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iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) Diversifiers

ETF · Currency in CAD · Last updated Jul 16, 2026

XBM.TO is a passive ETF by iShares tracking the investment results of the Morningstar Can Natural Resource NR CAD. XBM.TO launched on Apr 12, 2011 and has a 0.60% expense ratio.

Looking to diversify beyond XBM.TO? The ETFs below have the lowest correlation with XBM.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 XBM.TO.

Best Diversifiers for XBM.TO

18 ETFs have low correlation with XBM.TO (below 0.3), 7 of which are negatively correlated. The least correlated is Global X Equal Weight Canadian Pipelines Index ETF (PPLN.TO) (Energy Equities) with a 1Y correlation of -0.08, down from 0.34 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
PPLN.TO
Global X Equal Weight Canadian Pipelines Index ETF-0.080.180.34
90
Energy Equities, Equal WeightXBM.TO vs PPLN.TO
HXE.TO
Global X S&P/TSX Capped Energy Index Corporate Cla...-0.060.230.37
77
Energy EquitiesXBM.TO vs HXE.TO
NNRG.NEO
Ninepoint Energy ETF-0.030.240.38
79
Energy EquitiesXBM.TO vs NNRG.NEO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF-0.03——
65
Energy Equities, Derivative IncomeXBM.TO vs EMAX.TO
OILY.TO
Evolve Canadian Energy Enhanced Yield Index Fund E...-0.03——
73
Energy EquitiesXBM.TO vs OILY.TO
See all 57 diversifiers for XBM.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from XBM.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to XBM.TO and solid risk/return profiles. The least correlated is Chemtrade Logistics Income Fund (CHE-UN.TO) (Basic Materials) with a 1Y correlation of 0.19, down from 0.37 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CHE-UN.TO
Chemtrade Logistics Income Fund0.190.310.37
88
Basic Materials
NEO.TO
Neo Performance Materials Inc.0.510.450.45
92
Basic Materials
PHYS.TO
Sprott Physical Gold Trust0.540.330.21
67
Financial Services
CCO.TO
Cameco Corporation0.580.450.47
61
Energy
PSLV.TO
Sprott Physical Silver Trust0.610.520.44
69
Basic Materials

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Diversification Analysis

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Analyze a portfolio with XBM.TO