Looking to balance out your exposure to EFX.TO? The ETFs below have the lowest correlation with EFX.TO — they tend to move on their own, which can help reduce risk when EFX.TO drops. The stock ideas table highlights individual companies that behave independently from EFX.TO.
Best Diversifiers for EFX.TO
1 ETFs have low correlation with EFX.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) (Energy Equities) with a 1Y correlation of 0.27, down from 0.50 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X S&P/TSX Capped Energy Index Corporate Cla... | 0.27 | 0.38 | 0.50 | 86 | Energy Equities | EFX.TO vs HXE.TO | |
| Ninepoint Energy ETF | 0.36 | 0.43 | 0.53 | 79 | Energy Equities | EFX.TO vs NNRG.NEO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from EFX.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to EFX.TO and solid risk/return profiles. The least correlated is Hammond Power Solutions Inc (HPS-A.TO) (Industrials) with a 1Y correlation of 0.21, roughly unchanged from 0.22 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Hammond Power Solutions Inc | 0.21 | 0.22 | 0.22 | 94 | Industrials | |
| Whitecap Resources Inc. | 0.36 | 0.39 | 0.51 | 96 | Energy | |
| CES Energy Solutions Corp. | 0.48 | 0.44 | 0.48 | 98 | Energy |
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