Looking to balance out your exposure to SHOO? The ETFs below have the lowest correlation with SHOO — they tend to move on their own, which can help reduce risk when SHOO drops. The stock ideas table highlights individual companies that behave independently from SHOO.
Best Diversifiers for SHOO
0 ETFs have low correlation with SHOO (below 0.3), 0 of which are negatively correlated. The least correlated is Vanguard S&P 500 ETF (VOO) (S&P 500) with a 1Y correlation of 0.49, roughly unchanged from 0.53 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Vanguard S&P 500 ETF | 0.49 | 0.46 | 0.53 | 74 | S&P 500 | SHOO vs VOO | |
| State Street SPDR S&P 500 ETF | 0.49 | 0.46 | 0.53 | 74 | S&P 500 | SHOO vs SPY |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from SHOO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to SHOO and solid risk/return profiles. The least correlated is Argan, Inc. (AGX) (Industrials) with a 1Y correlation of 0.19, down from 0.30 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Argan, Inc. | 0.19 | 0.25 | 0.30 | 94 | Industrials | |
| Silicon Motion Technology Corporation | 0.24 | 0.23 | 0.28 | 98 | Technology | |
| Hudbay Minerals Inc. | 0.35 | 0.31 | 0.32 | 94 | Basic Materials | |
| SPX Corporation | 0.43 | 0.43 | 0.48 | 77 | Industrials | |
| Watts Water Technologies, Inc. | 0.46 | 0.45 | 0.49 | 77 | Industrials |
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