Looking to diversify beyond HYLD.TO? The ETFs below have the lowest correlation with HYLD.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 HYLD.TO.
Best Diversifiers for HYLD.TO
17 ETFs have low correlation with HYLD.TO (below 0.3), 8 of which are negatively correlated.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Evolve Canadian Utilities Enhanced Yield Index Fun... | -0.16 | — | — | 75 | Derivative Income | HYLD.TO vs UTES.TO | |
| Global X Canadian Oil and Gas Equity Covered Call ... | -0.11 | 0.16 | — | 85 | Derivative Income, Energy Equities | HYLD.TO vs ENCC.TO | |
| Global X Enhanced Canadian Oil and Gas Equity Cove... | -0.10 | — | — | 85 | Oil & Gas, Derivative Income | HYLD.TO vs ENCL.TO | |
| CI Energy Giants Covered Call ETF Common Units (CA... | -0.08 | 0.14 | — | 73 | Energy Equities, Derivative Income | HYLD.TO vs NXF.TO | |
| Hamilton Energy YIELD MAXIMIZER ETF | -0.05 | — | — | 70 | Energy Equities, Derivative Income | HYLD.TO vs EMAX.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HYLD.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HYLD.TO and solid risk/return profiles. The least correlated is Emera Incorporated (EMA.TO) (Utilities) with a 1Y correlation of -0.17, down from 0.02 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Emera Incorporated | -0.17 | 0.02 | — | 79 | Utilities | |
| Enbridge Inc. | -0.14 | 0.11 | 0.25 | 81 | Energy | |
| Canadian Natural Resources Limited | -0.12 | 0.12 | — | 86 | Energy | |
| Suncor Energy Inc. | -0.10 | 0.08 | 0.18 | 96 | Energy | |
| Northland Power Inc. | 0.12 | 0.21 | 0.25 | 54 | Utilities |
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Build a portfolio that complements HYLD.TO
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