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
6 ETFs have low correlation with WCP.TO (below 0.3), 5 of which are negatively correlated. The least correlated is Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) (Derivative Income) with a 1Y correlation of -0.18, down from 0.11 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Evolve Canadian Banks and Lifecos Enhanced Yield I... | -0.18 | 0.11 | — | 96 | Derivative Income | WCP.TO vs BANK.TO | |
| RBC Canadian Bank Yield Index ETF | -0.11 | 0.15 | 0.25 | 96 | Financials Equities | WCP.TO vs RBNK.TO | |
| BMO Covered Call Canadian Banks ETF | -0.10 | 0.14 | 0.26 | 96 | Financials Equities | WCP.TO vs ZWB.TO | |
| Evolve Active Canadian Preferred Share Fund | -0.06 | 0.01 | 0.10 | 89 | WCP.TO vs DIVS.TO | ||
| Vanguard FTSE Canada Index ETF | -0.00 | 0.25 | 0.38 | 80 | Canada Equities | WCP.TO vs VCE.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 -0.23, down from 0.14 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Exchange Income Corporation | -0.23 | 0.05 | 0.14 | 98 | Industrials | |
| iA Financial Corporation Inc. | -0.15 | 0.09 | 0.18 | 72 | Financial Services | |
| IGM Financial Inc. | -0.09 | 0.10 | 0.18 | 97 | Financial Services | |
| NorthWest Healthcare Properties Real Estate Invest... | -0.09 | 0.09 | 0.17 | 72 | Real Estate | |
| Canadian National Railway Company | -0.09 | 0.12 | 0.14 | 64 | Industrials |
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