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iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) Diversifiers

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

iShares S&P/TSX Composite High Dividend Index ETF (XEI) seeks long-term capital growth by replicating the performance of the S&P/TSX Composite High Dividend Index, net of expenses. The fund provides exposure to a broadly diversified basket of higher-yielding Canadian dividend-paying stocks across financials, energy, utilities, communications, and other sectors. It distributes income monthly and is one of the largest dividend-focused ETFs listed on the Toronto Stock Exchange.

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

Best Diversifiers for XEI.TO

95 ETFs have low correlation with XEI.TO (below 0.3), 4 of which are negatively correlated. The least correlated is Purpose Global Bond Fund (BND.TO) (Global Bonds) with a 1Y correlation of -0.02, down from 0.20 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
BND.TO
Purpose Global Bond Fund-0.020.160.20
56
Global BondsXEI.TO vs BND.TO
XSB.TO
iShares Core Canadian Short Term Bond Index ETF-0.020.140.09
64
Short-Term Bond, Canadian Government BondsXEI.TO vs XSB.TO
ZST.TO
BMO Ultra Short-Term Bond ETF-0.010.110.08
56
Ultrashort BondXEI.TO vs ZST.TO
XFR.TO
iShares Floating Rate Index ETF-0.01-0.010.01
98
Canadian Government BondsXEI.TO vs XFR.TO
XSH.TO
iShares Core Canadian Short Term Corporate Bond In...0.000.170.11
73
Canadian Government BondsXEI.TO vs XSH.TO
See all 201 diversifiers for XEI.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from XEI.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to XEI.TO and solid risk/return profiles. The least correlated is Power Corporation of Canada (POW.TO) (Financial Services) with a 1Y correlation of 0.00, down from 0.39 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
POW.TO
Power Corporation of Canada0.000.230.39
97
Financial Services
H.TO
Hydro One Limited0.070.330.28
86
Utilities
BEP-UN.TO
Brookfield Renewable Partners L.P0.130.370.31
75
Utilities
CCO.TO
Cameco Corporation0.180.250.32
61
Energy
HBM.TO
Hudbay Minerals Inc.0.180.340.45
88
Basic Materials
See all 27 low-correlation stocks for XEI.TO

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Diversification Analysis

Build a portfolio that complements XEI.TO

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

Analyze a portfolio with XEI.TO