Looking to diversify beyond CEW.TO? The ETFs below have the lowest correlation with CEW.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 CEW.TO.
Best Diversifiers for CEW.TO
2 ETFs have low correlation with CEW.TO (below 0.3), 2 of which are negatively correlated. The least correlated is iShares S&P/TSX Capped Energy Index ETF (XEG.TO) (Energy Equities) with a 1Y correlation of -0.20, down from 0.29 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Capped Energy Index ETF | -0.20 | 0.14 | 0.29 | 86 | Energy Equities | CEW.TO vs XEG.TO | |
| Global X S&P/TSX Capped Energy Index Corporate Cla... | -0.20 | 0.13 | 0.27 | 86 | Energy Equities | CEW.TO vs HXE.TO | |
| BMO Canadian Bank Income Index ETF | 0.32 | 0.20 | — | 85 | Canadian Government Bonds | CEW.TO vs ZBI.TO | |
| iShares S&P/TSX Global Base Metals Index ETF | 0.34 | 0.42 | 0.47 | 85 | Energy Equities | CEW.TO vs XBM.TO | |
| iShares S&P/TSX Composite High Dividend Index ETF | 0.37 | 0.64 | 0.70 | 98 | Canada Equities | CEW.TO vs XEI.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CEW.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CEW.TO and solid risk/return profiles. The least correlated is Hydro One Limited (H.TO) (Utilities) with a 1Y correlation of -0.04, down from 0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Hydro One Limited | -0.04 | 0.28 | 0.18 | 70 | Utilities | |
| Loblaw Companies Limited | 0.06 | 0.20 | 0.16 | 54 | Consumer Defensive | |
| Capital Power Corporation | 0.12 | 0.32 | 0.25 | 68 | Utilities | |
| Power Corporation of Canada | 0.40 | 0.44 | 0.53 | 94 | Financial Services | |
| Brookfield Corporation | 0.59 | 0.62 | 0.62 | 55 | Financial Services |
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Build a portfolio that complements CEW.TO
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