Looking to balance out your exposure to ABX.TO? The ETFs below have the lowest correlation with ABX.TO — they tend to move on their own, which can help reduce risk when ABX.TO drops. The stock ideas table highlights individual companies that behave independently from ABX.TO.
Best Diversifiers for ABX.TO
3 ETFs have low correlation with ABX.TO (below 0.3), 1 of which are negatively correlated. The least correlated is Global X High Interest Savings ETF (CASH.TO) (Money Market) with a 1Y correlation of -0.01, roughly unchanged from -0.02 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X High Interest Savings ETF | -0.01 | -0.03 | -0.02 | 100 | Money Market | ABX.TO vs CASH.TO | |
| TD Active Preferred Share ETF | 0.08 | 0.08 | 0.07 | 96 | Preferred Stock/Convertible Bonds | ABX.TO vs TPRF.TO | |
| Hamilton Canadian Financials YIELD MAXIMIZER ETF | 0.28 | 0.27 | 0.21 | 91 | Derivative Income | ABX.TO vs HMAX.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ABX.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ABX.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.07, down from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | -0.07 | 0.12 | 0.12 | 86 | Energy | |
| Suncor Energy Inc. | -0.01 | 0.11 | 0.11 | 96 | Energy | |
| Superior Plus Corp. | -0.01 | 0.09 | 0.08 | 50 | Utilities | |
| Quebecor Inc | 0.01 | 0.00 | 0.05 | 96 | Communication Services | |
| Enbridge Inc. | 0.02 | 0.15 | 0.17 | 81 | Energy |
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