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

ETF · Currency in CAD · Last updated Jul 1, 2026

The iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ) seeks to track the S&P/TSX Canadian Dividend Aristocrats Index, composed of Canadian companies that have increased their dividends for at least five consecutive years. The fund provides income-oriented exposure to established Canadian dividend growers and trades on the Toronto Stock Exchange. It launched in September 2006.

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

15 ETFs have low correlation with CDZ.TO (below 0.3), 0 of which are negatively correlated. The least correlated is BMO Money Market Fund ETF Series (ZMMK.TO) (Money Market) with a 1Y correlation of 0.09, roughly unchanged from 0.03 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
ZMMK.TO
BMO Money Market Fund ETF Series0.090.050.03
99
Money MarketCDZ.TO vs ZMMK.TO
CASH.TO
Global X High Interest Savings ETF0.100.07—
99
Money MarketCDZ.TO vs CASH.TO
CBIL.TO
Global X 0-3 Month T-Bill ETF0.110.06—
99
Canadian Government BondsCDZ.TO vs CBIL.TO
BND.TO
Purpose Global Bond Fund0.110.210.25
55
Global BondsCDZ.TO vs BND.TO
CMR.TO
iShares Premium Money Market ETF0.140.03-0.00
100
Money MarketCDZ.TO vs CMR.TO
See all 100 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 0.17, down from 0.38 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CNQ.TO
Canadian Natural Resources Limited0.170.290.38
77
Energy
ENB.TO
Enbridge Inc.0.340.430.49
88
Energy
DFN.TO
Dividend 15 Split Corp.0.340.540.55
97
Financial Services
TD.TO
The Toronto-Dominion Bank0.480.510.55
99
Financial Services

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Diversification Analysis

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