Looking to diversify beyond PID.TO? The ETFs below have the lowest correlation with PID.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from PID.TO.
Best Diversifiers for PID.TO
2 ETFs have low correlation with PID.TO (below 0.3), 0 of which are negatively correlated. The least correlated is iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) (Preferred Stock) with a 1Y correlation of 0.18, roughly unchanged from 0.20 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Canadian Preferred Share Index ETF | 0.18 | 0.17 | 0.20 | 95 | Preferred Stock | PID.TO vs CPD.TO | |
| Purpose Multi-Asset Income Fund | 0.29 | 0.33 | 0.36 | 97 | Derivative Income, Dividend, Tactical Allocation, Diversified Portfolio | PID.TO vs PINC.TO | |
| Purpose Diversified Real Asset Fund | 0.36 | 0.35 | 0.35 | 95 | Diversified Portfolio, Global Allocation, Natural Resources, Actively Managed | PID.TO vs PRA.TO | |
| iShares Core MSCI Canadian Quality Dividend Index ... | 0.41 | 0.41 | 0.42 | 98 | Quality Factor, Dividend, Large Cap Value Equities | PID.TO vs XDIV.TO | |
| Invesco NASDAQ 100 Index ETF CAD Hedged | 0.45 | 0.39 | 0.42 | 57 | Nasdaq-100 | PID.TO vs QQC.TO |
See all 15 diversifiers for PID.TO
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