Looking to balance out your exposure to ELVA.TO? The ETFs below have the lowest correlation with ELVA.TO — they tend to move on their own, which can help reduce risk when ELVA.TO drops. The stock ideas table highlights individual companies that behave independently from ELVA.TO.
Best Diversifiers for ELVA.TO
0 ETFs have low correlation with ELVA.TO (below 0.3), 0 of which are negatively correlated. The least correlated is iShares Core Equity ETF Portfolio (XEQT.TO) (Global Equities) with a 1Y correlation of 0.39, up from 0.23 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Core Equity ETF Portfolio | 0.39 | 0.22 | 0.23 | 80 | Global Equities | ELVA.TO vs XEQT.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ELVA.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ELVA.TO and solid risk/return profiles. The least correlated is Power Corporation of Canada (POW.TO) (Financial Services) with a 1Y correlation of 0.11, roughly unchanged from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Power Corporation of Canada | 0.11 | 0.07 | 0.12 | 94 | Financial Services | |
| Hammond Power Solutions Inc | 0.18 | 0.13 | 0.13 | 94 | Industrials |
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