Looking to diversify beyond HXQ.TO? The ETFs below have historically moved differently from HXQ.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 HXQ.TO
21 ETFs have low correlation with HXQ.TO (below 0.3), 5 of which are negatively correlated.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X Equal Weight Canadian Oil & Gas Index ETF | -0.16 | — | — | 93 | Energy Equities, Equal Weight | HXQ.TO vs NRGY.TO | |
| BetaPro S&P/TSX Capped Energy 2x Daily Bull ETF | -0.12 | 0.02 | 0.08 | 89 | Leveraged Equities | HXQ.TO vs NRGU.TO | |
| iShares S&P/TSX Capped Energy Index ETF | -0.12 | 0.02 | 0.08 | 89 | Energy Equities, Canada Equities | HXQ.TO vs XEG.TO | |
| iShares Premium Money Market ETF | -0.04 | 0.03 | 0.02 | 100 | Money Market | HXQ.TO vs CMR.TO | |
| Global X High Interest Savings ETF | -0.01 | 0.03 | — | 100 | Money Market | HXQ.TO vs CASH.TO |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for HXQ.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 Enbridge Inc. (ENB.TO) (Energy) with a 1Y correlation of -0.24, down from 0.05 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Enbridge Inc. | -0.24 | -0.05 | 0.05 | 87 | Energy | |
| Canadian Natural Resources Limited | -0.13 | 0.03 | 0.08 | 88 | Energy | |
| Imperial Oil Limited | -0.05 | 0.02 | 0.03 | 90 | Energy | |
| Power Corporation of Canada | 0.25 | 0.17 | 0.27 | 97 | Financial Services | |
| Brookfield Renewable Partners L.P | 0.30 | 0.23 | 0.25 | 73 | Utilities |
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