Looking to balance out your exposure to TPZ.TO? The ETFs below have the lowest correlation with TPZ.TO — they tend to move on their own, which can help reduce risk when TPZ.TO drops. The stock ideas table highlights individual companies that behave independently from TPZ.TO.
Best Diversifiers for TPZ.TO
1 ETFs have low correlation with TPZ.TO (below 0.3), 1 of which are negatively correlated. The least correlated is Vanguard S&P 500 Index ETF (VFV.TO) (S&P 500) with a 1Y correlation of -0.11, down from 0.16 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Vanguard S&P 500 Index ETF | -0.11 | 0.07 | 0.16 | 78 | S&P 500 | TPZ.TO vs VFV.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from TPZ.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to TPZ.TO and solid risk/return profiles. The least correlated is Fortis Inc. (FTS.TO) (Utilities) with a 1Y correlation of -0.01, roughly unchanged from -0.00 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Fortis Inc. | -0.01 | 0.01 | -0.00 | 82 | Utilities | |
| Canadian Pacific Railway Limited | 0.07 | 0.17 | 0.22 | 56 | Industrials | |
| TC Energy Corporation | 0.18 | 0.24 | 0.32 | 91 | Energy | |
| Enbridge Inc. | 0.24 | 0.24 | 0.35 | 85 | Energy | |
| AltaGas Ltd. | 0.32 | 0.24 | 0.28 | 94 | Utilities |
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