Looking to balance out your exposure to SYK? The ETFs below have the lowest correlation with SYK — they tend to move on their own, which can help reduce risk when SYK drops. The stock ideas table highlights individual companies that behave independently from SYK.
Best Diversifiers for SYK
14 ETFs have low correlation with SYK (below 0.3), 1 of which are negatively correlated. The least correlated is iShares Global Clean Energy ETF (ICLN) (Alternative Energy Equities) with a 1Y correlation of -0.04, down from 0.24 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Global Clean Energy ETF | -0.04 | 0.11 | 0.24 | 70 | Alternative Energy Equities | SYK vs ICLN | |
| VanEck Semiconductor ETF | 0.03 | 0.21 | 0.35 | 94 | Semiconductors, Technology Equities | SYK vs SMH | |
| Invesco QQQ ETF | 0.09 | 0.30 | 0.44 | 59 | Nasdaq-100 | SYK vs QQQ | |
| JPMorgan Nasdaq Equity Premium Income ETF | 0.09 | 0.32 | — | 64 | Nasdaq-100, Derivative Income | SYK vs JEPQ | |
| SP Funds S&P 500 Sharia Industry Exclusions ETF | 0.10 | 0.32 | 0.48 | 64 | S&P 500 | SYK vs SPUS |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from SYK, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to SYK and solid risk/return profiles. The least correlated is Advanced Micro Devices, Inc. (AMD) (Technology) with a 1Y correlation of -0.12, down from 0.25 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Advanced Micro Devices, Inc. | -0.12 | 0.13 | 0.25 | 96 | Technology | |
| Broadcom Inc. | -0.09 | 0.12 | 0.27 | 71 | Technology | |
| Chevron Corporation | -0.07 | 0.01 | 0.12 | 70 | Energy | |
| ConocoPhillips Company | -0.07 | -0.04 | 0.08 | 65 | Energy | |
| Dell Technologies Inc. | -0.07 | 0.14 | 0.25 | 97 | Technology |
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