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
23 ETFs have low correlation with BANK.TO (below 0.3), 10 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 -0.22, down from 0.13 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| CI Energy Giants Covered Call ETF Common Units (CA... | -0.22 | 0.13 | — | 73 | Energy Equities, Derivative Income | BANK.TO vs NXF.TO | |
| Hamilton Energy YIELD MAXIMIZER ETF | -0.20 | — | — | 70 | Energy Equities, Derivative Income | BANK.TO vs EMAX.TO | |
| Evolve Canadian Energy Enhanced Yield Index Fund E... | -0.18 | — | — | 77 | Energy Equities | BANK.TO vs OILY.TO | |
| Global X Canadian Oil and Gas Equity Covered Call ... | -0.17 | 0.17 | — | 85 | Derivative Income, Energy Equities | BANK.TO vs ENCC.TO | |
| Global X Enhanced Canadian Oil and Gas Equity Cove... | -0.16 | — | — | 85 | Oil & Gas, Derivative Income | BANK.TO vs ENCL.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 -0.24, down from 0.03 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Parex Resources Inc. | -0.24 | 0.03 | — | 92 | Energy | |
| Whitecap Resources Inc. | -0.18 | 0.12 | — | 96 | Energy | |
| Canadian Natural Resources Limited | -0.11 | 0.14 | 0.23 | 86 | Energy | |
| Enbridge Inc. | 0.03 | 0.26 | 0.33 | 81 | Energy | |
| Extendicare Inc. | 0.16 | 0.24 | — | 97 | Healthcare |
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Build a portfolio that complements BANK.TO
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