ETFs With Low Correlation to the S&P 500
The ETFs whose daily returns moved least like the S&P 500's over the past year, updated every trading day.
As of the Oct 23, 2026 close, VIXY (ProShares VIX Short-Term Futures ETF) has the lowest correlation with the S&P 500 of the 727 ETFs ranked here, at -0.81. Energy is the most common category in the top 50, with 12 funds. 3 of the top 50 lost money over the past year, so check a fund's return before treating it as a hedge.
| # | ETF | Category | Correlation | 1Y Return | Volatility | Max DD |
|---|---|---|---|---|---|---|
| 1 | VIXYProShares VIX Short-Term Futures ETF | Volatility | -0.81 | -45.03% | 53.45% | -58.10% |
| 2 | BNOUnited States Brent Oil Fund LP | Oil | -0.41 | +138.78% | 47.34% | -34.46% |
| 3 | USOUnited States Oil Fund | Oil | -0.40 | +131.31% | 49.45% | -32.49% |
| 4 | UUPInvesco DB US Dollar Index Bullish Fund | Currency | -0.34 | +7.31% | 5.48% | -3.65% |
| 5 | CTASimplify Managed Futures Strategy ETF | Alternatives | -0.32 | +16.16% | 24.50% | -20.80% |
| 6 | GSGiShares S&P GSCI Commodity-Indexed Trust | Commodities | -0.32 | +61.53% | 25.41% | -18.81% |
| 7 | PFIXSimplify Interest Rate Hedge ETF | Alternatives | -0.31 | +36.47% | 30.10% | -19.47% |
| 8 | XLEEnergy Select Sector SPDR Fund | Energy | -0.24 | +60.29% | 22.06% | -14.98% |
| 9 | PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | Commodities | -0.24 | +55.59% | 20.55% | -16.55% |
| 10 | DBCInvesco DB Commodity Index Tracking Fund | Commodities | -0.24 | +54.33% | 20.51% | -16.54% |
| 11 | IEOiShares U.S. Oil & Gas Exploration & Production ETF | Energy | -0.23 | +69.39% | 26.70% | -16.32% |
| 12 | FCGFirst Trust Natural Gas ETF | Energy | -0.23 | +44.12% | 27.57% | -19.67% |
| 13 | XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF | Energy | -0.23 | +58.72% | 28.57% | -18.50% |
| 14 | IYEiShares U.S. Energy ETF | Energy | -0.23 | +57.84% | 21.53% | -14.54% |
| 15 | IXCiShares Global Energy ETF | Energy | -0.22 | +57.51% | 20.72% | -15.36% |
| 16 | FENYFidelity MSCI Energy Index ETF | Energy | -0.22 | +57.77% | 21.90% | -14.96% |
| 17 | VDEVanguard Energy ETF | Energy | -0.22 | +57.66% | 21.95% | -15.04% |
| 18 | AMLPAlerian MLP ETF | Energy | -0.16 | +22.57% | 12.64% | -8.11% |
| 19 | UNGUnited States Natural Gas Fund LP | Commodities | -0.15 | -25.91% | 58.09% | -43.31% |
| 20 | BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF | Commodities | -0.15 | +38.09% | 17.93% | -14.82% |
| 21 | MLPXGlobal X MLP & Energy Infrastructure ETF | Energy | -0.15 | +32.29% | 16.97% | -9.11% |
| 22 | USFRWisdomTree Floating Rate Treasury Fund | Treasury | -0.13 | +4.09% | 0.28% | -0.02% |
| 23 | FXNFirst Trust Energy AlphaDEX Fund | Energy | -0.12 | +56.44% | 23.31% | -13.41% |
| 24 | IYKiShares U.S. Consumer Staples ETF | Consumer Staples | -0.12 | +14.80% | 14.56% | -10.68% |
| 25 | IAKiShares U.S. Insurance ETF | Financials | -0.09 | +17.35% | 16.04% | -10.54% |
| 26 | SGOViShares 0-3 Month Treasury Bond ETF | Treasury | -0.08 | +3.76% | 0.18% | +0.00% |
| 27 | HGERHarbor Commodity All-Weather Strategy ETF | Commodities | -0.08 | +47.40% | 18.29% | -14.04% |
| 28 | XLPConsumer Staples Select Sector SPDR Fund | Consumer Staples | -0.08 | +14.28% | 15.18% | -9.69% |
| 29 | FTGCFirst Trust Global Tactical Commodity Strategy Fund | Commodities | -0.07 | +38.09% | 15.85% | -12.34% |
| 30 | EMLPFirst Trust North American Energy Infrastructure Fund | Energy | -0.07 | +18.75% | 11.01% | -7.88% |
| 31 | VDCVanguard Consumer Staples ETF | Consumer Staples | -0.07 | +12.82% | 14.73% | -9.38% |
| 32 | HDViShares Core High Dividend ETF | Dividend | -0.07 | +29.11% | 11.53% | -6.40% |
| 33 | WEATTeucrium Wheat Fund | Commodities | -0.06 | +11.09% | 24.79% | -18.46% |
| 34 | TFLOiShares Treasury Floating Rate Bond ETF | Treasury | -0.05 | +4.03% | 0.29% | -0.02% |
| 35 | BILZPIMCO Ultra Short Government Active ETF | Treasury | -0.05 | +3.72% | 0.20% | -0.01% |
| 36 | BILSPDR Bloomberg 1-3 Month T-Bill ETF | Treasury | -0.05 | +3.69% | 0.20% | -0.01% |
| 37 | FDLFirst Trust Morningstar Dividend Leaders Index Fund | Dividend | -0.03 | +27.83% | 12.26% | -7.19% |
| 38 | TBILF/m US Treasury 3 Month Bill ETF | Treasury | -0.02 | +3.74% | 0.27% | -0.02% |
| 39 | CLIPGlobal X 1-3 Month T-Bill ETF | Treasury | -0.02 | +3.78% | 0.21% | -0.02% |
| 40 | BWETBreakwave Tanker Shipping ETF | Commodities | -0.01 | +5279.33% | 118.40% | -41.22% |
| 41 | SPLVInvesco S&P 500 Low Volatility ETF | Low Volatility | 0.00 | +6.33% | 10.88% | -9.22% |
| 42 | FXUFirst Trust Utilities AlphaDEX Fund | Utilities | 0.01 | +4.08% | 14.18% | -14.00% |
| 43 | SGVTSchwab Government Money Market ETF | Treasury | 0.01 | +3.53% | 0.20% | -0.03% |
| 44 | VBILVanguard 0-3 Month Treasury Bill ETF | Treasury | 0.02 | +3.77% | 0.22% | -0.01% |
| 45 | VGUSVanguard Ultra-Short Treasury ETF | Treasury | 0.02 | +3.66% | 0.24% | -0.03% |
| 46 | KIEState Street SPDR S&P Insurance ETF | Financials | 0.03 | +11.61% | 16.97% | -11.81% |
| 47 | RFIXSimplify Bond Bull ETF | Alternatives | 0.03 | -9.68% | 27.63% | -18.88% |
| 48 | TBLLInvesco Short Term Treasury ETF | Treasury | 0.05 | +3.64% | 0.20% | -0.02% |
| 49 | SPHDInvesco S&P 500 High Dividend Low Volatility ETF | Dividend | 0.05 | +11.33% | 12.18% | -9.75% |
| 50 | VTIPVanguard Short-Term Inflation-Protected Securities ETF | Treasury | 0.05 | +2.05% | 1.64% | -1.38% |
How the Ranking Works
Correlation measures how closely a fund's daily returns moved with SPY, the S&P 500 ETF, over the past year: 1 means in lockstep, 0 means no relation and -1 means opposite. The list runs from the most negative up. Leveraged and inverse funds are left out, since an inverse S&P 500 fund sits near -1 by design, and so are funds with less than a year of history.
Correlation shifts from year to year, and a fund can move against the S&P 500 and still lose money. Read its 1-year return and maximum drawdown alongside it, and its Sharpe ratio for the return it paid per unit of risk.
Related Guides
See How Any Two Funds Move Together
Redstone shows the correlation, drawdowns and risk-adjusted returns of any two ETFs or stocks side by side.