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

ETF · Currency in CAD · Last updated Jun 4, 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

5 ETFs have low correlation with XCS.TO (below 0.3), 0 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 0.18, down from 0.53 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
XEG.TO
iShares S&P/TSX Capped Energy Index ETF0.180.410.53
86
Energy EquitiesXCS.TO vs XEG.TO
TLV.TO
Invesco S&P/TSX Composite Low Volatility Index ETF0.180.380.39
92
Canada EquitiesXCS.TO vs TLV.TO
HXH.TO
Global X Canadian High Dividend Index Corporate Cl...0.210.440.50
98
Canada EquitiesXCS.TO vs HXH.TO
TCLV.TO
TD Q Canadian Low Volatility ETF0.230.340.37
53
Canada EquitiesXCS.TO vs TCLV.TO
TEC.TO
TD Global Technology Leaders Index ETF0.290.310.36
58
Technology EquitiesXCS.TO vs TEC.TO
See all 65 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 0.33, roughly unchanged from 0.39 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CLS.TO
Celestica Inc.0.330.340.39
94
Technology

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Diversification Analysis

Build a portfolio that complements XCS.TO

Add XCS.TO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with XCS.TO