Looking to balance out your exposure to MTL.TO? The ETFs below have the lowest correlation with MTL.TO — they tend to move on their own, which can help reduce risk when MTL.TO drops. The stock ideas table highlights individual companies that behave independently from MTL.TO.
Best Diversifiers for MTL.TO
0 ETFs have low correlation with MTL.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) (Derivative Income) with a 1Y correlation of 0.32, down from 0.43 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Evolve Canadian Banks and Lifecos Enhanced Yield I... | 0.32 | 0.37 | 0.43 | 96 | Derivative Income | MTL.TO vs BANK.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from MTL.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to MTL.TO and solid risk/return profiles. The least correlated is Emera Incorporated (EMA.TO) (Utilities) with a 1Y correlation of -0.12, down from -0.01 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Emera Incorporated | -0.12 | -0.01 | -0.01 | 79 | Utilities | |
| AltaGas Ltd. | -0.04 | 0.05 | 0.17 | 92 | Utilities | |
| TC Energy Corporation | -0.02 | 0.13 | 0.20 | 89 | Energy | |
| Peyto Exploration & Development Corp. | 0.00 | 0.17 | 0.25 | 77 | Energy | |
| Power Corporation of Canada | 0.01 | 0.13 | 0.25 | 94 | Financial Services |
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