Looking to diversify beyond XID.TO? The ETFs below have the lowest correlation with XID.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 XID.TO.
Best Diversifiers for XID.TO
5 ETFs have low correlation with XID.TO (below 0.3), 0 of which are negatively correlated. The least correlated is iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) (Canada Equities) with a 1Y correlation of 0.05, down from 0.19 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Composite High Dividend Index ETF | 0.05 | 0.19 | 0.19 | 98 | Canada Equities | XID.TO vs XEI.TO | |
| iShares Core MSCI Canadian Quality Dividend Index ... | 0.12 | 0.20 | 0.19 | 98 | Dividend, Large Cap Value Equities | XID.TO vs XDIV.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.16 | 0.23 | 0.22 | 98 | Dividend | XID.TO vs VDY.TO | |
| iShares Core S&P/TSX Capped Composite Index ETF | 0.29 | 0.30 | 0.28 | 80 | Canada Equities | XID.TO vs XIC.TO | |
| BMO S&P/TSX Capped Composite Index ETF | 0.29 | 0.30 | 0.28 | 80 | Canada Equities | XID.TO vs ZCN.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from XID.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to XID.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.15, down from 0.03 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | -0.15 | 0.01 | 0.03 | 86 | Energy | |
| Cameco Corporation | 0.13 | 0.12 | 0.14 | 84 | Energy | |
| Canadian National Railway Company | 0.13 | 0.17 | 0.19 | 63 | Industrials |
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