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
4 ETFs have low correlation with WCN.TO (below 0.3), 0 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 0.02, down from 0.33 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Vanguard S&P 500 Index ETF | 0.02 | 0.23 | 0.33 | 74 | S&P 500 | WCN.TO vs VFV.TO | |
| iShares Core S&P/TSX Capped Composite Index ETF | 0.12 | 0.25 | 0.27 | 80 | Canada Equities | WCN.TO vs XIC.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.14 | 0.23 | 0.22 | 98 | Dividend | WCN.TO vs VDY.TO | |
| iShares S&P/TSX 60 Index ETF | 0.15 | 0.29 | 0.30 | 82 | Canada Equities | WCN.TO vs XIU.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 Cameco Corporation (CCO.TO) (Energy) with a 1Y correlation of -0.07, down from 0.10 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Cameco Corporation | -0.07 | 0.06 | 0.10 | 84 | Energy | |
| Toromont Industries Ltd. | -0.00 | 0.11 | 0.19 | 97 | Industrials | |
| The Toronto-Dominion Bank | 0.01 | 0.12 | 0.12 | 98 | Financial Services | |
| Brookfield Infrastructure Partners L.P | 0.01 | 0.19 | 0.20 | 76 | Utilities | |
| National Bank of Canada | 0.01 | 0.15 | 0.15 | 95 | Financial Services |
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