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 0.23, roughly unchanged from 0.24 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Hamilton Canadian Financials Yield Maximizer ETF | 0.23 | 0.24 | — | 95 | Derivative Income | PAAS.TO vs HMAX.TO | |
| iShares Core MSCI Emerging Markets IMI Index ETF | 0.34 | 0.30 | 0.30 | 78 | 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 Aecon Group Inc. (ARE.TO) (Industrials) with a 1Y correlation of 0.14, roughly unchanged from 0.16 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Aecon Group Inc. | 0.14 | 0.12 | 0.16 | 94 | Industrials | |
| MDA Space Ltd. | 0.15 | 0.13 | 0.13 | 70 | Industrials | |
| The Bank of Nova Scotia | 0.15 | 0.21 | 0.17 | 98 | Financial Services | |
| Kraken Robotics Inc | 0.20 | 0.15 | 0.14 | 88 | Technology | |
| Magellan Aerospace Corporation | 0.22 | 0.16 | 0.13 | 81 | Industrials |
To view more results, upgrade your current subscription plan.
Build a portfolio that complements PAAS.TO
Add PAAS.TO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.
Analyze a portfolio with PAAS.TO