Looking to diversify beyond HXQ.TO? The ETFs below have the lowest correlation with HXQ.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 HXQ.TO.
Best Diversifiers for HXQ.TO
13 ETFs have low correlation with HXQ.TO (below 0.3), 2 of which are negatively correlated. The least correlated is iShares S&P/TSX Capped Energy Index ETF (XEG.TO) (Energy Equities) with a 1Y correlation of -0.14, down from 0.08 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Capped Energy Index ETF | -0.14 | 0.01 | 0.08 | 87 | Energy Equities | HXQ.TO vs XEG.TO | |
| Global X High Interest Savings ETF | -0.08 | 0.02 | — | 100 | Money Market | HXQ.TO vs CASH.TO | |
| Global X 0-3 Month T-Bill ETF | 0.03 | 0.04 | 0.03 | 99 | Canadian Government Bonds | HXQ.TO vs CBIL.TO | |
| Global X Cash Maximizer Corporate Class ETF | 0.05 | 0.06 | 0.03 | 67 | Bank Loan | HXQ.TO vs HSAV.TO | |
| iShares S&P/TSX Composite High Dividend Index ETF | 0.07 | 0.20 | 0.28 | 98 | Canada Equities | HXQ.TO vs XEI.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HXQ.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HXQ.TO and solid risk/return profiles. The least correlated is Enbridge Inc. (ENB.TO) (Energy) with a 1Y correlation of -0.20, down from 0.07 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Enbridge Inc. | -0.20 | -0.03 | 0.07 | 82 | Energy | |
| Canadian Natural Resources Limited | -0.15 | 0.02 | 0.07 | 87 | Energy | |
| Imperial Oil Limited | -0.08 | 0.02 | 0.03 | 91 | Energy | |
| Power Corporation of Canada | 0.19 | 0.17 | 0.27 | 94 | Financial Services | |
| Bird Construction Inc. | 0.27 | 0.32 | 0.34 | 94 | Industrials |
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