Looking to diversify beyond HMAX.TO? The ETFs below have historically moved differently from HMAX.TO, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for HMAX.TO
19 ETFs have low correlation with HMAX.TO (below 0.3), 10 of which are negatively correlated. The least correlated is CI Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.TO) (Energy Equities) with a 1Y correlation of -0.18, down from 0.12 over 3 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| CI Energy Giants Covered Call ETF Common Units (CA... | -0.18 | 0.12 | — | 70 | Energy Equities, Derivative Income, Options Trading, Actively Managed | HMAX.TO vs NXF.TO | |
| iShares S&P/TSX Capped Energy Index ETF | -0.16 | 0.12 | — | 89 | Energy Equities, Canada Equities | HMAX.TO vs XEG.TO | |
| Global X Canadian Oil and Gas Equity Covered Call ... | -0.16 | 0.17 | — | 93 | Derivative Income, Energy Equities | HMAX.TO vs ENCC.TO | |
| Hamilton Energy YIELD MAXIMIZER ETF | -0.15 | — | — | 80 | Energy Equities, Derivative Income | HMAX.TO vs EMAX.TO | |
| Global X Enhanced Canadian Oil and Gas Equity Cove... | -0.14 | — | — | 92 | Energy Equities, Derivative Income | HMAX.TO vs ENCL.TO |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for HMAX.TO, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Suncor Energy Inc. (SU.TO) (Energy) with a 1Y correlation of -0.20, down from 0.08 over 3 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Suncor Energy Inc. | -0.20 | 0.08 | — | 95 | Energy | |
| Canadian Natural Resources Limited | -0.16 | 0.12 | — | 88 | Energy | |
| Gibson Energy Inc. | -0.13 | 0.13 | — | 85 | Energy | |
| Pembina Pipeline Corporation | -0.06 | 0.22 | 0.26 | 89 | Energy | |
| Enbridge Inc. | -0.03 | 0.27 | 0.30 | 87 | Energy |
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