Looking to diversify beyond HXE.TO? The ETFs below have historically moved differently from HXE.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 HXE.TO
26 ETFs have low correlation with HXE.TO (below 0.3), 22 of which are negatively correlated. The least correlated is iShares Equal Weight Banc & Lifeco ETF (CEW.TO) (Financials Equities) with a 1Y correlation of -0.24, down from 0.24 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Equal Weight Banc & Lifeco ETF | -0.24 | 0.08 | 0.24 | 98 | Financials Equities, Equal Weight | HXE.TO vs CEW.TO | |
| Hamilton Enhanced Canadian Bank ETF | -0.18 | 0.08 | 0.23 | 98 | Financials Equities, Canada Equities, Leveraged Equities | HXE.TO vs HCAL.TO | |
| Global X Equal Weight Banks Index ETF | -0.18 | 0.09 | — | 98 | Financials Equities, Equal Weight | HXE.TO vs HBNK.TO | |
| Vanguard FTSE Global All Cap ex Canada Index ETF | -0.17 | 0.06 | 0.14 | 76 | Global Equities | HXE.TO vs VXC.TO | |
| Vanguard S&P 500 Index ETF | -0.16 | 0.03 | 0.11 | 70 | S&P 500 | HXE.TO vs VFV.TO |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for HXE.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 Sprott Physical Gold Trust (PHYS.TO) (Financial Services) with a 1Y correlation of -0.05, roughly unchanged from 0.01 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Sprott Physical Gold Trust | -0.05 | 0.06 | 0.01 | 66 | Financial Services | |
| Enerflex Ltd. | 0.25 | 0.36 | 0.48 | 98 | Energy |
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