Looking to balance out your exposure to ENB-PD.TO? The ETFs below have the lowest correlation with ENB-PD.TO — they tend to move on their own, which can help reduce risk when ENB-PD.TO drops. The stock ideas table highlights individual companies that behave independently from ENB-PD.TO.
Best Diversifiers for ENB-PD.TO
8 ETFs have low correlation with ENB-PD.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) (Derivative Income) with a 1Y correlation of 0.04, down from 0.19 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Hamilton Utilities YIELD MAXIMIZER ETF | 0.04 | 0.19 | — | 83 | Derivative Income, Utilities Equities | ENB-PD.TO vs UMAX.TO | |
| iShares Global Monthly Dividend Index ETF (CAD-Hed... | 0.04 | 0.12 | 0.20 | 87 | Global Equities | ENB-PD.TO vs CYH.TO | |
| iShares Core Balanced ETF Portfolio | 0.05 | 0.18 | 0.22 | 71 | Diversified Portfolio | ENB-PD.TO vs XBAL.TO | |
| BMO Europe High Dividend Covered Call Hedged to CA... | 0.06 | 0.09 | 0.16 | 51 | Foreign Large Cap Equities | ENB-PD.TO vs ZWE.TO | |
| Vanguard Global Value Factor ETF CAD | 0.06 | 0.17 | 0.23 | 90 | Global Equities | ENB-PD.TO vs VVL.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ENB-PD.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ENB-PD.TO and solid risk/return profiles. The least correlated is Enbridge Inc. (ENB.TO) (Energy) with a 1Y correlation of -0.03, down from 0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Enbridge Inc. | -0.03 | 0.12 | 0.18 | 92 | Energy | |
| Canadian Natural Resources Limited | 0.01 | 0.04 | 0.13 | 88 | Energy |
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