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iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 5, 2026

XHY.TO is a passive ETF by iShares tracking the investment results of the Morningstar Gbl HY Bd GR CAD. XHY.TO launched on Jan 21, 2010 and has a 0.56% expense ratio.

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

Best Diversifiers for XHY.TO

8 ETFs have low correlation with XHY.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Global X High Interest Savings ETF (CASH.TO) (Money Market) with a 1Y correlation of 0.02, roughly unchanged from 0.05 over 3 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
CASH.TO
Global X High Interest Savings ETF0.020.05—
100
Money MarketXHY.TO vs CASH.TO
XFR.TO
iShares Floating Rate Index ETF0.030.010.01
98
Canadian Government BondsXHY.TO vs XFR.TO
ZPR.TO
BMO Laddered Preferred Share Index ETF0.160.200.26
96
Preferred Stock/Convertible BondsXHY.TO vs ZPR.TO
RPF.TO
RBC Canadian Preferred Share ETF0.160.150.21
97
Preferred Stock/Convertible BondsXHY.TO vs RPF.TO
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF0.180.340.37
98
Canada EquitiesXHY.TO vs XEI.TO
See all 25 diversifiers for XHY.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from XHY.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to XHY.TO and solid risk/return profiles. The least correlated is BCE Inc. (BCE.TO) (Communication Services) with a 1Y correlation of -0.02, down from 0.14 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
BCE.TO
BCE Inc.-0.020.080.14
68
Communication Services

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Diversification Analysis

Build a portfolio that complements XHY.TO

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

Analyze a portfolio with XHY.TO