| State Street SPDR S&P 500 ETF | 0.37 | 0.37 | 0.46 | 65 | S&P 500 | PLUG vs SPY | |
| Vanguard S&P 500 ETF | 0.38 | 0.37 | 0.46 | 66 | S&P 500 | PLUG vs VOO | |
| Global X Hydrogen ETF | 0.70 | 0.71 | 0.76 | 52 | Alternative Energy Equities | PLUG vs HYDR |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PLUG, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PLUG and solid risk/return profiles. The least correlated is Consolidated Edison, Inc. (ED) (Utilities) with a 1Y correlation of -0.18, down from -0.01 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Consolidated Edison, Inc. | -0.18 | -0.04 | -0.01 | 70 | Utilities | |
| Waste Management, Inc. | -0.15 | -0.08 | 0.02 | 56 | Industrials | |
| Plains All American Pipeline, L.P. | -0.08 | 0.10 | 0.20 | 87 | Energy | |
| Johnson & Johnson | -0.08 | -0.01 | 0.02 | 96 | Healthcare | |
| Duke Energy Corporation | -0.07 | -0.00 | 0.01 | 64 | Utilities |
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