Looking to balance out your exposure to ALC.TO? The ETFs below have the lowest correlation with ALC.TO — they tend to move on their own, which can help reduce risk when ALC.TO drops. The stock ideas table highlights individual companies that behave independently from ALC.TO.
Best Diversifiers for ALC.TO
2 ETFs have low correlation with ALC.TO (below 0.3), 1 of which are negatively correlated.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg... | -0.10 | — | — | 56 | Derivative Income, Short-Term Bond | ALC.TO vs HBIL.TO | |
| iShares Core Balanced ETF Portfolio | 0.15 | 0.12 | 0.15 | 61 | Diversified Portfolio | ALC.TO vs XBAL.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ALC.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ALC.TO and solid risk/return profiles. The least correlated is Enbridge Inc. (ENB.TO) (Energy) with a 1Y correlation of 0.02, roughly unchanged from 0.10 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Enbridge Inc. | 0.02 | 0.05 | 0.10 | 81 | Energy | |
| Manulife Financial Corporation | 0.09 | 0.08 | 0.14 | 74 | Financial Services | |
| Maple Leaf Foods Inc. | 0.10 | 0.01 | 0.08 | 73 | Consumer Defensive | |
| Imperial Oil Limited | 0.11 | 0.06 | 0.07 | 91 | Energy | |
| Richelieu Hardware Ltd. | 0.15 | 0.15 | 0.16 | 59 | Consumer Cyclical |
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