Looking to diversify beyond UTES.TO? The ETFs below have the lowest correlation with UTES.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 UTES.TO.
Best Diversifiers for UTES.TO
44 ETFs have low correlation with UTES.TO (below 0.3), 30 of which are negatively correlated.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Evolve NASDAQ Technology Index Fund CAD Hedged | -0.34 | — | — | 82 | Nasdaq-100, Technology Equities | UTES.TO vs QQQT.TO | |
| Evolve NASDAQ Technology Enhanced Yield Index Fund | -0.34 | — | — | 77 | Nasdaq-100, Derivative Income | UTES.TO vs QQQY.TO | |
| BMO NASDAQ 100 Equity (CAD Hedged) | -0.27 | — | — | 67 | Nasdaq-100 | UTES.TO vs ZQQ.TO | |
| Global X NASDAQ-100 Covered Call ETF | -0.25 | — | — | 82 | Nasdaq-100, Derivative Income | UTES.TO vs QQCC.TO | |
| Global X Enhanced NASDAQ-100 Covered Call ETF | -0.25 | — | — | 81 | Nasdaq-100, Derivative Income | UTES.TO vs QQCL.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from UTES.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to UTES.TO and solid risk/return profiles. The least correlated is Hydro One Limited (H.TO) (Utilities) with a 1Y correlation of 0.53, roughly unchanged from 0.60 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Hydro One Limited | 0.53 | 0.60 | 0.60 | 70 | Utilities |
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