Looking to balance out your exposure to NWH-UN.TO? The ETFs below have the lowest correlation with NWH-UN.TO — they tend to move on their own, which can help reduce risk when NWH-UN.TO drops. The stock ideas table highlights individual companies that behave independently from NWH-UN.TO.
Best Diversifiers for NWH-UN.TO
1 ETFs have low correlation with NWH-UN.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Vanguard S&P 500 Index ETF (VFV.TO) (S&P 500) with a 1Y correlation of 0.25, roughly unchanged from 0.32 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Vanguard S&P 500 Index ETF | 0.25 | 0.26 | 0.32 | 74 | S&P 500 | NWH-UN.TO vs VFV.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.33 | 0.39 | 0.45 | 98 | Dividend | NWH-UN.TO vs VDY.TO | |
| Hamilton Canadian Financials YIELD MAXIMIZER ETF | 0.41 | 0.42 | — | 91 | Derivative Income | NWH-UN.TO vs HMAX.TO | |
| iShares Canadian Financial Monthly Income ETF | 0.41 | 0.44 | 0.50 | 93 | Canada Equities | NWH-UN.TO vs FIE.TO | |
| Vanguard FTSE Canada All Cap Index ETF | 0.43 | 0.44 | 0.50 | 77 | Canada Equities | NWH-UN.TO vs VCN.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from NWH-UN.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NWH-UN.TO and solid risk/return profiles. The least correlated is Whitecap Resources Inc. (WCP.TO) (Energy) with a 1Y correlation of -0.09, down from 0.17 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Whitecap Resources Inc. | -0.09 | 0.09 | 0.17 | 96 | Energy | |
| Canadian Natural Resources Limited | -0.05 | 0.10 | 0.19 | 86 | Energy | |
| Gibson Energy Inc. | 0.03 | 0.11 | 0.19 | 78 | Energy | |
| TC Energy Corporation | 0.05 | 0.17 | 0.23 | 89 | Energy | |
| Pembina Pipeline Corporation | 0.05 | 0.20 | 0.26 | 83 | Energy |
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