Looking to diversify beyond QQCL.TO? The ETFs below have the lowest correlation with QQCL.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 QQCL.TO.
Best Diversifiers for QQCL.TO
36 ETFs have low correlation with QQCL.TO (below 0.3), 10 of which are negatively correlated.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Evolve Canadian Utilities Enhanced Yield Index Fun... | -0.25 | — | — | 75 | Derivative Income | QQCL.TO vs UTES.TO | |
| Global X Equal Weight Canadian Pipelines Index ETF | -0.20 | — | — | 77 | Energy Equities | QQCL.TO vs PPLN.TO | |
| Global X Canadian Oil and Gas Equity Covered Call ... | -0.19 | — | — | 85 | Derivative Income, Energy Equities | QQCL.TO vs ENCC.TO | |
| Global X Enhanced Canadian Oil and Gas Equity Cove... | -0.18 | — | — | 85 | Oil & Gas, Derivative Income | QQCL.TO vs ENCL.TO | |
| BMO Covered Call Utilities ETF | -0.17 | — | — | 58 | Utilities Equities, Derivative Income | QQCL.TO vs ZWU.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from QQCL.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to QQCL.TO and solid risk/return profiles. The least correlated is Enbridge Inc. (ENB.TO) (Energy) with a 1Y correlation of -0.21, down from -0.05 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Enbridge Inc. | -0.21 | -0.05 | -0.05 | 81 | Energy | |
| Canadian Natural Resources Limited | -0.17 | 0.06 | 0.06 | 86 | Energy | |
| Power Corporation of Canada | 0.18 | — | — | 94 | Financial Services | |
| The Bank of Nova Scotia | 0.31 | 0.27 | 0.27 | 96 | Financial Services | |
| The Toronto-Dominion Bank | 0.34 | 0.29 | 0.29 | 98 | Financial Services |
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