Looking to balance out your exposure to WJX.TO? The ETFs below have the lowest correlation with WJX.TO — they tend to move on their own, which can help reduce risk when WJX.TO drops. The stock ideas table highlights individual companies that behave independently from WJX.TO.
Best Diversifiers for WJX.TO
3 ETFs have low correlation with WJX.TO (below 0.3), 0 of which are negatively correlated. The least correlated is BMO S&P 500 Index ETF (ZSP.TO) (S&P 500) with a 1Y correlation of 0.27, roughly unchanged from 0.36 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| BMO S&P 500 Index ETF | 0.27 | 0.30 | 0.36 | 72 | S&P 500 | WJX.TO vs ZSP.TO | |
| RBC Canadian Bank Yield Index ETF | 0.28 | 0.34 | 0.39 | 96 | Financials Equities | WJX.TO vs RBNK.TO | |
| Vanguard FTSE Canada Index ETF | 0.29 | 0.40 | 0.47 | 72 | Canada Equities | WJX.TO vs VCE.TO | |
| Evolve Canadian Banks and Lifecos Enhanced Yield I... | 0.31 | 0.33 | — | 96 | Derivative Income | WJX.TO vs BANK.TO |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from WJX.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to WJX.TO and solid risk/return profiles. The least correlated is Whitecap Resources Inc. (WCP.TO) (Energy) with a 1Y correlation of -0.05, down from 0.22 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Whitecap Resources Inc. | -0.05 | 0.15 | 0.22 | 96 | Energy | |
| Loblaw Companies Limited | 0.01 | 0.11 | 0.08 | 54 | Consumer Defensive | |
| Power Corporation of Canada | 0.10 | 0.14 | 0.25 | 94 | Financial Services | |
| Kraken Robotics Inc | 0.11 | 0.09 | 0.11 | 92 | Technology | |
| Extendicare Inc. | 0.12 | 0.19 | 0.27 | 97 | Healthcare |
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