Looking to balance out your exposure to CHE-UN.TO? The ETFs below have the lowest correlation with CHE-UN.TO — they tend to move on their own, which can help reduce risk when CHE-UN.TO drops. The stock ideas table highlights individual companies that behave independently from CHE-UN.TO.
Best Diversifiers for CHE-UN.TO
3 ETFs have low correlation with CHE-UN.TO (below 0.3), 0 of which are negatively correlated. The least correlated is iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) (Energy Equities) with a 1Y correlation of 0.18, down from 0.37 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Global Base Metals Index ETF | 0.18 | 0.32 | 0.37 | 85 | Energy Equities | CHE-UN.TO vs XBM.TO | |
| Hamilton Enhanced Canadian Covered Call ETF | 0.27 | 0.39 | — | 93 | Derivative Income | CHE-UN.TO vs HDIV.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.29 | 0.38 | 0.45 | 98 | Dividend | CHE-UN.TO vs VDY.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CHE-UN.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CHE-UN.TO and solid risk/return profiles. The least correlated is Maple Leaf Foods Inc. (MFI.TO) (Consumer Defensive) 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 |
|---|---|---|---|---|---|---|
| Maple Leaf Foods Inc. | -0.04 | 0.15 | 0.18 | 74 | Consumer Defensive | |
| Enbridge Inc. | 0.08 | 0.20 | 0.29 | 85 | Energy | |
| Exchange Income Corporation | 0.12 | 0.24 | 0.31 | 98 | Industrials | |
| Manulife Financial Corporation | 0.16 | 0.27 | 0.34 | 76 | Financial Services | |
| The Bank of Nova Scotia | 0.19 | 0.27 | 0.31 | 96 | Financial Services |
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