Looking to balance out your exposure to AQN.TO? The ETFs below have the lowest correlation with AQN.TO — they tend to move on their own, which can help reduce risk when AQN.TO drops. The stock ideas table highlights individual companies that behave independently from AQN.TO.
Best Diversifiers for AQN.TO
4 ETFs have low correlation with AQN.TO (below 0.3), 0 of which are negatively correlated. The least correlated is CI Tech Giants Covered Call Common (TXF.TO) (Technology Equities) with a 1Y correlation of 0.11, roughly unchanged from 0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| CI Tech Giants Covered Call Common | 0.11 | 0.13 | 0.18 | 85 | Technology Equities, Derivative Income | AQN.TO vs TXF.TO | |
| BMO Equal Weight Banks Index ETF | 0.15 | 0.34 | 0.28 | 96 | Financials Equities | AQN.TO vs ZEB.TO | |
| BMO S&P 500 Index ETF | 0.19 | 0.22 | 0.25 | 72 | S&P 500 | AQN.TO vs ZSP.TO | |
| TD Canadian Equity Index ETF | 0.20 | 0.38 | 0.35 | 80 | Canada Equities | AQN.TO vs TTP.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from AQN.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to AQN.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.16, down from 0.08 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | -0.16 | 0.07 | 0.08 | 86 | Energy | |
| Whitecap Resources Inc. | -0.13 | 0.07 | 0.06 | 96 | Energy | |
| The Bank of Nova Scotia | 0.07 | 0.30 | 0.26 | 96 | Financial Services | |
| Canadian Imperial Bank of Commerce | 0.09 | 0.25 | 0.23 | 96 | Financial Services | |
| Brookfield Infrastructure Partners L.P | 0.11 | 0.36 | 0.32 | 76 | Utilities |
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