Looking to diversify beyond XAW.TO? The ETFs below have the lowest correlation with XAW.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from XAW.TO.
Best Diversifiers for XAW.TO
11 ETFs have low correlation with XAW.TO (below 0.3), 3 of which are negatively correlated. The least correlated is iShares S&P/TSX Capped Energy Index ETF (XEG.TO) (Energy Equities) with a 1Y correlation of -0.14, down from 0.20 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Capped Energy Index ETF | -0.14 | 0.11 | 0.20 | 86 | Energy Equities | XAW.TO vs XEG.TO | |
| Global X High Interest Savings ETF | -0.00 | 0.06 | — | 100 | Money Market | XAW.TO vs CASH.TO | |
| Global X 0-3 Month T-Bill ETF | -0.00 | 0.04 | — | 99 | Canadian Government Bonds | XAW.TO vs CBIL.TO | |
| iShares Premium Money Market ETF | 0.02 | 0.05 | 0.04 | 99 | Money Market | XAW.TO vs CMR.TO | |
| Purpose High Interest Savings Fund | 0.11 | 0.08 | 0.06 | 100 | Money Market | XAW.TO vs PSA.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from XAW.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to XAW.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.15, down from 0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | -0.15 | 0.11 | 0.18 | 86 | Energy | |
| Emera Incorporated | -0.13 | 0.06 | 0.10 | 79 | Utilities | |
| Fortis Inc. | -0.13 | 0.07 | 0.08 | 79 | Utilities | |
| Enbridge Inc. | -0.11 | 0.13 | 0.23 | 81 | Energy | |
| BCE Inc. | -0.07 | 0.01 | 0.13 | 69 | Communication Services |
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