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Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) Diversifiers

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

HEWB seeks to replicate, to the extent possible, the performance of the Solactive Equal Weight Canada Banks Index (Total Return), net of expenses. The Solactive Equal Weight Canada Banks Index (Total Return) is an equal weight index of equity securities of diversified Canadian banks.

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

Best Diversifiers for HEWB.TO

4 ETFs have low correlation with HEWB.TO (below 0.3), 1 of which are negatively correlated. The least correlated is Global X 0-3 Month T-Bill ETF (CBIL.TO) (Canadian Government Bonds) with a 1Y correlation of -0.06, roughly unchanged from -0.01 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
CBIL.TO
Global X 0-3 Month T-Bill ETF-0.060.00-0.01
99
Canadian Government BondsHEWB.TO vs CBIL.TO
CASH.TO
Global X High Interest Savings ETF0.000.02—
100
Money MarketHEWB.TO vs CASH.TO
HSAV.TO
Global X Cash Maximizer Corporate Class ETF0.040.040.04
66
Bank LoanHEWB.TO vs HSAV.TO
HLPR.TO
Global X Laddered Canadian Preferred Share Index C...0.170.240.29
97
Preferred Stock/Convertible BondsHEWB.TO vs HLPR.TO
XCS.TO
iShares S&P/TSX SmallCap Index ETF0.360.430.48
79
Canada EquitiesHEWB.TO vs XCS.TO
See all 53 diversifiers for HEWB.TO

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Diversification Analysis

Build a portfolio that complements HEWB.TO

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

Analyze a portfolio with HEWB.TO