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
2 ETFs have low correlation with ENB-PD.TO (below 0.3), 0 of which are negatively correlated.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Hamilton Utilities YIELD MAXIMIZER ETF | 0.09 | — | — | 58 | Derivative Income, Utilities Equities | ENB-PD.TO vs UMAX.TO | |
| iShares Core Balanced ETF Portfolio | 0.10 | 0.20 | 0.23 | 61 | Diversified Portfolio | ENB-PD.TO vs XBAL.TO | |
| iShares S&P/TSX Canadian Preferred Share Index ETF | 0.46 | 0.49 | 0.48 | 93 | Preferred Stock/Convertible Bonds | ENB-PD.TO vs CPD.TO | |
| RBC Canadian Preferred Share ETF | 0.46 | 0.46 | 0.48 | 97 | Preferred Stock/Convertible Bonds | ENB-PD.TO vs RPF.TO |
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 Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.02, down from 0.14 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | -0.02 | 0.04 | 0.14 | 86 | Energy |
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