Looking to diversify beyond HYLD.TO? The ETFs below have historically moved differently from HYLD.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 HYLD.TO
27 ETFs have low correlation with HYLD.TO (below 0.3), 10 of which are negatively correlated.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Evolve Canadian Utilities Enhanced Yield Index Fun... | -0.26 | — | — | 52 | Utilities Equities, Derivative Income, Leveraged Equities | HYLD.TO vs UTES.TO | |
| Hamilton Enhanced Utilities ETF | -0.23 | 0.15 | — | 86 | Utilities Equities | HYLD.TO vs HUTS.TO | |
| BMO Covered Call Utilities ETF | -0.14 | 0.12 | — | 53 | Utilities Equities, Derivative Income | HYLD.TO vs ZWU.TO | |
| Global X Canadian Oil and Gas Equity Covered Call ... | -0.13 | 0.13 | — | 89 | Derivative Income, Energy Equities | HYLD.TO vs ENCC.TO | |
| Global X Enhanced Canadian Oil and Gas Equity Cove... | -0.13 | — | — | 89 | Energy Equities, Derivative Income | HYLD.TO vs ENCL.TO |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for HYLD.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 Emera Incorporated (EMA.TO) (Utilities) with a 1Y correlation of -0.26, down from -0.02 over 3 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Emera Incorporated | -0.26 | -0.02 | — | 82 | Utilities | |
| Enbridge Inc. | -0.20 | 0.07 | — | 82 | Energy | |
| Canadian Natural Resources Limited | -0.11 | 0.10 | 0.22 | 87 | Energy | |
| Suncor Energy Inc. | -0.05 | 0.07 | 0.17 | 94 | Energy | |
| Alimentation Couche-Tard Inc. | 0.06 | 0.19 | — | 82 | Consumer Cyclical |
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