Looking to diversify beyond CANY.TO? The ETFs below have the lowest correlation with CANY.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 CANY.TO.
Best Diversifiers for CANY.TO
2 ETFs have low correlation with CANY.TO (below 0.3), 1 of which are negatively correlated. The least correlated is Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) (Oil & Gas) with a 1Y correlation of -0.00, roughly unchanged from -0.00 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X Enhanced Canadian Oil and Gas Equity Cove... | -0.00 | -0.00 | -0.00 | 89 | Oil & Gas, Derivative Income | CANY.TO vs ENCL.TO | |
| Evolve High Interest Savings Account ETF | 0.01 | 0.01 | 0.01 | 99 | Money Market | CANY.TO vs HISA.NEO | |
| Alphabet (GOOGL) Yield Shares Purpose ETF | 0.32 | 0.32 | 0.32 | 93 | Derivative Income, Technology Equities | CANY.TO vs YGOG.NEO | |
| BMO All-Equity ETF | 0.67 | 0.67 | 0.67 | 79 | Global Equities | CANY.TO vs ZEQT.TO | |
| Hamilton Canadian Bank Mean Reversion Index ETF | 0.71 | 0.71 | 0.71 | 97 | Canada Equities | CANY.TO vs HCA.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CANY.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CANY.TO and solid risk/return profiles. The least correlated is Dividend 15 Split Corp. (DFN.TO) (Financial Services) with a 1Y correlation of 0.49, roughly unchanged from 0.49 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Dividend 15 Split Corp. | 0.49 | 0.49 | 0.49 | 97 | Financial Services |
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