A magnetoresistive element including: a storage layer having a first storage magnetostriction; a sense layer having a first sense magnetostriction; and a barrier layer between and in contact with the storage and sense layer. The magnetoresistive element also includes a compensating ferromagnetic layer having a second magnetostriction different from the first storage magnetostriction and/or sense magnetostriction, and adapted to compensate the first storage magnetostriction and/or the first sense magnetostriction so that a net magnetostriction of the storage layer and/or sense layer is adjustable between −10 ppm and +10 ppm or more negative than −10 ppm by adjusting a thickness of the compensating ferromagnetic layer. The present disclosure also concerns a magnetic device comprising the magnetoresistive element.