An alloy according to example embodiments of the present invention may include zirconium, tin, iron, chromium, and nickel, with a majority of the alloy being zirconium. The composition of the alloy may be about 0.85-2.00% tin by weight, about 0.15-0.30% iron by weight, about 0.40-0.75% chromium by weight, and less than 0.01% nickel by weight. The alloy may further include 0.004-0.020% silicon by weight, 0.004-0.020% carbon by weight, and/or 0.05-0.20% oxygen by weight. Accordingly, the alloy exhibits reduced hydrogen absorption and improved corrosion resistance and may be used to form a fuel assembly component.