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Canadian National Railway Company (CNR.TO) Diversifiers

Equity · Currency in CAD · Last updated Jul 16, 2026

Canadian National Railway Company is a Montreal-based Class I freight railway operating a roughly 20,000-mile network across Canada and the U.S. Midwest and South. CN connects ports on the Atlantic, Pacific, and Gulf coasts and provides rail, intermodal, trucking, and logistics services.

Looking to balance out your exposure to CNR.TO? The ETFs below have the lowest correlation with CNR.TO — they tend to move on their own, which can help reduce risk when CNR.TO drops. The stock ideas table highlights individual companies that behave independently from CNR.TO.

Best Diversifiers for CNR.TO

9 ETFs have low correlation with CNR.TO (below 0.3), 0 of which are negatively correlated. The least correlated is iShares S&P/TSX Capped Energy Index ETF (XEG.TO) (Energy Equities) with a 1Y correlation of 0.04, down from 0.21 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
XEG.TO
iShares S&P/TSX Capped Energy Index ETF0.040.200.21
78
Energy Equities, Canada EquitiesCNR.TO vs XEG.TO
ZMT.TO
BMO S&P/TSX Equal Weight Global Base Metals (CAD H...0.120.230.25
51
Materials, Equal WeightCNR.TO vs ZMT.TO
HYLD.TO
Hamilton Enhanced U.S. Covered Call ETF0.130.31—
74
Derivative IncomeCNR.TO vs HYLD.TO
VFV.TO
Vanguard S&P 500 Index ETF0.160.300.39
79
S&P 500CNR.TO vs VFV.TO
XUU.TO
iShares Core S&P U.S. Total Market Index ETF0.170.300.39
76
Large Cap Blend EquitiesCNR.TO vs XUU.TO
See all 15 diversifiers for CNR.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from CNR.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CNR.TO and solid risk/return profiles. The least correlated is Whitecap Resources Inc. (WCP.TO) (Energy) with a 1Y correlation of -0.07, down from 0.14 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
WCP.TO
Whitecap Resources Inc.-0.070.100.14
93
Energy
CPX.TO
Capital Power Corporation0.020.140.19
72
Utilities
SU.TO
Suncor Energy Inc.0.030.170.18
92
Energy
SOBO.TO
South Bow Corp0.030.090.09
94
Energy
CNQ.TO
Canadian Natural Resources Limited0.040.200.22
83
Energy
See all 29 low-correlation stocks for CNR.TO

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Diversification Analysis

Build a portfolio that complements CNR.TO

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

Analyze a portfolio with CNR.TO