Looking to balance out your exposure to ENB-PP.TO? The ETFs below have the lowest correlation with ENB-PP.TO — they tend to move on their own, which can help reduce risk when ENB-PP.TO drops. The stock ideas table highlights individual companies that behave independently from ENB-PP.TO.
Best Diversifiers for ENB-PP.TO
5 ETFs have low correlation with ENB-PP.TO (below 0.3), 0 of which are negatively correlated. The least correlated is BMO Covered Call Canadian Banks ETF (ZWB.TO) (Financials Equities) with a 1Y correlation of 0.05, down from 0.24 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| BMO Covered Call Canadian Banks ETF | 0.05 | 0.16 | 0.24 | 96 | Financials Equities | ENB-PP.TO vs ZWB.TO | |
| iShares S&P/TSX 60 Index ETF | 0.06 | 0.18 | 0.24 | 87 | Canada Equities | ENB-PP.TO vs XIU.TO | |
| Hamilton Enhanced Canadian Covered Call ETF | 0.15 | 0.19 | 0.24 | 93 | Derivative Income | ENB-PP.TO vs HDIV.TO | |
| BMO CA High Dividend Covered Call ETF | 0.15 | 0.20 | 0.26 | 93 | Derivative Income | ENB-PP.TO vs ZWC.TO | |
| iShares S&P/TSX Composite High Dividend Index ETF | 0.16 | 0.18 | 0.25 | 98 | Canada Equities | ENB-PP.TO vs XEI.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ENB-PP.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ENB-PP.TO and solid risk/return profiles. The least correlated is The Bank of Nova Scotia (BNS.TO) (Financial Services) with a 1Y correlation of -0.01, down from 0.21 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| The Bank of Nova Scotia | -0.01 | 0.12 | 0.21 | 96 | Financial Services | |
| Enbridge Inc. | 0.13 | 0.07 | 0.15 | 85 | Energy |
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