Looking to balance out your exposure to WFC.TO? The ETFs below have the lowest correlation with WFC.TO — they tend to move on their own, which can help reduce risk when WFC.TO drops. The stock ideas table highlights individual companies that behave independently from WFC.TO.
Best Diversifiers for WFC.TO
4 ETFs have low correlation with WFC.TO (below 0.3), 1 of which are negatively correlated. The least correlated is Global X U.S. Dollar Currency ETF (DLR.TO) (Currency) with a 1Y correlation of -0.10, roughly unchanged from -0.06 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X U.S. Dollar Currency ETF | -0.10 | -0.10 | -0.06 | 51 | Currency | WFC.TO vs DLR.TO | |
| Invesco NASDAQ 100 Index ETF CAD Hedged | 0.08 | 0.07 | 0.05 | 51 | Nasdaq-100 | WFC.TO vs QQC-F.TO | |
| iShares Core MSCI All Country World ex Canada Inde... | 0.10 | 0.07 | 0.06 | 81 | Global Equities | WFC.TO vs XAW.TO | |
| Vanguard FTSE Developed All Cap ex North America I... | 0.18 | 0.12 | 0.10 | 80 | International Equity | WFC.TO vs VI.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from WFC.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to WFC.TO and solid risk/return profiles. The least correlated is Royal Bank of Canada (RY.TO) (Financial Services) with a 1Y correlation of 0.06, roughly unchanged from 0.07 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Royal Bank of Canada | 0.06 | 0.08 | 0.07 | 99 | Financial Services | |
| Bombardier Inc | 0.07 | 0.06 | 0.03 | 93 | Industrials | |
| Chartwell Retirement Residences | 0.07 | 0.04 | 0.03 | 82 | Real Estate | |
| Alimentation Couche-Tard Inc. | 0.09 | 0.05 | 0.05 | 83 | Consumer Cyclical |
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