Looking to balance out your exposure to NEO.TO? The ETFs below have the lowest correlation with NEO.TO — they tend to move on their own, which can help reduce risk when NEO.TO drops. The stock ideas table highlights individual companies that behave independently from NEO.TO.
Best Diversifiers for NEO.TO
0 ETFs have low correlation with NEO.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) (Derivative Income) with a 1Y correlation of 0.37, roughly unchanged from 0.39 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Hamilton Enhanced Canadian Covered Call ETF | 0.37 | 0.35 | 0.39 | 93 | Derivative Income | NEO.TO vs HDIV.TO | |
| iShares S&P/TSX Global Base Metals Index ETF | 0.48 | 0.44 | 0.45 | 67 | Energy Equities | NEO.TO vs XBM.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from NEO.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NEO.TO and solid risk/return profiles. The least correlated is Aecon Group Inc. (ARE.TO) (Industrials) with a 1Y correlation of 0.17, roughly unchanged from 0.25 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Aecon Group Inc. | 0.17 | 0.20 | 0.25 | 94 | Industrials | |
| Air Canada | 0.19 | 0.25 | 0.28 | 61 | Industrials | |
| The Bank of Nova Scotia | 0.21 | 0.24 | 0.28 | 98 | Financial Services | |
| Equinox Gold Corp. | 0.25 | 0.22 | 0.22 | 72 | Basic Materials | |
| MDA Space Ltd. | 0.27 | 0.25 | 0.27 | 70 | Industrials |
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