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iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 5, 2026

CDZ.TO is a passive ETF by iShares tracking the investment results of the Morningstar Canada GR CAD. CDZ.TO launched on Sep 8, 2006 and has a 0.66% expense ratio.

Looking to diversify beyond CDZ.TO? The ETFs below have the lowest correlation with CDZ.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 CDZ.TO.

Best Diversifiers for CDZ.TO

10 ETFs have low correlation with CDZ.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Global X 0-3 Month T-Bill ETF (CBIL.TO) (Canadian Government Bonds) with a 1Y correlation of 0.07, roughly unchanged from 0.04 over 3 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
CBIL.TO
Global X 0-3 Month T-Bill ETF0.070.04—
99
Canadian Government BondsCDZ.TO vs CBIL.TO
CASH.TO
Global X High Interest Savings ETF0.090.06—
100
Money MarketCDZ.TO vs CASH.TO
BND.TO
Purpose Global Bond Fund0.100.210.24
57
CDZ.TO vs BND.TO
ZMMK.TO
BMO Money Market Fund ETF Series0.100.040.02
100
Money MarketCDZ.TO vs ZMMK.TO
XEG.TO
iShares S&P/TSX Capped Energy Index ETF0.130.310.41
89
Energy EquitiesCDZ.TO vs XEG.TO
See all 96 diversifiers for CDZ.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from CDZ.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CDZ.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of 0.15, down from 0.39 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CNQ.TO
Canadian Natural Resources Limited0.150.300.39
88
Energy
ENB.TO
Enbridge Inc.0.310.420.48
85
Energy
DFN.TO
Dividend 15 Split Corp.0.370.560.55
96
Financial Services
TD.TO
The Toronto-Dominion Bank0.490.530.56
98
Financial Services

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Diversification Analysis

Build a portfolio that complements CDZ.TO

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Analyze a portfolio with CDZ.TO