Looking to balance out your exposure to MKP.TO? The ETFs below have the lowest correlation with MKP.TO — they tend to move on their own, which can help reduce risk when MKP.TO drops. The stock ideas table highlights individual companies that behave independently from MKP.TO.
Best Diversifiers for MKP.TO
3 ETFs have low correlation with MKP.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.TO) (Nasdaq-100) with a 1Y correlation of 0.24, roughly unchanged from 0.25 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco NASDAQ 100 Index ETF CAD Hedged | 0.24 | 0.19 | 0.25 | 76 | Nasdaq-100 | MKP.TO vs QQC.TO | |
| iShares Core MSCI Canadian Quality Dividend Index ... | 0.25 | 0.34 | 0.33 | 98 | Dividend, Large Cap Value Equities | MKP.TO vs XDIV.TO | |
| Vanguard S&P 500 Index ETF | 0.26 | 0.23 | 0.28 | 74 | S&P 500 | MKP.TO vs VFV.TO | |
| BMO Low Volatility Canadian Equity ETF | 0.32 | 0.37 | 0.34 | 54 | Canada Equities | MKP.TO vs ZLB.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.32 | 0.37 | 0.37 | 98 | Dividend | MKP.TO vs VDY.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from MKP.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to MKP.TO and solid risk/return profiles. The least correlated is Power Corporation of Canada (POW.TO) (Financial Services) with a 1Y correlation of 0.15, down from 0.27 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Power Corporation of Canada | 0.15 | 0.24 | 0.27 | 94 | Financial Services | |
| IGM Financial Inc. | 0.40 | 0.36 | 0.34 | 97 | Financial Services |
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