Looking to diversify beyond NNRG.NEO? The ETFs below have the lowest correlation with NNRG.NEO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from NNRG.NEO.
Best Diversifiers for NNRG.NEO
13 ETFs have low correlation with NNRG.NEO (below 0.3), 12 of which are negatively correlated.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| PIMCO Monthly Income Fund (Canada) | -0.35 | -0.10 | -0.02 | 51 | NNRG.NEO vs PMIF.TO | ||
| iShares Core Canadian Short Term Corporate Bond In... | -0.29 | -0.09 | -0.09 | 55 | Canadian Government Bonds | NNRG.NEO vs XSH.TO | |
| PIMCO Monthly Income Fund (Canada) | -0.24 | -0.09 | -0.07 | 56 | Multisector Bonds | NNRG.NEO vs PMIF-U.TO | |
| BMO Low Volatility Canadian Equity ETF | -0.18 | 0.04 | 0.15 | 62 | Canada Equities | NNRG.NEO vs ZLB.TO | |
| Fidelity U.S. Value ETF | -0.12 | 0.19 | 0.29 | 82 | Large Cap Value Equities | NNRG.NEO vs FCUV.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from NNRG.NEO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NNRG.NEO and solid risk/return profiles. The least correlated is Enerflex Ltd. (EFX.TO) (Energy) with a 1Y correlation of 0.36, down from 0.53 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Enerflex Ltd. | 0.36 | 0.43 | 0.53 | 99 | Energy | |
| Freehold Royalties Ltd. | 0.64 | 0.70 | 0.78 | 94 | Energy |
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