Looking to balance out your exposure to CPX.TO? The ETFs below have the lowest correlation with CPX.TO — they tend to move on their own, which can help reduce risk when CPX.TO drops. The stock ideas table highlights individual companies that behave independently from CPX.TO.
Best Diversifiers for CPX.TO
10 ETFs have low correlation with CPX.TO (below 0.3), 0 of which are negatively correlated. The least correlated is iShares Equal Weight Banc & Lifeco ETF (CEW.TO) (Financials Equities) with a 1Y correlation of 0.12, down from 0.25 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Equal Weight Banc & Lifeco ETF | 0.12 | 0.32 | 0.25 | 94 | Financials Equities | CPX.TO vs CEW.TO | |
| iShares Canadian Value Index ETF | 0.13 | 0.29 | 0.26 | 97 | Canada Equities | CPX.TO vs XCV.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.18 | 0.34 | 0.31 | 98 | Dividend | CPX.TO vs VDY.TO | |
| Global X S&P 500 Index Corporate Class ETF | 0.24 | 0.24 | 0.25 | 71 | S&P 500 | CPX.TO vs HXS.TO | |
| iShares Core S&P 500 Index ETF | 0.25 | 0.24 | 0.25 | 73 | S&P 500 | CPX.TO vs XUS.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CPX.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CPX.TO and solid risk/return profiles. The least correlated is Fortis Inc. (FTS.TO) (Utilities) with a 1Y correlation of -0.14, down from 0.25 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Fortis Inc. | -0.14 | 0.16 | 0.25 | 79 | Utilities | |
| Hydro One Limited | -0.11 | 0.16 | 0.25 | 70 | Utilities | |
| Emera Incorporated | -0.09 | 0.20 | 0.28 | 79 | Utilities | |
| Brookfield Infrastructure Partners L.P | -0.08 | 0.25 | 0.24 | 76 | Utilities | |
| Loblaw Companies Limited | -0.07 | 0.04 | 0.10 | 54 | Consumer Defensive |
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