Looking to balance out your exposure to NPI.TO? The ETFs below have the lowest correlation with NPI.TO — they tend to move on their own, which can help reduce risk when NPI.TO drops. The stock ideas table highlights individual companies that behave independently from NPI.TO.
Best Diversifiers for NPI.TO
5 ETFs have low correlation with NPI.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Purpose Cash Management Fund (MNY.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 |
|---|---|---|---|---|---|---|---|
| Purpose Cash Management Fund | 0.07 | 0.05 | — | 100 | Money Market | NPI.TO vs MNY.TO | |
| BMO S&P 500 Index ETF | 0.09 | 0.16 | 0.19 | 78 | S&P 500 | NPI.TO vs ZSP.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.13 | 0.27 | 0.24 | 98 | Dividend | NPI.TO vs VDY.TO | |
| Hamilton Enhanced U.S. Covered Call ETF | 0.14 | 0.22 | 0.25 | 75 | Derivative Income | NPI.TO vs HYLD.TO | |
| Global X High Interest Savings ETF | 0.16 | 0.01 | — | 99 | Money Market | NPI.TO vs CASH.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from NPI.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NPI.TO and solid risk/return profiles. The least correlated is Enbridge Inc. (ENB.TO) (Energy) with a 1Y correlation of -0.05, down from 0.16 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Enbridge Inc. | -0.05 | 0.11 | 0.16 | 88 | Energy | |
| Paramount Resources Ltd. | 0.01 | 0.11 | 0.11 | 70 | Energy | |
| ARC Resources Ltd. | 0.02 | 0.12 | 0.11 | 51 | Energy | |
| Peyto Exploration & Development Corp. | 0.02 | 0.12 | 0.11 | 72 | Energy | |
| Emera Incorporated | 0.02 | 0.21 | 0.24 | 89 | Utilities |
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