Looking to balance out your exposure to ALA.TO? The ETFs below have the lowest correlation with ALA.TO — they tend to move on their own, which can help reduce risk when ALA.TO drops. The stock ideas table highlights individual companies that behave independently from ALA.TO.
Best Diversifiers for ALA.TO
5 ETFs have low correlation with ALA.TO (below 0.3), 4 of which are negatively correlated. The least correlated is Vanguard S&P 500 CAD-hedged ETF (VSP.TO) (S&P 500) with a 1Y correlation of -0.26, down from 0.21 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Vanguard S&P 500 CAD-hedged ETF | -0.26 | 0.07 | 0.21 | 60 | S&P 500 | ALA.TO vs VSP.TO | |
| Vanguard S&P 500 Index ETF | -0.25 | 0.02 | 0.14 | 74 | S&P 500 | ALA.TO vs VFV.TO | |
| iShares Core MSCI Emerging Markets IMI Index ETF | -0.24 | 0.02 | 0.07 | 86 | Emerging Markets Equities | ALA.TO vs XEC.TO | |
| iShares Core Equity ETF Portfolio | -0.24 | 0.09 | 0.21 | 75 | Global Equities | ALA.TO vs XEQT.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.08 | 0.32 | 0.39 | 98 | Dividend | ALA.TO vs VDY.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ALA.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ALA.TO and solid risk/return profiles. The least correlated is The Bank of Nova Scotia (BNS.TO) (Financial Services) with a 1Y correlation of -0.22, down from 0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| The Bank of Nova Scotia | -0.22 | 0.09 | 0.18 | 96 | Financial Services | |
| Teck Resources Limited | -0.20 | 0.04 | 0.14 | 84 | Basic Materials | |
| Power Corporation of Canada | -0.18 | 0.13 | 0.24 | 94 | Financial Services | |
| Canadian Imperial Bank of Commerce | -0.18 | 0.16 | 0.22 | 96 | Financial Services | |
| Manulife Financial Corporation | -0.17 | 0.11 | 0.22 | 74 | Financial Services |
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