Looking to balance out your exposure to PSLV.TO? The ETFs below have the lowest correlation with PSLV.TO — they tend to move on their own, which can help reduce risk when PSLV.TO drops. The stock ideas table highlights individual companies that behave independently from PSLV.TO.
Best Diversifiers for PSLV.TO
2 ETFs have low correlation with PSLV.TO (below 0.3), 0 of which are negatively correlated. The least correlated is iShares S&P/TSX Capped Energy Index ETF (XEG.TO) (Energy Equities) with a 1Y correlation of 0.04, roughly unchanged from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Capped Energy Index ETF | 0.04 | 0.12 | 0.12 | 87 | Energy Equities | PSLV.TO vs XEG.TO | |
| Invesco NASDAQ 100 Index ETF CAD Hedged | 0.19 | 0.15 | 0.09 | 71 | Nasdaq-100 | PSLV.TO vs QQC.TO | |
| iShares Core MSCI Emerging Markets IMI Index ETF | 0.39 | 0.35 | 0.29 | 73 | Emerging Markets Equities | PSLV.TO vs XEC.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PSLV.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PSLV.TO and solid risk/return profiles. The least correlated is Enbridge Inc. (ENB.TO) (Energy) with a 1Y correlation of 0.04, roughly unchanged from 0.08 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Enbridge Inc. | 0.04 | 0.06 | 0.08 | 85 | Energy | |
| Canadian National Railway Company | 0.10 | 0.10 | 0.09 | 67 | Industrials | |
| Sprott Inc | 0.51 | 0.48 | 0.44 | 89 | Financial Services | |
| Aris Gold Corporation | 0.54 | 0.55 | 0.53 | 88 | Basic Materials | |
| Torex Gold Resources Inc. | 0.60 | 0.57 | 0.57 | 54 | Basic Materials |
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