Looking to balance out your exposure to RY.TO? The ETFs below have the lowest correlation with RY.TO — they tend to move on their own, which can help reduce risk when RY.TO drops. The stock ideas table highlights individual companies that behave independently from RY.TO.
Best Diversifiers for RY.TO
2 ETFs have low correlation with RY.TO (below 0.3), 1 of which are negatively correlated. The least correlated is Global X High Interest Savings ETF (CASH.TO) (Money Market) with a 1Y correlation of -0.00, roughly unchanged from 0.02 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X High Interest Savings ETF | -0.00 | 0.02 | — | 100 | Money Market | RY.TO vs CASH.TO | |
| iShares Premium Money Market ETF | 0.03 | 0.01 | -0.00 | 99 | Money Market | RY.TO vs CMR.TO | |
| Franklin International Low Volatility High Dividen... | 0.33 | — | — | 67 | International Equity | RY.TO vs FLVI.NEO | |
| iShares S&P/TSX Composite High Dividend Index ETF | 0.39 | 0.59 | 0.64 | 98 | Canada Equities | RY.TO vs XEI.TO | |
| CI WisdomTree Japan Equity Index ETF | 0.40 | 0.31 | 0.24 | 88 | Japan Equities | RY.TO vs JAPN.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from RY.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to RY.TO and solid risk/return profiles. The least correlated is AltaGas Ltd. (ALA.TO) (Utilities) with a 1Y correlation of -0.17, down from 0.23 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| AltaGas Ltd. | -0.17 | 0.16 | 0.23 | 94 | Utilities | |
| ARC Resources Ltd. | -0.17 | 0.05 | 0.16 | 52 | Energy | |
| Suncor Energy Inc. | -0.15 | 0.10 | 0.22 | 96 | Energy | |
| Emera Incorporated | -0.14 | 0.16 | 0.12 | 83 | Utilities | |
| Canadian Natural Resources Limited | -0.14 | 0.11 | 0.24 | 88 | Energy |
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Build a portfolio that complements RY.TO
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