Looking to diversify beyond HDIV.TO? The ETFs below have the lowest correlation with HDIV.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 HDIV.TO.
Best Diversifiers for HDIV.TO
22 ETFs have low correlation with HDIV.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) (Energy Equities) with a 1Y correlation of 0.00, down from 0.43 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X S&P/TSX Capped Energy Index Corporate Cla... | 0.00 | 0.29 | 0.43 | 62 | Energy Equities | HDIV.TO vs HXE.TO | |
| Evolve Canadian Utilities Enhanced Yield Index Fun... | 0.02 | — | — | 90 | Derivative Income | HDIV.TO vs UTES.TO | |
| iShares Premium Money Market ETF | 0.02 | -0.00 | — | 100 | Money Market | HDIV.TO vs CMR.TO | |
| iShares Floating Rate Index ETF | 0.02 | 0.02 | — | 98 | Canadian Government Bonds | HDIV.TO vs XFR.TO | |
| Global X High Interest Savings ETF | 0.02 | 0.06 | — | 99 | Money Market | HDIV.TO vs CASH.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HDIV.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HDIV.TO and solid risk/return profiles. The least correlated is Emera Incorporated (EMA.TO) (Utilities) with a 1Y correlation of -0.08, down from 0.19 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Emera Incorporated | -0.08 | 0.18 | 0.19 | 91 | Utilities | |
| Hydro One Limited | -0.08 | 0.22 | 0.19 | 85 | Utilities | |
| BCE Inc. | -0.08 | 0.09 | 0.20 | 67 | Communication Services | |
| Canadian Utilities Limited | -0.04 | 0.23 | 0.25 | 97 | Utilities | |
| Fortis Inc. | -0.01 | 0.22 | 0.19 | 93 | Utilities |
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Build a portfolio that complements HDIV.TO
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