Looking to balance out your exposure to RNW? The ETFs below have the lowest correlation with RNW — they tend to move on their own, which can help reduce risk when RNW drops. The stock ideas table highlights individual companies that behave independently from RNW.
Best Diversifiers for RNW
0 ETFs have low correlation with RNW (below 0.3), 0 of which are negatively correlated. The least correlated is Invesco QQQ ETF (QQQ) (Nasdaq-100) with a 1Y correlation of 0.30, roughly unchanged from 0.30 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco QQQ ETF | 0.30 | 0.24 | 0.30 | 73 | Nasdaq-100 | RNW vs QQQ | |
| Vanguard S&P 500 ETF | 0.32 | 0.30 | 0.34 | 70 | S&P 500 | RNW vs VOO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from RNW, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to RNW and solid risk/return profiles. The least correlated is Duke Energy Corporation (DUK) (Utilities) with a 1Y correlation of -0.05, down from 0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Duke Energy Corporation | -0.05 | 0.15 | 0.18 | 53 | Utilities | |
| General Electric Company | 0.09 | 0.13 | 0.18 | 65 | Industrials | |
| Pan American Silver Corp. | 0.10 | 0.15 | 0.13 | 83 | Basic Materials | |
| Fortuna Silver Mines Inc. | 0.12 | 0.13 | 0.13 | 62 | Basic Materials | |
| Corning Incorporated | 0.14 | 0.21 | 0.24 | 98 | Technology |
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