Looking to diversify beyond SLX? The ETFs below have the lowest correlation with SLX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from SLX.
Best Diversifiers for SLX
266 ETFs have low correlation with SLX (below 0.3), 35 of which are negatively correlated. The least correlated is Invesco DB US Dollar Index Bullish Fund (UUP) (Currency) with a 1Y correlation of -0.43, roughly unchanged from -0.36 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco DB US Dollar Index Bullish Fund | -0.43 | -0.34 | -0.36 | 51 | Currency | SLX vs UUP | |
| ProShares Short Bitcoin ETF | -0.36 | -0.29 | -0.32 | 57 | Cryptocurrency | SLX vs BITI | |
| Proshares Ultrashort Bitcoin ETF | -0.35 | -0.35 | -0.35 | 52 | Cryptocurrency, Leveraged Cryptocurrency | SLX vs SBIT | |
| T-REX 2X Inverse MSTR Daily Target ETF | -0.32 | -0.34 | -0.34 | 68 | Inverse Equities, Leveraged Equities | SLX vs MSTZ | |
| YieldMax Short MSTR Option Income Strategy ETF | -0.28 | — | — | 70 | Derivative Income | SLX vs WNTR |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from SLX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to SLX and solid risk/return profiles. The least correlated is CVS Health Corporation (CVS) (Healthcare) with a 1Y correlation of 0.12, down from 0.24 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| CVS Health Corporation | 0.12 | 0.19 | 0.24 | 92 | Healthcare | |
| Dollar General Corporation | 0.19 | 0.15 | 0.18 | 54 | Consumer Defensive | |
| Cisco Systems, Inc. | 0.23 | 0.31 | 0.35 | 94 | Technology | |
| Halliburton Company | 0.23 | 0.38 | 0.49 | 84 | Energy | |
| Air Products and Chemicals, Inc. | 0.31 | 0.39 | 0.45 | 51 | Basic Materials |
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