Looking to balance out your exposure to WCN.TO? The ETFs below have the lowest correlation with WCN.TO — they tend to move on their own, which can help reduce risk when WCN.TO drops. The stock ideas table highlights individual companies that behave independently from WCN.TO.
Best Diversifiers for WCN.TO
5 ETFs have low correlation with WCN.TO (below 0.3), 2 of which are negatively correlated. The least correlated is iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) (Global Equities) with a 1Y correlation of -0.06, down from 0.25 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Core MSCI All Country World ex Canada Inde... | -0.06 | 0.16 | 0.25 | 82 | Global Equities | WCN.TO vs XAW.TO | |
| Vanguard S&P 500 Index ETF | -0.05 | 0.18 | 0.30 | 79 | S&P 500 | WCN.TO vs VFV.TO | |
| iShares Core S&P/TSX Capped Composite Index ETF | 0.07 | 0.23 | 0.26 | 90 | Canada Equities | WCN.TO vs XIC.TO | |
| iShares S&P/TSX 60 Index ETF | 0.11 | 0.27 | 0.29 | 92 | Canada Equities | WCN.TO vs XIU.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.13 | 0.22 | 0.21 | 99 | Dividend | WCN.TO vs VDY.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from WCN.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to WCN.TO and solid risk/return profiles. The least correlated is Capital Power Corporation (CPX.TO) (Utilities) with a 1Y correlation of -0.16, down from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Capital Power Corporation | -0.16 | 0.03 | 0.12 | 69 | Utilities | |
| Cameco Corporation | -0.16 | 0.04 | 0.08 | 59 | Energy | |
| The Bank of Nova Scotia | -0.13 | 0.07 | 0.10 | 98 | Financial Services | |
| The Toronto-Dominion Bank | -0.06 | 0.08 | 0.10 | 99 | Financial Services | |
| Toromont Industries Ltd. | -0.01 | 0.09 | 0.18 | 97 | Industrials |
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