Looking to diversify beyond CHPS.TO? The ETFs below have the lowest correlation with CHPS.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 CHPS.TO.
Best Diversifiers for CHPS.TO
32 ETFs have low correlation with CHPS.TO (below 0.3), 11 of which are negatively correlated. The least correlated is BetaPro Inverse Bitcoin ETF (BITI.TO) (Leveraged Cryptocurrency) with a 1Y correlation of -0.36, roughly unchanged from -0.38 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| BetaPro Inverse Bitcoin ETF | -0.36 | -0.30 | -0.38 | 55 | Leveraged Cryptocurrency | CHPS.TO vs BITI.TO | |
| Hamilton Enhanced Utilities ETF | -0.16 | 0.05 | — | 92 | Utilities Equities | CHPS.TO vs HUTS.TO | |
| Global X Equal Weight Canadian Pipelines Index ETF | -0.15 | 0.08 | 0.23 | 91 | Energy Equities, Equal Weight | CHPS.TO vs PPLN.TO | |
| Global X Canadian Oil and Gas Equity Covered Call ... | -0.08 | 0.11 | 0.20 | 89 | Derivative Income, Energy Equities | CHPS.TO vs ENCC.TO | |
| Global X Enhanced Canadian Oil and Gas Equity Cove... | -0.07 | — | — | 89 | Energy Equities, Derivative Income | CHPS.TO vs ENCL.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CHPS.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CHPS.TO and solid risk/return profiles. The least correlated is Loblaw Companies Limited (L.TO) (Consumer Defensive) with a 1Y correlation of -0.22, down from 0.01 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Loblaw Companies Limited | -0.22 | -0.01 | 0.01 | 69 | Consumer Defensive | |
| Enbridge Inc. | -0.18 | -0.04 | 0.08 | 91 | Energy | |
| Canadian Natural Resources Limited | -0.07 | 0.12 | 0.19 | 83 | Energy | |
| Chartwell Retirement Residences | 0.08 | 0.12 | 0.20 | 82 | Real Estate | |
| Canadian Pacific Railway Limited | 0.15 | 0.26 | 0.30 | 67 | Industrials |
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