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Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 24, 2026

This ETF provides investors with an enhanced yield from exposure to Canada’s largest banks and insurance companies through an active covered call strategy applied on up to 33% of the portfolio and 25% maximum leverage.

Looking to diversify beyond BANK.TO? The ETFs below have the lowest correlation with BANK.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from BANK.TO.

Best Diversifiers for BANK.TO

18 ETFs have low correlation with BANK.TO (below 0.3), 10 of which are negatively correlated.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
OILY.TO
Evolve Canadian Energy Enhanced Yield Index Fund E...-0.19——
62
Energy EquitiesBANK.TO vs OILY.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...-0.190.15—
77
Derivative Income, Energy EquitiesBANK.TO vs ENCC.TO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF-0.180.070.07
51
Energy Equities, Derivative IncomeBANK.TO vs EMAX.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...-0.17——
76
Energy Equities, Derivative IncomeBANK.TO vs ENCL.TO
PPLN.TO
Global X Equal Weight Canadian Pipelines Index ETF-0.070.18—
84
Energy Equities, Equal WeightBANK.TO vs PPLN.TO
See all 117 diversifiers for BANK.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from BANK.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to BANK.TO and solid risk/return profiles. The least correlated is Parex Resources Inc. (PXT.TO) (Energy) with a 1Y correlation of -0.22, down from 0.02 over 3 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
PXT.TO
Parex Resources Inc.-0.220.02—
87
Energy
WCP.TO
Whitecap Resources Inc.-0.180.09—
94
Energy
CNQ.TO
Canadian Natural Resources Limited-0.120.100.21
77
Energy
ENB.TO
Enbridge Inc.0.040.250.33
89
Energy
EXE.TO
Extendicare Inc.0.160.24—
98
Healthcare
See all 18 low-correlation stocks for BANK.TO

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Diversification Analysis

Build a portfolio that complements BANK.TO

Add BANK.TO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with BANK.TO