Looking to balance out your exposure to TRP.TO? The ETFs below have the lowest correlation with TRP.TO — they tend to move on their own, which can help reduce risk when TRP.TO drops. The stock ideas table highlights individual companies that behave independently from TRP.TO.
Best Diversifiers for TRP.TO
10 ETFs have low correlation with TRP.TO (below 0.3), 1 of which are negatively correlated. The least correlated is iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) (S&P 500) with a 1Y correlation of -0.13, down from 0.21 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Core S&P 500 Index ETF (CAD-Hedged) | -0.13 | 0.12 | 0.21 | 56 | S&P 500 | TRP.TO vs XSP.TO | |
| iShares Canadian Financial Monthly Income ETF | 0.01 | 0.22 | 0.30 | 94 | Financials Equities, Canada Equities | TRP.TO vs FIE.TO | |
| Purpose High Interest Savings Fund | 0.01 | 0.08 | 0.06 | 99 | Money Market | TRP.TO vs PSA.TO | |
| iShares Core Canadian Short Term Bond Index ETF | 0.02 | 0.11 | 0.07 | 64 | Short-Term Bond, Canadian Government Bonds | TRP.TO vs XSB.TO | |
| Hamilton Canadian Financials Yield Maximizer ETF | 0.03 | 0.26 | — | 96 | Derivative Income | TRP.TO vs HMAX.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from TRP.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to TRP.TO and solid risk/return profiles. The least correlated is Equitable Group Inc. (EQB.TO) (Financial Services) with a 1Y correlation of -0.08, down from 0.16 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Equitable Group Inc. | -0.08 | 0.10 | 0.16 | 80 | Financial Services | |
| Power Corporation of Canada | -0.03 | 0.09 | 0.16 | 97 | Financial Services | |
| Celestica Inc. | -0.03 | 0.04 | 0.10 | 85 | Technology | |
| Finning International Inc. | -0.02 | 0.12 | 0.18 | 91 | Industrials | |
| Mullen Group Ltd. | -0.01 | 0.12 | 0.20 | 98 | Industrials |
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