Looking to balance out your exposure to CP.TO? The ETFs below have the lowest correlation with CP.TO — they tend to move on their own, which can help reduce risk when CP.TO drops. The stock ideas table highlights individual companies that behave independently from CP.TO.
Best Diversifiers for CP.TO
4 ETFs have low correlation with CP.TO (below 0.3), 0 of which are negatively correlated.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Evolve NASDAQ Technology Index Fund CAD Hedged | 0.12 | — | — | 80 | Nasdaq-100, Technology Equities | CP.TO vs QQQT.TO | |
| Global X Artificial Intelligence Semiconductor Ind... | 0.17 | 0.28 | — | 94 | Semiconductors, Technology Equities | CP.TO vs CHPS.TO | |
| BMO S&P 500 Index ETF | 0.26 | 0.33 | 0.40 | 77 | S&P 500 | CP.TO vs ZSP.TO | |
| Vanguard S&P 500 Index ETF | 0.27 | 0.33 | 0.40 | 78 | S&P 500 | CP.TO vs VFV.TO | |
| iShares Core S&P/TSX Capped Composite Index ETF | 0.48 | 0.54 | 0.55 | 85 | Canada Equities | CP.TO vs XIC.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CP.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CP.TO and solid risk/return profiles. The least correlated is ARC Resources Ltd. (ARX.TO) (Energy) with a 1Y correlation of -0.05, down from 0.15 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| ARC Resources Ltd. | -0.05 | 0.12 | 0.15 | 52 | Energy | |
| Canadian Natural Resources Limited | 0.03 | 0.17 | 0.22 | 88 | Energy | |
| Suncor Energy Inc. | 0.04 | 0.16 | 0.19 | 96 | Energy | |
| Topaz Energy Corp. | 0.07 | 0.17 | 0.22 | 84 | Energy | |
| Equitable Group Inc. | 0.11 | 0.26 | 0.29 | 71 | Financial Services |
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Build a portfolio that complements CP.TO
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