Looking to balance out your exposure to GLXY.TO? The ETFs below have the lowest correlation with GLXY.TO — they tend to move on their own, which can help reduce risk when GLXY.TO drops. The stock ideas table highlights individual companies that behave independently from GLXY.TO.
Best Diversifiers for GLXY.TO
2 ETFs have low correlation with GLXY.TO (below 0.3), 0 of which are negatively correlated. The least correlated is iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) (Dividend) with a 1Y correlation of 0.21, roughly unchanged from 0.28 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Core MSCI Canadian Quality Dividend Index ... | 0.21 | 0.24 | 0.28 | 98 | Dividend, Large Cap Value Equities | GLXY.TO vs XDIV.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.28 | 0.29 | 0.31 | 98 | Dividend | GLXY.TO vs VDY.TO | |
| Hamilton Enhanced Canadian Covered Call ETF | 0.33 | 0.34 | — | 93 | Derivative Income | GLXY.TO vs HDIV.TO | |
| Vanguard S&P 500 Index ETF | 0.37 | 0.37 | 0.40 | 78 | S&P 500 | GLXY.TO vs VFV.TO | |
| iShares NASDAQ 100 Index ETF (CAD-Hedged) | 0.40 | 0.42 | 0.46 | 67 | Nasdaq-100 | GLXY.TO vs XQQ.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from GLXY.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to GLXY.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 0.15 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | 0.02 | 0.12 | 0.15 | 88 | Energy | |
| Canadian National Railway Company | 0.05 | 0.17 | 0.20 | 64 | Industrials | |
| Cameco Corporation | 0.35 | 0.29 | 0.31 | 84 | Energy | |
| Hut 8 Mining Corp. | 0.54 | 0.59 | 0.63 | 97 | Financial Services |
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