Looking to balance out your exposure to DML.TO? The ETFs below have the lowest correlation with DML.TO — they tend to move on their own, which can help reduce risk when DML.TO drops. The stock ideas table highlights individual companies that behave independently from DML.TO.
Best Diversifiers for DML.TO
0 ETFs have low correlation with DML.TO (below 0.3), 0 of which are negatively correlated. The least correlated is iShares S&P/TSX Energy Transition Materials Index ETF (XETM.TO) (Materials) with a 1Y correlation of 0.50, up from 0.32 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Energy Transition Materials Index ... | 0.50 | 0.32 | 0.32 | 87 | Materials | DML.TO vs XETM.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from DML.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to DML.TO and solid risk/return profiles. The least correlated is Paramount Resources Ltd. (POU.TO) (Energy) with a 1Y correlation of 0.03, down from 0.29 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Paramount Resources Ltd. | 0.03 | 0.18 | 0.29 | 85 | Energy | |
| Tamarack Valley Energy Ltd. | 0.10 | 0.21 | 0.31 | 99 | Energy | |
| The Toronto-Dominion Bank | 0.24 | 0.11 | 0.18 | 98 | Financial Services | |
| Lundin Gold Inc. | 0.28 | 0.21 | 0.26 | 58 | Basic Materials | |
| OceanaGold Corporation | 0.31 | 0.29 | 0.29 | 83 | Basic Materials |
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