Looking to diversify beyond HXS.TO? The ETFs below have the lowest correlation with HXS.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 HXS.TO.
Best Diversifiers for HXS.TO
22 ETFs have low correlation with HXS.TO (below 0.3), 6 of which are negatively correlated. The least correlated is Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) (Derivative Income) with a 1Y correlation of -0.17, down from 0.16 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X Canadian Oil and Gas Equity Covered Call ... | -0.17 | 0.09 | 0.16 | 89 | Derivative Income, Energy Equities | HXS.TO vs ENCC.TO | |
| Global X Equal Weight Canadian Pipelines Index ETF | -0.17 | 0.12 | 0.24 | 80 | Energy Equities | HXS.TO vs PPLN.TO | |
| Global X Enhanced Canadian Oil and Gas Equity Cove... | -0.14 | — | — | 88 | Oil & Gas, Derivative Income | HXS.TO vs ENCL.TO | |
| Global X Equal Weight Canadian Oil & Gas Index ETF | -0.14 | 0.07 | 0.07 | 91 | Commodity Producers Equities | HXS.TO vs NRGY.TO | |
| Global X S&P/TSX Capped Energy Index Corporate Cla... | -0.13 | 0.06 | 0.13 | 89 | Energy Equities | HXS.TO vs HXE.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HXS.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HXS.TO and solid risk/return profiles. The least correlated is Hydro One Limited (H.TO) (Utilities) with a 1Y correlation of -0.19, down from 0.08 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Hydro One Limited | -0.19 | 0.05 | 0.08 | 74 | Utilities | |
| Fortis Inc. | -0.16 | 0.00 | 0.05 | 82 | Utilities | |
| Emera Incorporated | -0.16 | 0.00 | 0.06 | 83 | Utilities | |
| Enbridge Inc. | -0.15 | 0.07 | 0.17 | 85 | Energy | |
| BCE Inc. | -0.13 | -0.06 | 0.09 | 68 | Communication Services |
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