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iShares S&P/TSX SmallCap Index ETF (XCS.TO) Diversifiers

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

XCS.TO is a passive ETF by iShares tracking the investment results of the Morningstar Canada Sml GR CAD. XCS.TO launched on May 14, 2007 and has a 0.60% expense ratio.

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

Best Diversifiers for XCS.TO

9 ETFs have low correlation with XCS.TO (below 0.3), 1 of which are negatively correlated. The least correlated is Purpose High Interest Savings Fund (PSA.TO) (Money Market) with a 1Y correlation of -0.02, roughly unchanged from 0.04 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
PSA.TO
Purpose High Interest Savings Fund-0.020.020.04
99
Money MarketXCS.TO vs PSA.TO
XHB.TO
iShares Canadian HYBrid Corporate Bond Index ETF0.110.120.08
63
Corporate BondsXCS.TO vs XHB.TO
VSB.TO
Vanguard Canadian Short Term Bond0.120.120.12
62
Canadian Government BondsXCS.TO vs VSB.TO
XEG.TO
iShares S&P/TSX Capped Energy Index ETF0.170.380.51
78
Energy Equities, Canada EquitiesXCS.TO vs XEG.TO
TCLV.TO
TD Q Canadian Low Volatility ETF0.190.320.36
85
Canada EquitiesXCS.TO vs TCLV.TO
See all 74 diversifiers for XCS.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from XCS.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to XCS.TO and solid risk/return profiles. The least correlated is Celestica Inc. (CLS.TO) (Technology) with a 1Y correlation of 0.36, roughly unchanged from 0.39 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CLS.TO
Celestica Inc.0.360.340.39
85
Technology

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Diversification Analysis

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