Looking to balance out your exposure to PXT.TO? The ETFs below have the lowest correlation with PXT.TO — they tend to move on their own, which can help reduce risk when PXT.TO drops. The stock ideas table highlights individual companies that behave independently from PXT.TO.
Best Diversifiers for PXT.TO
2 ETFs have low correlation with PXT.TO (below 0.3), 2 of which are negatively correlated. The least correlated is Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) (Derivative Income) with a 1Y correlation of -0.23, down from 0.03 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Evolve Canadian Banks and Lifecos Enhanced Yield I... | -0.23 | 0.03 | — | 96 | Derivative Income | PXT.TO vs BANK.TO | |
| Vanguard S&P 500 Index ETF | -0.13 | -0.01 | 0.05 | 74 | S&P 500 | PXT.TO vs VFV.TO | |
| iShares S&P/TSX Composite High Dividend Index ETF | 0.33 | 0.35 | 0.41 | 98 | Canada Equities | PXT.TO vs XEI.TO | |
| iShares S&P/TSX Capped Energy Index ETF | 0.68 | 0.61 | 0.64 | 86 | Energy Equities | PXT.TO vs XEG.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PXT.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PXT.TO and solid risk/return profiles. The least correlated is SmartCentres Real Estate Investment Trust (SRU-UN.TO) (Real Estate) with a 1Y correlation of -0.16, down from 0.08 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| SmartCentres Real Estate Investment Trust | -0.16 | 0.02 | 0.08 | 82 | Real Estate | |
| South Bow Corp | 0.13 | — | — | 90 | Energy | |
| Frontera Energy Corporation | 0.29 | 0.38 | 0.42 | 95 | Energy | |
| Peyto Exploration & Development Corp. | 0.43 | 0.44 | 0.47 | 77 | Energy | |
| Freehold Royalties Ltd. | 0.56 | 0.50 | 0.54 | 93 | Energy |
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