Looking to balance out your exposure to BNS.TO? The ETFs below have the lowest correlation with BNS.TO — they tend to move on their own, which can help reduce risk when BNS.TO drops. The stock ideas table highlights individual companies that behave independently from BNS.TO.
Best Diversifiers for BNS.TO
2 ETFs have low correlation with BNS.TO (below 0.3), 0 of which are negatively correlated. The least correlated is iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) (Canada Equities) with a 1Y correlation of 0.27, down from 0.60 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Composite High Dividend Index ETF | 0.27 | 0.54 | 0.60 | 98 | Canada Equities | BNS.TO vs XEI.TO | |
| iShares Core MSCI Canadian Quality Dividend Index ... | 0.27 | 0.54 | 0.63 | 98 | Dividend, Large Cap Value Equities | BNS.TO vs XDIV.TO | |
| Global X Enhanced NASDAQ-100 Covered Call ETF | 0.31 | 0.27 | 0.27 | 81 | Nasdaq-100, Derivative Income | BNS.TO vs QQCL.TO | |
| Global X Enhanced S&P 500 Covered Call ETF | 0.34 | — | — | 75 | Derivative Income, S&P 500 | BNS.TO vs USCL.TO | |
| BMO All-Equity ETF | 0.36 | 0.48 | 0.50 | 75 | Global Equities | BNS.TO vs ZEQT.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from BNS.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to BNS.TO and solid risk/return profiles. The least correlated is AltaGas Ltd. (ALA.TO) (Utilities) with a 1Y correlation of -0.22, down from 0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| AltaGas Ltd. | -0.22 | 0.09 | 0.18 | 92 | Utilities | |
| Canadian Natural Resources Limited | -0.19 | 0.07 | 0.21 | 86 | Energy | |
| Cardinal Energy Ltd. | -0.18 | 0.08 | 0.19 | 96 | Energy | |
| Tamarack Valley Energy Ltd. | -0.14 | 0.09 | 0.19 | 99 | Energy | |
| Peyto Exploration & Development Corp. | -0.12 | 0.08 | 0.18 | 77 | Energy |
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