Looking to balance out your exposure to CNQ? The ETFs below have the lowest correlation with CNQ — they tend to move on their own, which can help reduce risk when CNQ drops. The stock ideas table highlights individual companies that behave independently from CNQ.
Best Diversifiers for CNQ
27 ETFs have low correlation with CNQ (below 0.3), 19 of which are negatively correlated. The least correlated is Invesco Ultra Short Duration ETF (GSY) (Ultrashort Bond) with a 1Y correlation of -0.21, down from -0.01 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco Ultra Short Duration ETF | -0.21 | -0.03 | -0.01 | 99 | Ultrashort Bond | CNQ vs GSY | |
| Invesco NASDAQ 100 ETF | -0.13 | 0.11 | 0.21 | 60 | Nasdaq-100 | CNQ vs QQQM | |
| iShares S&P 100 ETF | -0.12 | 0.12 | 0.26 | 50 | Large Cap Blend Equities | CNQ vs OEF | |
| Invesco QQQ ETF | -0.12 | 0.10 | 0.21 | 59 | Nasdaq-100 | CNQ vs QQQ | |
| JPMorgan Nasdaq Equity Premium Income ETF | -0.11 | 0.10 | 0.21 | 64 | Nasdaq-100, Derivative Income | CNQ vs JEPQ |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CNQ, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CNQ and solid risk/return profiles. The least correlated is Algonquin Power & Utilities Corp (AQN) (Utilities) with a 1Y correlation of -0.20, down from 0.19 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Algonquin Power & Utilities Corp | -0.20 | 0.12 | 0.19 | 53 | Utilities | |
| General Electric Company | -0.19 | 0.05 | 0.23 | 80 | Industrials | |
| Lam Research Corporation | -0.15 | 0.10 | 0.19 | 98 | Technology | |
| Howmet Aerospace Inc. | -0.15 | 0.08 | 0.27 | 86 | Industrials | |
| ING Groep N.V. | -0.14 | 0.12 | 0.29 | 86 | Financial Services |
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