Looking to balance out your exposure to HBM.TO? The ETFs below have the lowest correlation with HBM.TO — they tend to move on their own, which can help reduce risk when HBM.TO drops. The stock ideas table highlights individual companies that behave independently from HBM.TO.
Best Diversifiers for HBM.TO
2 ETFs have low correlation with HBM.TO (below 0.3), 0 of which are negatively correlated. The least correlated is iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) (Canada Equities) with a 1Y correlation of 0.21, down from 0.43 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Composite High Dividend Index ETF | 0.21 | 0.35 | 0.43 | 98 | Canada Equities | HBM.TO vs XEI.TO | |
| BMO Low Volatility Canadian Equity ETF | 0.27 | 0.30 | 0.33 | 62 | Canada Equities | HBM.TO vs ZLB.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HBM.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HBM.TO and solid risk/return profiles. The least correlated is Precision Drilling Corporation (PD.TO) (Energy) with a 1Y correlation of -0.04, down from 0.31 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Precision Drilling Corporation | -0.04 | 0.24 | 0.31 | 94 | Energy | |
| iA Financial Corporation Inc. | 0.21 | 0.26 | 0.31 | 72 | Financial Services | |
| Bombardier Inc | 0.31 | 0.29 | 0.31 | 98 | Industrials | |
| Lithium Americas Corp. | 0.40 | — | — | 71 | Basic Materials | |
| Dundee Precious Metals Inc. | 0.53 | 0.43 | 0.42 | 89 | Basic Materials |
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