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
10 ETFs have low correlation with WCP.TO (below 0.3), 8 of which are negatively correlated.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| PIMCO Monthly Income Fund (Canada) | -0.27 | -0.10 | -0.03 | 55 | WCP.TO vs PMIF.TO | ||
| Evolve Canadian Banks and Lifecos Enhanced Yield I... | -0.18 | 0.09 | — | 97 | Derivative Income | WCP.TO vs BANK.TO | |
| BMO Covered Call Canadian Banks ETF | -0.11 | 0.11 | 0.25 | 97 | Financials Equities, Derivative Income, Options Trading | WCP.TO vs ZWB.TO | |
| RBC Canadian Bank Yield Index ETF | -0.11 | 0.12 | 0.24 | 97 | Financials Equities | WCP.TO vs RBNK.TO | |
| Global X Equal Weight Banks Index ETF | -0.11 | — | — | 98 | Financials Equities, Equal Weight | WCP.TO vs HBNK.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 -0.22, down from 0.14 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Exchange Income Corporation | -0.22 | 0.04 | 0.14 | 99 | Industrials | |
| iA Financial Corporation Inc. | -0.17 | 0.07 | 0.17 | 78 | Financial Services | |
| Algonquin Power & Utilities Corp. | -0.14 | 0.06 | 0.06 | 61 | Utilities | |
| Chartwell Retirement Residences | -0.14 | -0.02 | 0.07 | 80 | Real Estate | |
| IGM Financial Inc. | -0.09 | 0.09 | 0.17 | 97 | Financial Services |
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