Looking to balance out your exposure to DGS.TO? The ETFs below have the lowest correlation with DGS.TO — they tend to move on their own, which can help reduce risk when DGS.TO drops. The stock ideas table highlights individual companies that behave independently from DGS.TO.
Best Diversifiers for DGS.TO
10 ETFs have low correlation with DGS.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) (Oil & Gas) with a 1Y correlation of 0.04, down from 0.27 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X Enhanced Canadian Oil and Gas Equity Cove... | 0.04 | 0.27 | 0.27 | 88 | Oil & Gas, Derivative Income | DGS.TO vs ENCL.TO | |
| Global X Canadian Oil and Gas Equity Covered Call ... | 0.05 | 0.29 | 0.37 | 89 | Derivative Income, Energy Equities | DGS.TO vs ENCC.TO | |
| Global X 0-3 Month T-Bill ETF | 0.07 | 0.09 | 0.09 | 99 | Canadian Government Bonds | DGS.TO vs CBIL.TO | |
| iShares S&P/TSX Composite High Dividend Index ETF | 0.22 | 0.55 | 0.59 | 98 | Canada Equities | DGS.TO vs XEI.TO | |
| BMO US High Dividend Covered Call ETF | 0.26 | 0.37 | 0.40 | 86 | Derivative Income | DGS.TO vs ZWH.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from DGS.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to DGS.TO and solid risk/return profiles. The least correlated is Canadian Pacific Railway Limited (CP.TO) (Industrials) with a 1Y correlation of 0.08, down from 0.33 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Pacific Railway Limited | 0.08 | 0.30 | 0.33 | 56 | Industrials | |
| Air Canada | 0.13 | 0.28 | 0.34 | 51 | Industrials | |
| The Bank of Nova Scotia | 0.23 | 0.49 | 0.51 | 96 | Financial Services | |
| The Toronto-Dominion Bank | 0.29 | 0.46 | 0.49 | 98 | Financial Services | |
| Dividend 15 Split Corp. | 0.48 | 0.62 | 0.61 | 96 | Financial Services |
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