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
8 ETFs have low correlation with TRP.TO (below 0.3), 2 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 -0.07, down from 0.23 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) | -0.07 | 0.15 | 0.23 | 61 | S&P 500 | TRP.TO vs XSP.TO | |
| Purpose High Interest Savings Fund | -0.03 | 0.04 | 0.05 | 100 | Money Market | TRP.TO vs PSA.TO | |
| iShares Canadian Financial Monthly Income ETF | 0.03 | 0.25 | 0.31 | 93 | Canada Equities | TRP.TO vs FIE.TO | |
| Hamilton Canadian Financials YIELD MAXIMIZER ETF | 0.03 | 0.27 | — | 91 | Derivative Income | TRP.TO vs HMAX.TO | |
| iShares S&P/TSX Capped Financials Index ETF | 0.05 | 0.28 | 0.33 | 91 | Financials Equities | TRP.TO vs XFN.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 Mullen Group Ltd. (MTL.TO) (Industrials) with a 1Y correlation of -0.02, down from 0.20 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Mullen Group Ltd. | -0.02 | 0.13 | 0.20 | 94 | Industrials | |
| Power Corporation of Canada | -0.01 | 0.11 | 0.18 | 94 | Financial Services | |
| Brookfield Renewable Partners L.P | -0.01 | 0.18 | 0.17 | 85 | Utilities | |
| Celestica Inc. | 0.01 | 0.05 | 0.12 | 94 | Technology | |
| The Bank of Nova Scotia | 0.01 | 0.21 | 0.29 | 96 | Financial Services |
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