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
63 ETFs have low correlation with CNQ.TO (below 0.3), 48 of which are negatively correlated. The least correlated is iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) (Nasdaq-100) with a 1Y correlation of -0.19, down from 0.15 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares NASDAQ 100 Index ETF (CAD-Hedged) | -0.19 | 0.07 | 0.15 | 67 | Nasdaq-100 | CNQ.TO vs XQQ.TO | |
| iShares Canadian Financial Monthly Income ETF | -0.19 | 0.12 | 0.28 | 94 | Canada Equities | CNQ.TO vs FIE.TO | |
| TD Global Technology Leaders Index ETF | -0.18 | 0.02 | 0.08 | 60 | Technology Equities | CNQ.TO vs TEC.TO | |
| BMO NASDAQ 100 Equity (CAD Hedged) | -0.17 | 0.05 | 0.12 | 68 | Nasdaq-100 | CNQ.TO vs ZQQ.TO | |
| iShares Core MSCI All Country World ex Canada Inde... | -0.17 | 0.10 | 0.18 | 80 | Global Equities | CNQ.TO vs XAW.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 -0.34, down from 0.11 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Power Corporation of Canada | -0.34 | -0.07 | 0.11 | 94 | Financial Services | |
| Exchange Income Corporation | -0.24 | 0.05 | 0.14 | 98 | Industrials | |
| Great-West Lifeco Inc. | -0.21 | -0.05 | 0.11 | 95 | Financial Services | |
| BCE Inc. | -0.19 | -0.06 | 0.03 | 68 | Communication Services | |
| The Bank of Nova Scotia | -0.19 | 0.07 | 0.21 | 96 | Financial Services |
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