Looking to balance out your exposure to PZA.TO? The ETFs below have the lowest correlation with PZA.TO — they tend to move on their own, which can help reduce risk when PZA.TO drops. The stock ideas table highlights individual companies that behave independently from PZA.TO.
Best Diversifiers for PZA.TO
3 ETFs have low correlation with PZA.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Global X High Interest Savings ETF (CASH.TO) (Money Market) with a 1Y correlation of 0.03, roughly unchanged from -0.03 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X High Interest Savings ETF | 0.03 | -0.03 | — | 100 | Money Market | PZA.TO vs CASH.TO | |
| iShares Canadian Financial Monthly Income ETF | 0.29 | 0.38 | 0.43 | 94 | Financials Equities, Canada Equities | PZA.TO vs FIE.TO | |
| Vanguard FTSE Canada All Cap Index ETF | 0.29 | 0.40 | 0.45 | 88 | Canada Equities | PZA.TO vs VCN.TO | |
| iShares Core Equity ETF Portfolio | 0.34 | 0.37 | 0.42 | 84 | Global Equities | PZA.TO vs XEQT.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PZA.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PZA.TO and solid risk/return profiles. The least correlated is Alimentation Couche-Tard Inc. (ATD.TO) (Consumer Cyclical) with a 1Y correlation of 0.19, roughly unchanged from 0.19 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Alimentation Couche-Tard Inc. | 0.19 | 0.17 | 0.19 | 72 | Consumer Cyclical | |
| Restaurant Brands International Inc. | 0.21 | 0.25 | 0.24 | 64 | Consumer Cyclical | |
| B2Gold Corp. | 0.22 | 0.20 | 0.16 | 54 | Basic Materials | |
| Exchange Income Corporation | 0.28 | 0.33 | 0.37 | 98 | Industrials |
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