Looking to balance out your exposure to CVE.TO? The ETFs below have the lowest correlation with CVE.TO — they tend to move on their own, which can help reduce risk when CVE.TO drops. The stock ideas table highlights individual companies that behave independently from CVE.TO.
Best Diversifiers for CVE.TO
11 ETFs have low correlation with CVE.TO (below 0.3), 9 of which are negatively correlated. The least correlated is iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) (Canadian Government Bonds) with a 1Y correlation of -0.29, down from -0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Core Canadian Short Term Corporate Bond In... | -0.29 | -0.15 | -0.12 | 74 | Canadian Government Bonds | CVE.TO vs XSH.TO | |
| PIMCO Monthly Income Fund (Canada) | -0.27 | -0.14 | -0.04 | 51 | CVE.TO vs PMIF.TO | ||
| BMO Low Volatility Canadian Equity ETF | -0.16 | -0.02 | 0.09 | 57 | Canada Equities | CVE.TO vs ZLB.TO | |
| Invesco NASDAQ 100 Index ETF CAD Hedged | -0.10 | 0.04 | 0.07 | 59 | Nasdaq-100 | CVE.TO vs QQC.TO | |
| BMO NASDAQ 100 Equity Index ETF | -0.10 | 0.03 | 0.06 | 57 | Nasdaq-100 | CVE.TO vs ZNQ.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CVE.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CVE.TO and solid risk/return profiles. The least correlated is Air Canada (AC.TO) (Industrials) with a 1Y correlation of -0.17, down from 0.13 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Air Canada | -0.17 | 0.03 | 0.13 | 52 | Industrials | |
| Laurentian Bank of Canada | 0.03 | 0.14 | 0.22 | 97 | Financial Services | |
| TC Energy Corporation | 0.21 | 0.19 | 0.28 | 97 | Energy | |
| Enbridge Inc. | 0.26 | 0.21 | 0.35 | 91 | Energy | |
| ARC Resources Ltd. | 0.37 | 0.53 | 0.59 | 67 | Energy |
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