Looking to diversify beyond HOD.TO? The ETFs below have the lowest correlation with HOD.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 HOD.TO.
Best Diversifiers for HOD.TO
3 ETFs have low correlation with HOD.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Global X NASDAQ-100 Covered Call ETF (QQCC.TO) (Nasdaq-100) with a 1Y correlation of 0.23, up from 0.03 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X NASDAQ-100 Covered Call ETF | 0.23 | 0.08 | 0.03 | 84 | Nasdaq-100, Derivative Income | HOD.TO vs QQCC.TO | |
| Global X S&P/TSX 60 Index Corporate Class ETF | 0.24 | -0.02 | -0.18 | 89 | Canada Equities | HOD.TO vs HXT.TO | |
| Global X S&P 500 Index Corporate Class ETF | 0.27 | 0.11 | 0.02 | 76 | S&P 500 | HOD.TO vs HXS.TO |
Diversification Analysis
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