Looking to balance out your exposure to ENB.TO? The ETFs below have the lowest correlation with ENB.TO — they tend to move on their own, which can help reduce risk when ENB.TO drops. The stock ideas table highlights individual companies that behave independently from ENB.TO.
Best Diversifiers for ENB.TO
61 ETFs have low correlation with ENB.TO (below 0.3), 43 of which are negatively correlated. The least correlated is BMO NASDAQ 100 Equity Index ETF (ZNQ.TO) (Nasdaq-100) with a 1Y correlation of -0.27, down from 0.03 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| BMO NASDAQ 100 Equity Index ETF | -0.27 | -0.07 | 0.03 | 63 | Nasdaq-100 | ENB.TO vs ZNQ.TO | |
| Invesco NASDAQ 100 Index ETF CAD Hedged | -0.26 | -0.07 | 0.04 | 65 | Nasdaq-100 | ENB.TO vs QQC.TO | |
| Global X Enhanced NASDAQ-100 Covered Call ETF | -0.26 | — | — | 74 | Nasdaq-100, Derivative Income | ENB.TO vs QQCL.TO | |
| Horizons NASDAQ-100 Index ETF | -0.26 | -0.06 | 0.05 | 64 | Nasdaq-100 | ENB.TO vs HXQ.TO | |
| Hamilton Enhanced U.S. Covered Call ETF | -0.21 | 0.08 | — | 73 | Derivative Income | ENB.TO vs HYLD.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ENB.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ENB.TO and solid risk/return profiles. The least correlated is Air Canada (AC.TO) (Industrials) with a 1Y correlation of -0.18, down from 0.14 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Air Canada | -0.18 | 0.04 | 0.14 | 50 | Industrials | |
| Aritzia Inc. | -0.17 | -0.04 | 0.08 | 92 | Consumer Cyclical | |
| Energy Fuels Inc. | -0.15 | 0.02 | 0.15 | 62 | Energy | |
| Celestica Inc. | -0.14 | -0.03 | 0.07 | 85 | Technology | |
| Equitable Group Inc. | -0.13 | 0.07 | 0.17 | 80 | Financial Services |
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