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Global X Equal Weight Banks Index ETF (HBNK.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 4, 2026

HBNK seeks to replicate the performance of an equal-weighted index of diversified Canadian banks, providing low-cost exposure to Canada's Big 6 Banks with a focus on stable dividend income and monthly distributions.

Looking to diversify beyond HBNK.TO? The ETFs below have the lowest correlation with HBNK.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 HBNK.TO.

Best Diversifiers for HBNK.TO

20 ETFs have low correlation with HBNK.TO (below 0.3), 8 of which are negatively correlated.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
UBIL-U.TO
Global X 0-3 Month U.S. T-Bill ETF USD-0.21——
99
Ultrashort BondHBNK.TO vs UBIL-U.TO
HXE.TO
Global X S&P/TSX Capped Energy Index Corporate Cla...-0.15——
86
Energy EquitiesHBNK.TO vs HXE.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...-0.14——
85
Oil & Gas, Derivative IncomeHBNK.TO vs ENCL.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...-0.12——
85
Derivative Income, Energy EquitiesHBNK.TO vs ENCC.TO
NRGY.TO
Global X Equal Weight Canadian Oil & Gas Index ETF-0.11——
89
Commodity Producers EquitiesHBNK.TO vs NRGY.TO
See all 87 diversifiers for HBNK.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from HBNK.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HBNK.TO and solid risk/return profiles.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
FTS.TO
Fortis Inc.-0.08——
79
Utilities
ENB.TO
Enbridge Inc.-0.01——
81
Energy
BDT.TO
Bird Construction Inc.0.310.340.34
94
Industrials
NA.TO
National Bank of Canada0.730.680.68
95
Financial Services
RY.TO
Royal Bank of Canada0.80——
97
Financial Services

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Diversification Analysis

Build a portfolio that complements HBNK.TO

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

Analyze a portfolio with HBNK.TO