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Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) Diversifiers

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

The fund seeks to replicate the performance of the S&P/TSX Capped Energy Index (Total Return) by investing in Canadian energy sector equity securities, using derivatives like swaps to gain exposure without directly investing in the underlying securities.

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

Best Diversifiers for HXE.TO

21 ETFs have low correlation with HXE.TO (below 0.3), 17 of which are negatively correlated. The least correlated is iShares Equal Weight Banc & Lifeco ETF (CEW.TO) (Financials Equities) with a 1Y correlation of -0.20, down from 0.27 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
CEW.TO
iShares Equal Weight Banc & Lifeco ETF-0.200.130.27
94
Financials EquitiesHXE.TO vs CEW.TO
HBNK.TO
Global X Equal Weight Banks Index ETF-0.15——
96
Financials EquitiesHXE.TO vs HBNK.TO
HCAL.TO
Hamilton Enhanced Canadian Bank ETF-0.150.120.26
96
Leveraged EquitiesHXE.TO vs HCAL.TO
VXC.TO
Vanguard FTSE Global All Cap ex Canada Index ETF-0.140.100.16
75
Global EquitiesHXE.TO vs VXC.TO
QQCC.TO
Global X NASDAQ-100 Covered Call ETF-0.130.030.13
82
Nasdaq-100, Derivative IncomeHXE.TO vs QQCC.TO
See all 30 diversifiers for HXE.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from HXE.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HXE.TO and solid risk/return profiles. The least correlated is Sprott Physical Gold Trust (PHYS.TO) (Financial Services) with a 1Y correlation of -0.01, roughly unchanged from 0.00 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
PHYS.TO
Sprott Physical Gold Trust-0.010.060.00
73
Financial Services
EFX.TO
Enerflex Ltd.0.270.380.50
99
Energy

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Diversification Analysis

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