Looking to balance out your exposure to CNQ.TO? The ETFs below have the lowest correlation with CNQ.TO — they tend to move on their own, which can help reduce risk when CNQ.TO drops. The stock ideas table highlights individual companies that behave independently from CNQ.TO.
Best Diversifiers for CNQ.TO
61 ETFs have low correlation with CNQ.TO (below 0.3), 46 of which are negatively correlated. The least correlated is iShares Core Canadian Short Term Bond Index ETF (XSB.TO) (Short-Term Bond) with a 1Y correlation of -0.38, down from -0.13 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Core Canadian Short Term Bond Index ETF | -0.38 | -0.17 | -0.13 | 59 | Short-Term Bond, Canadian Government Bonds | CNQ.TO vs XSB.TO | |
| BMO Short-Term Bond Index ETF | -0.31 | -0.14 | -0.15 | 63 | Canadian Government Bonds | CNQ.TO vs ZSB.TO | |
| iShares Canadian Financial Monthly Income ETF | -0.20 | 0.08 | 0.25 | 94 | Financials Equities, Canada Equities | CNQ.TO vs FIE.TO | |
| Evolve Canadian Banks and Lifecos Enhanced Yield I... | -0.20 | 0.07 | — | 98 | Derivative Income | CNQ.TO vs BANK.TO | |
| Vanguard FTSE Global All Cap ex Canada Index ETF | -0.17 | 0.09 | 0.16 | 70 | Global Equities | CNQ.TO vs VXC.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CNQ.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CNQ.TO and solid risk/return profiles. The least correlated is Power Corporation of Canada (POW.TO) (Financial Services) with a 1Y correlation of -0.33, down from 0.08 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Power Corporation of Canada | -0.33 | -0.10 | 0.08 | 97 | Financial Services | |
| Great-West Lifeco Inc. | -0.25 | -0.09 | 0.09 | 99 | Financial Services | |
| The Bank of Nova Scotia | -0.23 | 0.02 | 0.18 | 98 | Financial Services | |
| Exchange Income Corporation | -0.22 | 0.03 | 0.13 | 98 | Industrials | |
| Canadian Tire Corporation Ltd | -0.19 | 0.02 | 0.10 | 52 | Consumer Cyclical |
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