Looking to balance out your exposure to SHOP.TO? The ETFs below have the lowest correlation with SHOP.TO — they tend to move on their own, which can help reduce risk when SHOP.TO drops. The stock ideas table highlights individual companies that behave independently from SHOP.TO.
Best Diversifiers for SHOP.TO
2 ETFs have low correlation with SHOP.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 0.02 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X High Interest Savings ETF | 0.03 | 0.02 | — | 100 | Money Market | SHOP.TO vs CASH.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.21 | 0.27 | 0.28 | 98 | Dividend | SHOP.TO vs VDY.TO | |
| Global X Artificial Intelligence Semiconductor Ind... | 0.37 | 0.48 | — | 94 | Semiconductors, Technology Equities | SHOP.TO vs CHPS.TO | |
| Evolve Canadian Banks and Lifecos Enhanced Yield I... | 0.41 | 0.35 | — | 96 | Derivative Income | SHOP.TO vs BANK.TO | |
| BMO S&P 500 Index ETF | 0.49 | 0.56 | 0.58 | 72 | S&P 500 | SHOP.TO vs ZSP.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from SHOP.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to SHOP.TO and solid risk/return profiles. The least correlated is Fortis Inc. (FTS.TO) (Utilities) with a 1Y correlation of -0.31, down from -0.10 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Fortis Inc. | -0.31 | -0.13 | -0.10 | 79 | Utilities | |
| Enbridge Inc. | -0.27 | -0.05 | 0.05 | 81 | Energy | |
| Suncor Energy Inc. | -0.21 | -0.02 | 0.03 | 96 | Energy | |
| Loblaw Companies Limited | -0.07 | 0.04 | 0.03 | 54 | Consumer Defensive | |
| OceanaGold Corporation | 0.02 | 0.06 | 0.07 | 83 | Basic Materials |
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