Looking to diversify beyond ZAG.TO? The ETFs below have the lowest correlation with ZAG.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 ZAG.TO.
Best Diversifiers for ZAG.TO
89 ETFs have low correlation with ZAG.TO (below 0.3), 7 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 -0.34, down from -0.14 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Capped Energy Index ETF | -0.34 | -0.15 | -0.14 | 86 | Energy Equities | ZAG.TO vs XEG.TO | |
| BMO Covered Call Energy ETF | -0.29 | -0.13 | — | 74 | Energy Equities | ZAG.TO vs ZWEN.TO | |
| Global X Canadian Oil and Gas Equity Covered Call ... | -0.25 | -0.10 | -0.10 | 85 | Derivative Income, Energy Equities | ZAG.TO vs ENCC.TO | |
| BMO Equal Weight Oil & Gas Index ETF | -0.25 | -0.10 | -0.10 | 86 | Energy Equities | ZAG.TO vs ZEO.TO | |
| CI Auspice Broad Commodity Fund ETF Hedged Units | -0.12 | -0.02 | — | 70 | Commodities | ZAG.TO vs CCOM.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ZAG.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZAG.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.29, down from -0.11 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | -0.29 | -0.11 | -0.11 | 86 | Energy | |
| Enbridge Inc. | 0.08 | 0.14 | 0.10 | 81 | Energy | |
| Celestica Inc. | 0.11 | -0.00 | 0.01 | 94 | Technology | |
| The Toronto-Dominion Bank | 0.15 | 0.12 | 0.04 | 98 | Financial Services | |
| Canadian Imperial Bank of Commerce | 0.18 | 0.15 | 0.08 | 96 | Financial Services |
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