Looking to balance out your exposure to DFN.TO? The ETFs below have the lowest correlation with DFN.TO — they tend to move on their own, which can help reduce risk when DFN.TO drops. The stock ideas table highlights individual companies that behave independently from DFN.TO.
Best Diversifiers for DFN.TO
7 ETFs have low correlation with DFN.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Global X 0-3 Month T-Bill ETF (CBIL.TO) (Canadian Government Bonds) with a 1Y correlation of 0.05, roughly unchanged from 0.05 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X 0-3 Month T-Bill ETF | 0.05 | 0.05 | 0.05 | 99 | Canadian Government Bonds | DFN.TO vs CBIL.TO | |
| iShares Premium Money Market ETF | 0.10 | 0.06 | 0.04 | 99 | Money Market | DFN.TO vs CMR.TO | |
| Global X High Interest Savings ETF | 0.11 | 0.05 | 0.04 | 100 | Money Market | DFN.TO vs CASH.TO | |
| Purpose Global Bond Fund | 0.15 | 0.18 | 0.17 | 55 | DFN.TO vs BND.TO | ||
| BMO Money Market Fund ETF Series | 0.19 | 0.07 | 0.07 | 100 | Money Market | DFN.TO vs ZMMK.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from DFN.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to DFN.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.04, down from 0.24 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | -0.04 | 0.18 | 0.24 | 86 | Energy | |
| Enbridge Inc. | -0.02 | 0.22 | 0.28 | 81 | Energy | |
| Exchange Income Corporation | 0.26 | 0.37 | 0.37 | 98 | Industrials | |
| Canadian Imperial Bank of Commerce | 0.36 | 0.49 | 0.49 | 96 | Financial Services | |
| National Bank of Canada | 0.39 | 0.41 | 0.45 | 95 | Financial Services |
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