Looking to diversify beyond BANK.TO? The ETFs below have historically moved differently from BANK.TO, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for BANK.TO
22 ETFs have low correlation with BANK.TO (below 0.3), 12 of which are negatively correlated. The least correlated is CI Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.TO) (Energy Equities) with a 1Y correlation of -0.26, down from 0.06 over 3 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| CI Energy Giants Covered Call ETF Common Units (CA... | -0.26 | 0.06 | — | 70 | Energy Equities, Derivative Income, Options Trading, Actively Managed | BANK.TO vs NXF.TO | |
| Evolve Canadian Energy Enhanced Yield Index Fund E... | -0.25 | — | — | 84 | Energy Equities | BANK.TO vs OILY.TO | |
| iShares S&P/TSX Capped Energy Index ETF | -0.24 | 0.07 | — | 89 | Energy Equities, Canada Equities | BANK.TO vs XEG.TO | |
| Harvest Energy Leaders Income ETF – Class A Units | -0.21 | 0.09 | — | 87 | Energy Equities, Derivative Income | BANK.TO vs HPF.TO | |
| Global X Canadian Oil and Gas Equity Covered Call ... | -0.21 | 0.12 | — | 93 | Derivative Income, Energy Equities | BANK.TO vs ENCC.TO |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for BANK.TO, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.22, down from 0.06 over 3 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | -0.22 | 0.06 | — | 88 | Energy | |
| Parex Resources Inc. | -0.20 | -0.00 | — | 81 | Energy | |
| Whitecap Resources Inc. | -0.20 | 0.06 | — | 93 | Energy | |
| Enbridge Inc. | 0.02 | 0.23 | 0.32 | 87 | Energy | |
| Extendicare Inc. | 0.13 | 0.24 | 0.31 | 99 | Healthcare |
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