Looking to balance out your exposure to CAR-UN.TO? The ETFs below have the lowest correlation with CAR-UN.TO — they tend to move on their own, which can help reduce risk when CAR-UN.TO drops. The stock ideas table highlights individual companies that behave independently from CAR-UN.TO.
Best Diversifiers for CAR-UN.TO
4 ETFs have low correlation with CAR-UN.TO (below 0.3), 0 of which are negatively correlated. The least correlated is TD Active Preferred Share ETF (TPRF.TO) (Preferred Stock/Convertible Bonds) with a 1Y correlation of 0.14, roughly unchanged from 0.21 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| TD Active Preferred Share ETF | 0.14 | 0.19 | 0.21 | 96 | Preferred Stock/Convertible Bonds | CAR-UN.TO vs TPRF.TO | |
| Vanguard S&P 500 Index ETF | 0.17 | 0.27 | 0.33 | 78 | S&P 500 | CAR-UN.TO vs VFV.TO | |
| iShares ESG Growth ETF Portfolio | 0.20 | 0.31 | 0.36 | 59 | Diversified Portfolio | CAR-UN.TO vs GGRO.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.29 | 0.39 | 0.40 | 98 | Dividend | CAR-UN.TO vs VDY.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CAR-UN.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CAR-UN.TO and solid risk/return profiles. The least correlated is Great-West Lifeco Inc. (GWO.TO) (Financial Services) with a 1Y correlation of 0.18, roughly unchanged from 0.24 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Great-West Lifeco Inc. | 0.18 | 0.20 | 0.24 | 95 | Financial Services | |
| Manulife Financial Corporation | 0.31 | 0.33 | 0.35 | 76 | Financial Services | |
| RioCan Real Estate Investment Trust | 0.58 | 0.60 | 0.62 | 92 | Real Estate | |
| SmartCentres Real Estate Investment Trust | 0.59 | 0.63 | 0.65 | 84 | Real Estate |
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