Looking to balance out your exposure to WSP.TO? The ETFs below have the lowest correlation with WSP.TO — they tend to move on their own, which can help reduce risk when WSP.TO drops. The stock ideas table highlights individual companies that behave independently from WSP.TO.
Best Diversifiers for WSP.TO
2 ETFs have low correlation with WSP.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Global X Artificial Intelligence Semiconductor Index ETF (CHPS.TO) (Semiconductors) with a 1Y correlation of 0.28, roughly unchanged from 0.36 over 3 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X Artificial Intelligence Semiconductor Ind... | 0.28 | 0.36 | — | 94 | Semiconductors, Technology Equities | WSP.TO vs CHPS.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.28 | 0.45 | 0.42 | 98 | Dividend | WSP.TO vs VDY.TO | |
| iShares Core MSCI Emerging Markets IMI Index ETF | 0.31 | 0.34 | 0.30 | 86 | Emerging Markets Equities | WSP.TO vs XEC.TO | |
| BMO Equal Weight Banks Index ETF | 0.37 | 0.48 | 0.44 | 96 | Financials Equities | WSP.TO vs ZEB.TO | |
| iShares NASDAQ 100 Index ETF (CAD-Hedged) | 0.39 | 0.44 | 0.44 | 66 | Nasdaq-100 | WSP.TO vs XQQ.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from WSP.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to WSP.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.14, down from 0.13 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | -0.14 | 0.09 | 0.13 | 86 | Energy | |
| AltaGas Ltd. | -0.13 | 0.14 | 0.21 | 92 | Utilities | |
| Enbridge Inc. | -0.07 | 0.20 | 0.22 | 81 | Energy | |
| CES Energy Solutions Corp. | -0.04 | 0.13 | 0.14 | 98 | Energy | |
| TC Energy Corporation | -0.02 | 0.20 | 0.19 | 89 | Energy |
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