Looking to balance out your exposure to IMO.TO? The ETFs below have the lowest correlation with IMO.TO — they tend to move on their own, which can help reduce risk when IMO.TO drops. The stock ideas table highlights individual companies that behave independently from IMO.TO.
Best Diversifiers for IMO.TO
2 ETFs have low correlation with IMO.TO (below 0.3), 2 of which are negatively correlated. The least correlated is Horizons NASDAQ-100 Index ETF (HXQ.TO) (Nasdaq-100) with a 1Y correlation of -0.08, down from 0.03 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Horizons NASDAQ-100 Index ETF | -0.08 | 0.02 | 0.03 | 75 | Nasdaq-100 | IMO.TO vs HXQ.TO | |
| iShares Core S&P 500 Index ETF (CAD-Hedged) | -0.03 | 0.11 | 0.20 | 61 | S&P 500 | IMO.TO vs XSP.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from IMO.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to IMO.TO and solid risk/return profiles. The least correlated is Emera Incorporated (EMA.TO) (Utilities) with a 1Y correlation of -0.08, roughly unchanged from -0.04 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Emera Incorporated | -0.08 | -0.02 | -0.04 | 79 | Utilities | |
| Sun Life Financial Inc. | -0.07 | 0.10 | 0.19 | 64 | Financial Services | |
| Loblaw Companies Limited | -0.06 | 0.00 | 0.02 | 54 | Consumer Defensive | |
| Richelieu Hardware Ltd. | -0.03 | 0.07 | 0.07 | 59 | Consumer Cyclical | |
| National Bank of Canada | -0.02 | 0.13 | 0.21 | 95 | Financial Services |
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