Looking to diversify beyond PMIF.TO? The ETFs below have the lowest correlation with PMIF.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 PMIF.TO.
Best Diversifiers for PMIF.TO
15 ETFs have low correlation with PMIF.TO (below 0.3), 3 of which are negatively correlated. The least correlated is Ninepoint Energy ETF (NNRG.NEO) (Energy Equities) with a 1Y correlation of -0.35, down from -0.02 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Ninepoint Energy ETF | -0.35 | -0.10 | -0.02 | 64 | Energy Equities | PMIF.TO vs NNRG.NEO | |
| PIMCO Global Short Maturity Fund (Canada) | -0.06 | -0.03 | 0.01 | 78 | PMIF.TO vs PMNT.TO | ||
| Global X High Interest Savings ETF | -0.02 | 0.03 | — | 99 | Money Market | PMIF.TO vs CASH.TO | |
| BMO Money Market Fund ETF Series | 0.00 | -0.01 | 0.01 | 99 | Money Market | PMIF.TO vs ZMMK.TO | |
| Picton Mahoney Fortified Income Alternative Fund | 0.02 | 0.03 | 0.08 | 52 | PMIF.TO vs PFIA.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PMIF.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PMIF.TO and solid risk/return profiles. The least correlated is Whitecap Resources Inc. (WCP.TO) (Energy) with a 1Y correlation of -0.27, down from -0.02 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Whitecap Resources Inc. | -0.27 | -0.10 | -0.02 | 94 | Energy |
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