Looking to balance out your exposure to NA.TO? The ETFs below have the lowest correlation with NA.TO — they tend to move on their own, which can help reduce risk when NA.TO drops. The stock ideas table highlights individual companies that behave independently from NA.TO.
Best Diversifiers for NA.TO
4 ETFs have low correlation with NA.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 0.07, roughly unchanged from 0.05 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| BMO Money Market Fund ETF Series | 0.07 | 0.05 | — | 99 | Money Market | NA.TO vs ZMMK.TO | |
| BMO Ultra Short-Term Bond ETF | 0.12 | 0.07 | 0.08 | 56 | Ultrashort Bond | NA.TO vs ZST.TO | |
| iShares Core Canadian Short Term Bond Index ETF | 0.27 | 0.12 | 0.07 | 64 | Short-Term Bond, Canadian Government Bonds | NA.TO vs XSB.TO | |
| iShares S&P/TSX Composite High Dividend Index ETF | 0.30 | 0.42 | 0.52 | 98 | Canada Equities | NA.TO vs XEI.TO | |
| iShares Core MSCI Canadian Quality Dividend Index ... | 0.34 | 0.43 | 0.53 | 98 | Dividend, Large Cap Value Equities | NA.TO vs XDIV.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from NA.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NA.TO and solid risk/return profiles. The least correlated is AltaGas Ltd. (ALA.TO) (Utilities) with a 1Y correlation of -0.19, down from 0.17 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| AltaGas Ltd. | -0.19 | 0.09 | 0.17 | 93 | Utilities | |
| ARC Resources Ltd. | -0.18 | 0.04 | 0.17 | 64 | Energy | |
| Suncor Energy Inc. | -0.17 | 0.04 | 0.17 | 92 | Energy | |
| Canadian Natural Resources Limited | -0.16 | 0.06 | 0.20 | 83 | Energy | |
| Canadian Utilities Limited | -0.12 | 0.16 | 0.16 | 97 | Utilities |
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