Looking to balance out your exposure to PAAS.TO? The ETFs below have the lowest correlation with PAAS.TO — they tend to move on their own, which can help reduce risk when PAAS.TO drops. The stock ideas table highlights individual companies that behave independently from PAAS.TO.
Best Diversifiers for PAAS.TO
1 ETFs have low correlation with PAAS.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) (Derivative Income) with a 1Y correlation of 0.26, roughly unchanged from 0.23 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Hamilton Canadian Financials Yield Maximizer ETF | 0.26 | 0.23 | — | 96 | Derivative Income | PAAS.TO vs HMAX.TO | |
| iShares Core MSCI Emerging Markets IMI Index ETF | 0.39 | 0.31 | 0.30 | 63 | Emerging Markets Equities | PAAS.TO vs XEC.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PAAS.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PAAS.TO and solid risk/return profiles. The least correlated is The Bank of Nova Scotia (BNS.TO) (Financial Services) with a 1Y correlation of 0.18, roughly unchanged from 0.17 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| The Bank of Nova Scotia | 0.18 | 0.21 | 0.17 | 98 | Financial Services | |
| Aecon Group Inc. | 0.18 | 0.14 | 0.16 | 97 | Industrials | |
| Magellan Aerospace Corporation | 0.22 | 0.17 | 0.13 | 88 | Industrials | |
| Kraken Robotics Inc | 0.26 | 0.17 | 0.16 | 72 | Technology | |
| Neo Performance Materials Inc. | 0.35 | 0.30 | 0.28 | 90 | Basic Materials |
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