Looking to diversify beyond PZA? The ETFs below have historically moved differently from PZA, 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 PZA
628 ETFs have low correlation with PZA (below 0.3), 75 of which are negatively correlated. The least correlated is Invesco DB Energy Fund (DBE) (Oil & Gas) with a 1Y correlation of -0.30, down from -0.08 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco DB Energy Fund | -0.30 | -0.15 | -0.08 | 53 | Oil & Gas | PZA vs DBE | |
| ProShares UltraShort Yen | -0.30 | -0.32 | -0.32 | 59 | Leveraged Currency | PZA vs YCS | |
| United States Gasoline Fund, LP | -0.27 | -0.13 | -0.07 | 74 | Oil & Gas | PZA vs UGA | |
| iShares S&P GSCI Commodity-Indexed Trust | -0.23 | -0.11 | -0.05 | 50 | Commodities | PZA vs GSG | |
| Invesco DB Commodity Index Tracking Fund | -0.23 | -0.11 | -0.04 | 56 | Commodities | PZA vs DBC |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PZA, 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 Nuveen AMT-Free Municipal Credit Income Fund (NVG) (Financial Services) with a 1Y correlation of 0.47, roughly unchanged from 0.48 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Nuveen AMT-Free Municipal Credit Income Fund | 0.47 | 0.51 | 0.49 | 75 | Financial Services |
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