Looking to balance out your exposure to MG.TO? The ETFs below have the lowest correlation with MG.TO — they tend to move on their own, which can help reduce risk when MG.TO drops. The stock ideas table highlights individual companies that behave independently from MG.TO.
Best Diversifiers for MG.TO
0 ETFs have low correlation with MG.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) (Dividend) with a 1Y correlation of 0.37, down from 0.50 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.37 | 0.45 | 0.50 | 98 | Dividend | MG.TO vs VDY.TO | |
| iShares S&P/TSX 60 Index ETF | 0.43 | 0.48 | 0.54 | 82 | Canada Equities | MG.TO vs XIU.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from MG.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to MG.TO and solid risk/return profiles. The least correlated is Ovintiv Inc. (OVV.TO) (Energy) with a 1Y correlation of -0.04, down from 0.21 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Ovintiv Inc. | -0.04 | 0.12 | 0.21 | 83 | Energy | |
| Nutrien Ltd. | 0.00 | 0.22 | 0.26 | 61 | Basic Materials | |
| Brookfield Renewable Partners L.P | 0.16 | 0.25 | 0.21 | 85 | Utilities | |
| Cymbria Corporation | 0.17 | 0.19 | 0.24 | 62 | Financial Services | |
| Canadian National Railway Company | 0.42 | 0.39 | 0.37 | 63 | Industrials |
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