Looking to balance out your exposure to CLS.TO? The ETFs below have the lowest correlation with CLS.TO — they tend to move on their own, which can help reduce risk when CLS.TO drops. The stock ideas table highlights individual companies that behave independently from CLS.TO.
Best Diversifiers for CLS.TO
5 ETFs have low correlation with CLS.TO (below 0.3), 1 of which are negatively correlated. The least correlated is iShares S&P/TSX Capped Utilities Index ETF (XUT.TO) (Utilities Equities) with a 1Y correlation of -0.01, down from 0.11 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Capped Utilities Index ETF | -0.01 | 0.07 | 0.11 | 84 | Utilities Equities | CLS.TO vs XUT.TO | |
| iShares Core Canadian Short Term Bond Index ETF | 0.10 | -0.01 | 0.01 | 65 | Short-Term Bond, Canadian Government Bonds | CLS.TO vs XSB.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.16 | 0.22 | 0.30 | 99 | Dividend | CLS.TO vs VDY.TO | |
| Evolve Canadian Banks and Lifecos Enhanced Yield I... | 0.19 | 0.24 | — | 98 | Derivative Income | CLS.TO vs BANK.TO | |
| iShares Core MSCI EAFE IMI Index ETF | 0.27 | 0.20 | 0.20 | 50 | Global Equities | CLS.TO vs XEF-U.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CLS.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CLS.TO and solid risk/return profiles. The least correlated is Enbridge Inc. (ENB.TO) (Energy) with a 1Y correlation of -0.14, down from 0.07 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Enbridge Inc. | -0.14 | -0.03 | 0.07 | 91 | Energy | |
| Loblaw Companies Limited | -0.10 | 0.01 | 0.03 | 70 | Consumer Defensive | |
| Great-West Lifeco Inc. | -0.06 | 0.00 | 0.12 | 98 | Financial Services | |
| The North West Company Inc. | -0.04 | 0.01 | 0.08 | 61 | Consumer Defensive | |
| Keyera Corp. | -0.03 | 0.09 | 0.17 | 87 | Energy |
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