Looking to balance out your exposure to NXE.TO? The ETFs below have the lowest correlation with NXE.TO — they tend to move on their own, which can help reduce risk when NXE.TO drops. The stock ideas table highlights individual companies that behave independently from NXE.TO.
Best Diversifiers for NXE.TO
0 ETFs have low correlation with NXE.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 0.32, roughly unchanged from 0.33 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Vanguard S&P 500 Index ETF | 0.32 | 0.30 | 0.33 | 74 | S&P 500 | NXE.TO vs VFV.TO | |
| Invesco NASDAQ 100 Index ETF CAD Hedged | 0.36 | 0.33 | 0.33 | 76 | Nasdaq-100 | NXE.TO vs QQC.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from NXE.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NXE.TO and solid risk/return profiles. The least correlated is Great-West Lifeco Inc. (GWO.TO) (Financial Services) with a 1Y correlation of -0.04, down from 0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Great-West Lifeco Inc. | -0.04 | 0.07 | 0.18 | 95 | Financial Services | |
| Baytex Energy Corp. | 0.01 | 0.17 | 0.29 | 97 | Energy | |
| 5N Plus Inc. | 0.29 | 0.24 | 0.29 | 99 | Basic Materials | |
| Cameco Corporation | 0.81 | 0.81 | 0.83 | 84 | Energy | |
| Denison Mines Corp. | 0.87 | 0.86 | 0.85 | 82 | Energy |
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