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iShares Canadian Value Index ETF (XCV.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 4, 2026

XCV.TO is a passive ETF by iShares tracking the investment results of the Morningstar Canada GR CAD. XCV.TO launched on Nov 6, 2006 and has a 0.55% expense ratio.

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

Best Diversifiers for XCV.TO

5 ETFs have low correlation with XCV.TO (below 0.3), 0 of which are negatively correlated. The least correlated is BMO Money Market Fund ETF Series (ZMMK.TO) (Money Market) with a 1Y correlation of 0.05, roughly unchanged from 0.02 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
ZMMK.TO
BMO Money Market Fund ETF Series0.050.030.02
100
Money MarketXCV.TO vs ZMMK.TO
TEC.TO
TD Global Technology Leaders Index ETF0.230.260.31
58
Technology EquitiesXCV.TO vs TEC.TO
XEG.TO
iShares S&P/TSX Capped Energy Index ETF0.260.470.60
86
Energy EquitiesXCV.TO vs XEG.TO
ZVU.TO
BMO MSCI USA Value ETF0.290.330.39
97
Large Cap Value EquitiesXCV.TO vs ZVU.TO
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)0.290.350.40
66
Nasdaq-100XCV.TO vs XQQ.TO
See all 74 diversifiers for XCV.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from XCV.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to XCV.TO and solid risk/return profiles. The least correlated is Hydro One Limited (H.TO) (Utilities) with a 1Y correlation of 0.08, down from 0.19 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
H.TO
Hydro One Limited0.080.280.19
70
Utilities
CPX.TO
Capital Power Corporation0.130.290.26
68
Utilities
L.TO
Loblaw Companies Limited0.150.210.15
54
Consumer Defensive
POW.TO
Power Corporation of Canada0.190.320.43
94
Financial Services
BN.TO
Brookfield Corporation0.450.560.56
55
Financial Services

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Diversification Analysis

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