Looking to diversify beyond HMAX.TO? The ETFs below have the lowest correlation with HMAX.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 HMAX.TO.
Best Diversifiers for HMAX.TO
15 ETFs have low correlation with HMAX.TO (below 0.3), 6 of which are negatively correlated. The least correlated is Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) (Derivative Income) with a 1Y correlation of -0.12, down from 0.21 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X Canadian Oil and Gas Equity Covered Call ... | -0.12 | 0.21 | — | 77 | Derivative Income, Energy Equities | HMAX.TO vs ENCC.TO | |
| Global X Enhanced Canadian Oil and Gas Equity Cove... | -0.11 | — | — | 76 | Energy Equities, Derivative Income | HMAX.TO vs ENCL.TO | |
| Hamilton Energy YIELD MAXIMIZER ETF | -0.10 | — | — | 51 | Energy Equities, Derivative Income | HMAX.TO vs EMAX.TO | |
| Evolve Canadian Utilities Enhanced Yield Index Fun... | -0.06 | — | — | 86 | Derivative Income | HMAX.TO vs UTES.TO | |
| Global X 0-3 Month T-Bill ETF | -0.03 | -0.00 | — | 99 | Canadian Government Bonds | HMAX.TO vs CBIL.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HMAX.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HMAX.TO and solid risk/return profiles. The least correlated is Suncor Energy Inc. (SU.TO) (Energy) with a 1Y correlation of -0.17, down from 0.11 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Suncor Energy Inc. | -0.17 | 0.11 | — | 88 | Energy | |
| Canadian Natural Resources Limited | -0.12 | 0.15 | 0.21 | 77 | Energy | |
| Gibson Energy Inc. | -0.10 | 0.16 | — | 82 | Energy | |
| Pembina Pipeline Corporation | -0.02 | 0.26 | 0.28 | 86 | Energy | |
| Enbridge Inc. | -0.01 | 0.29 | 0.31 | 89 | Energy |
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