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CI Alternative North American Opportunities Fund (CNAO.TO) Diversifiers

ETF · Currency in CAD · Last updated Jul 25, 2026

CI Alternative North American Opportunities Fund is an actively managed alternative-equity strategy seeking high long-term absolute returns with a capital-preservation mindset by investing primarily in growth-oriented North American equities and using short-selling, derivatives, and borrowing where appropriate.

Looking to diversify beyond CNAO.TO? The ETFs below have the lowest correlation with CNAO.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 CNAO.TO.

Best Diversifiers for CNAO.TO

2 ETFs have low correlation with CNAO.TO (below 0.3), 0 of which are negatively correlated. The least correlated is CI Global Climate Leaders Fund (CLML.TO) (Alternative Energy Equities) with a 1Y correlation of 0.01, down from 0.36 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
CLML.TO
CI Global Climate Leaders Fund0.010.210.36
68
Alternative Energy Equities, Sustainable, Global Equities, Actively Managed, Energy EquitiesCNAO.TO vs CLML.TO
PFLS.TO
PICTON Long Short Equity Alternative Fund0.050.090.15
75
Long-Short, Canada Equities, Global Equities, Actively ManagedCNAO.TO vs PFLS.TO

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Diversification Analysis

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Add CNAO.TO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with CNAO.TO