Looking to diversify beyond CEW.TO? The ETFs below have historically moved differently from CEW.TO, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
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 -0.25, down from 0.26 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Capped Energy Index ETF | -0.25 | 0.07 | 0.26 | 89 | Energy Equities, Canada Equities | CEW.TO vs XEG.TO | |
| Global X S&P/TSX Capped Energy Index Corporate Cla... | -0.24 | 0.08 | 0.24 | 88 | Energy Equities | CEW.TO vs HXE.TO | |
| iShares S&P/TSX Global Base Metals Index ETF | 0.33 | 0.40 | 0.47 | 69 | Materials, Metals | CEW.TO vs XBM.TO | |
| BMO MSCI Emerging Markets Index ETF | 0.35 | 0.38 | 0.39 | 63 | Emerging Markets Equities | CEW.TO vs ZEM.TO | |
| BMO Canadian Bank Income Index ETF | 0.36 | 0.21 | — | 90 | Canadian Government Bonds | CEW.TO vs ZBI.TO |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for CEW.TO, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Hydro One Limited (H.TO) (Utilities) with a 1Y correlation of -0.09, down from 0.18 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Hydro One Limited | -0.09 | 0.26 | 0.18 | 86 | Utilities | |
| Loblaw Companies Limited | 0.02 | 0.18 | 0.15 | 69 | Consumer Defensive | |
| Capital Power Corporation | 0.10 | 0.29 | 0.25 | 62 | Utilities | |
| Great-West Lifeco Inc. | 0.48 | 0.45 | 0.54 | 99 | Financial Services | |
| Power Corporation of Canada | 0.48 | 0.45 | 0.54 | 97 | Financial Services |
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