Looking to balance out your exposure to MDA.TO? The ETFs below have the lowest correlation with MDA.TO — they tend to move on their own, which can help reduce risk when MDA.TO drops. The stock ideas table highlights individual companies that behave independently from MDA.TO.
Best Diversifiers for MDA.TO
4 ETFs have low correlation with MDA.TO (below 0.3), 0 of which are negatively correlated. The least correlated is BMO Money Market Fund ETF Series (ZMMK.TO) (Money Market) with a 1Y correlation of 0.02, roughly unchanged from 0.03 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| BMO Money Market Fund ETF Series | 0.02 | 0.03 | — | 100 | Money Market | MDA.TO vs ZMMK.TO | |
| BMO Low Volatility Canadian Equity ETF | 0.16 | 0.23 | 0.26 | 62 | Canada Equities | MDA.TO vs ZLB.TO | |
| iShares Semiconductor Index ETF | 0.26 | — | — | 97 | Semiconductors, Technology Equities | MDA.TO vs XCHP.TO | |
| Horizons NASDAQ-100 Index ETF | 0.28 | 0.27 | 0.32 | 76 | Nasdaq-100 | MDA.TO vs HXQ.TO | |
| iShares Core Equity ETF Portfolio | 0.34 | 0.34 | 0.36 | 80 | Global Equities | MDA.TO vs XEQT.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from MDA.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to MDA.TO and solid risk/return profiles. The least correlated is Loblaw Companies Limited (L.TO) (Consumer Defensive) with a 1Y correlation of -0.11, down from -0.00 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Loblaw Companies Limited | -0.11 | 0.00 | -0.00 | 59 | Consumer Defensive | |
| Quebecor Inc | -0.05 | 0.01 | 0.06 | 95 | Communication Services | |
| Baytex Energy Corp. | -0.03 | 0.10 | 0.11 | 97 | Energy | |
| Tamarack Valley Energy Ltd. | 0.02 | 0.13 | 0.15 | 99 | Energy | |
| Paramount Resources Ltd. | 0.03 | 0.15 | 0.16 | 86 | Energy |
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