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TD Canadian Bank Dividend Index ETF (TBNK.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 4, 2026

The TD Canadian Bank Dividend Index ETF seeks to track the performance of the Solactive Canadian Bank Dividend Index (CA NTR), investing in equity securities of the largest Canadian banks, with a focus on those with higher dividend growth.

Looking to diversify beyond TBNK.TO? The ETFs below have the lowest correlation with TBNK.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 TBNK.TO.

Best Diversifiers for TBNK.TO

3 ETFs have low correlation with TBNK.TO (below 0.3), 0 of which are negatively correlated. The least correlated is BMO Covered Call Utilities ETF (ZWU.TO) (Utilities Equities) with a 1Y correlation of 0.04, down from 0.34 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
ZWU.TO
BMO Covered Call Utilities ETF0.040.330.34
58
Utilities Equities, Derivative IncomeTBNK.TO vs ZWU.TO
TCSH.TO
TD Cash Management ETF0.100.060.06
99
Canadian Government BondsTBNK.TO vs TCSH.TO
TPRF.TO
TD Active Preferred Share ETF0.220.25—
96
Preferred Stock/Convertible BondsTBNK.TO vs TPRF.TO
TCSB.TO
TD Select Short Term Corporate Bond Ladder ETF0.320.190.17
57
Short-Term BondTBNK.TO vs TCSB.TO
TUEX.TO
TD Active U.S. Enhanced Dividend CAD Hedged ETF0.420.30—
50
Dividend, Large Cap Blend EquitiesTBNK.TO vs TUEX.TO
See all 44 diversifiers for TBNK.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from TBNK.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to TBNK.TO and solid risk/return profiles. The least correlated is National Bank of Canada (NA.TO) (Financial Services) with a 1Y correlation of 0.79, roughly unchanged from 0.73 over 3 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
NA.TO
National Bank of Canada0.790.73—
95
Financial Services
RY.TO
Royal Bank of Canada0.830.78—
97
Financial Services

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Diversification Analysis

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