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Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) Diversifiers

ETF · Currency in CAD · Last updated Jul 1, 2026

The investment objective of HBND is to deliver attractive monthly income by primarily investing in U.S. treasuries through bond ETFs and employing a covered call option writing program to supplement income, mitigate risk, and reduce volatility.

Looking to diversify beyond HBND.TO? The ETFs below have the lowest correlation with HBND.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from HBND.TO.

Best Diversifiers for HBND.TO

11 ETFs have low correlation with HBND.TO (below 0.3), 1 of which are negatively correlated.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
CBIL.TO
Global X 0-3 Month T-Bill ETF-0.05——
99
Canadian Government BondsHBND.TO vs CBIL.TO
ZMMK.TO
BMO Money Market Fund ETF Series0.07——
99
Money MarketHBND.TO vs ZMMK.TO
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETF0.160.080.08
92
Derivative IncomeHBND.TO vs SMAX.TO
QMAX.TO
Hamilton Technology YIELD MAXIMIZER ETF0.160.06—
54
Technology Equities, Derivative IncomeHBND.TO vs QMAX.TO
HXS.TO
Global X S&P 500 Index Corporate Class ETF0.19——
76
S&P 500HBND.TO vs HXS.TO
See all 12 diversifiers for HBND.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from HBND.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HBND.TO and solid risk/return profiles. The least correlated is Emera Incorporated (EMA.TO) (Utilities) with a 1Y correlation of 0.02, down from 0.23 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
EMA.TO
Emera Incorporated0.020.230.23
89
Utilities
CPX.TO
Capital Power Corporation0.030.120.12
76
Utilities
ENB.TO
Enbridge Inc.0.040.120.12
88
Energy
BCE.TO
BCE Inc.0.070.180.18
53
Communication Services
H.TO
Hydro One Limited0.100.260.26
84
Utilities
See all 11 low-correlation stocks for HBND.TO

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Diversification Analysis

Build a portfolio that complements HBND.TO

Add HBND.TO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with HBND.TO