Looking to balance out your exposure to WCP.TO? The ETFs below have the lowest correlation with WCP.TO — they tend to move on their own, which can help reduce risk when WCP.TO drops. The stock ideas table highlights individual companies that behave independently from WCP.TO.
Best Diversifiers for WCP.TO
14 ETFs have low correlation with WCP.TO (below 0.3), 11 of which are negatively correlated. The least correlated is iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) (Canadian Government Bonds) with a 1Y correlation of -0.27, down from -0.10 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Core Canadian Short Term Corporate Bond In... | -0.27 | -0.13 | -0.10 | 71 | Canadian Government Bonds | WCP.TO vs XSH.TO | |
| PIMCO Monthly Income Fund (Canada) | -0.25 | -0.10 | -0.02 | 52 | WCP.TO vs PMIF.TO | ||
| Evolve Canadian Banks and Lifecos Enhanced Yield I... | -0.19 | 0.07 | — | 98 | Derivative Income | WCP.TO vs BANK.TO | |
| Global X Equal Weight Banks Index ETF | -0.13 | 0.09 | — | 98 | Financials Equities, Equal Weight | WCP.TO vs HBNK.TO | |
| BMO Low Volatility Canadian Equity ETF | -0.13 | 0.02 | 0.11 | 57 | Canada Equities | WCP.TO vs ZLB.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from WCP.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to WCP.TO and solid risk/return profiles. The least correlated is Exchange Income Corporation (EIF.TO) (Industrials) with a 1Y correlation of -0.21, down from 0.13 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Exchange Income Corporation | -0.21 | 0.04 | 0.13 | 98 | Industrials | |
| iA Financial Corporation Inc. | -0.21 | 0.05 | 0.16 | 86 | Financial Services | |
| Chartwell Retirement Residences | -0.14 | -0.03 | 0.06 | 82 | Real Estate | |
| Algonquin Power & Utilities Corp. | -0.13 | 0.06 | 0.06 | 51 | Utilities | |
| IGM Financial Inc. | -0.12 | 0.06 | 0.16 | 99 | Financial Services |
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