Looking to balance out your exposure to PEY.TO? The ETFs below have the lowest correlation with PEY.TO — they tend to move on their own, which can help reduce risk when PEY.TO drops. The stock ideas table highlights individual companies that behave independently from PEY.TO.
Best Diversifiers for PEY.TO
1 ETFs have low correlation with PEY.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) (Dividend) with a 1Y correlation of 0.29, down from 0.44 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.29 | 0.39 | 0.44 | 98 | Dividend | PEY.TO vs VDY.TO | |
| iShares Core MSCI Canadian Quality Dividend Index ... | 0.36 | 0.38 | 0.36 | 98 | Dividend, Large Cap Value Equities | PEY.TO vs XDIV.TO | |
| Global X Equal Weight Canadian Oil & Gas Index ETF | 0.59 | 0.63 | 0.63 | 89 | Commodity Producers Equities | PEY.TO vs NRGY.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PEY.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PEY.TO and solid risk/return profiles. The least correlated is Power Corporation of Canada (POW.TO) (Financial Services) with a 1Y correlation of -0.19, down from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Power Corporation of Canada | -0.19 | 0.02 | 0.12 | 94 | Financial Services | |
| The Bank of Nova Scotia | -0.12 | 0.08 | 0.18 | 96 | Financial Services | |
| Dream Industrial Real Estate Investment Trust | -0.10 | 0.09 | 0.14 | 81 | Real Estate | |
| Bank of Montreal | -0.07 | 0.14 | 0.23 | 95 | Financial Services | |
| Great-West Lifeco Inc. | -0.05 | 0.01 | 0.11 | 95 | Financial Services |
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