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iShares S&P/TSX Capped Materials Index ETF (XMA.TO) Diversifiers

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

XMA.TO is a passive ETF by iShares tracking the investment results of the S&P/TSX Capped Materials TR. XMA.TO launched on Dec 19, 2005 and has a 0.60% expense ratio.

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

Best Diversifiers for XMA.TO

7 ETFs have low correlation with XMA.TO (below 0.3), 2 of which are negatively correlated. The least correlated is Purpose High Interest Savings Fund (PSA.TO) (Money Market) with a 1Y correlation of -0.07, roughly unchanged from 0.01 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
PSA.TO
Purpose High Interest Savings Fund-0.070.000.01
100
Money MarketXMA.TO vs PSA.TO
XEG.TO
iShares S&P/TSX Capped Energy Index ETF-0.010.210.31
86
Energy EquitiesXMA.TO vs XEG.TO
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ...0.190.360.40
98
Dividend, Large Cap Value EquitiesXMA.TO vs XDIV.TO
ZUT.TO
BMO Equal Weight Utilities Index ETF0.240.310.31
65
Utilities EquitiesXMA.TO vs ZUT.TO
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF0.250.410.47
98
Canada EquitiesXMA.TO vs XEI.TO
See all 25 diversifiers for XMA.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from XMA.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to XMA.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.05, down from 0.29 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CNQ.TO
Canadian Natural Resources Limited-0.050.190.29
86
Energy
FTS.TO
Fortis Inc.0.030.160.15
79
Utilities
ENB.TO
Enbridge Inc.0.040.190.27
81
Energy
TRP.TO
TC Energy Corporation0.100.210.24
89
Energy
CNR.TO
Canadian National Railway Company0.170.220.23
63
Industrials
See all 9 low-correlation stocks for XMA.TO

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Diversification Analysis

Build a portfolio that complements XMA.TO

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

Analyze a portfolio with XMA.TO