Looking to diversify beyond XSP.TO? The ETFs below have the lowest correlation with XSP.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 XSP.TO.
Best Diversifiers for XSP.TO
13 ETFs have low correlation with XSP.TO (below 0.3), 2 of which are negatively correlated. The least correlated is iShares S&P/TSX Capped Energy Index ETF (XEG.TO) (Energy Equities) with a 1Y correlation of -0.14, down from 0.26 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Capped Energy Index ETF | -0.14 | 0.12 | 0.26 | 86 | Energy Equities | XSP.TO vs XEG.TO | |
| Global X High Interest Savings ETF | -0.03 | 0.05 | 0.02 | 100 | Money Market | XSP.TO vs CASH.TO | |
| iShares Premium Money Market ETF | 0.00 | 0.03 | 0.01 | 99 | Money Market | XSP.TO vs CMR.TO | |
| iShares S&P/TSX Capped Utilities Index ETF | 0.02 | 0.27 | 0.30 | 84 | Utilities Equities | XSP.TO vs XUT.TO | |
| Global X 0-3 Month T-Bill ETF | 0.02 | 0.04 | 0.03 | 99 | Canadian Government Bonds | XSP.TO vs CBIL.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from XSP.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to XSP.TO and solid risk/return profiles. The least correlated is Fortis Inc. (FTS.TO) (Utilities) with a 1Y correlation of -0.22, down from 0.05 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Fortis Inc. | -0.22 | 0.02 | 0.05 | 79 | Utilities | |
| Canadian Natural Resources Limited | -0.14 | 0.12 | 0.24 | 86 | Energy | |
| Enbridge Inc. | -0.14 | 0.11 | 0.24 | 81 | Energy | |
| BCE Inc. | -0.11 | -0.03 | 0.11 | 69 | Communication Services | |
| TC Energy Corporation | -0.07 | 0.15 | 0.23 | 89 | Energy |
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