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BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) Diversifiers

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

The ETF aims to mirror the performance of the S&P/TSX Capped Composite Index by investing in the constituent securities in the same proportions as the Index. The Index comprises over 200 top Canadian stocks, representing about 95% of the Canadian equity market, with constituent securities subject to specific eligibility criteria and weight caps.

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

Best Diversifiers for ZCN.TO

14 ETFs have low correlation with ZCN.TO (below 0.3), 1 of which are negatively correlated. The least correlated is Global X 0-3 Month T-Bill ETF (CBIL.TO) (Canadian Government Bonds) with a 1Y correlation of -0.01, roughly unchanged from 0.02 over 3 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
CBIL.TO
Global X 0-3 Month T-Bill ETF-0.010.02—
99
Canadian Government BondsZCN.TO vs CBIL.TO
ZWEN.TO
BMO Covered Call Energy ETF0.020.31—
81
Energy EquitiesZCN.TO vs ZWEN.TO
XEG.TO
iShares S&P/TSX Capped Energy Index ETF0.040.350.48
89
Energy EquitiesZCN.TO vs XEG.TO
CASH.TO
Global X High Interest Savings ETF0.040.04—
100
Money MarketZCN.TO vs CASH.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...0.050.400.50
89
Derivative Income, Energy EquitiesZCN.TO vs ENCC.TO
See all 129 diversifiers for ZCN.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZCN.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZCN.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of 0.06, down from 0.44 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CNQ.TO
Canadian Natural Resources Limited0.060.320.44
88
Energy
ENB.TO
Enbridge Inc.0.070.370.48
85
Energy
TRP.TO
TC Energy Corporation0.130.350.41
91
Energy
CGI.TO
Canadian General Investments, Limited0.370.470.51
90
Financial Services
DFN.TO
Dividend 15 Split Corp.0.380.520.54
96
Financial Services
See all 11 low-correlation stocks for ZCN.TO

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Diversification Analysis

Build a portfolio that complements ZCN.TO

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

Analyze a portfolio with ZCN.TO