Looking to diversify beyond ZDI.TO? The ETFs below have the lowest correlation with ZDI.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 ZDI.TO.
Best Diversifiers for ZDI.TO
4 ETFs have low correlation with ZDI.TO (below 0.3), 2 of which are negatively correlated. The least correlated is iShares Premium Money Market ETF (CMR.TO) (Money Market) with a 1Y correlation of -0.01, roughly unchanged from 0.03 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares Premium Money Market ETF | -0.01 | 0.03 | 0.03 | 99 | Money Market | ZDI.TO vs CMR.TO | |
| Global X High Interest Savings ETF | -0.01 | 0.02 | — | 100 | Money Market | ZDI.TO vs CASH.TO | |
| BMO Money Market Fund ETF Series | 0.13 | 0.06 | — | 100 | Money Market | ZDI.TO vs ZMMK.TO | |
| iShares S&P/TSX Canadian Preferred Share Index ETF | 0.25 | 0.26 | 0.27 | 93 | Preferred Stock/Convertible Bonds | ZDI.TO vs CPD.TO | |
| Mackenzie International Equity Index ETF (CAD-Hedg... | 0.35 | 0.32 | 0.29 | 67 | International Equity | ZDI.TO vs QDXH.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ZDI.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZDI.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.08, down from 0.20 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | -0.08 | 0.15 | 0.20 | 88 | Energy | |
| Pembina Pipeline Corporation | -0.01 | 0.22 | 0.24 | 85 | Energy | |
| Fortis Inc. | 0.08 | 0.23 | 0.20 | 82 | Utilities | |
| Loblaw Companies Limited | 0.11 | 0.18 | 0.15 | 59 | Consumer Defensive | |
| Cameco Corporation | 0.24 | 0.28 | 0.30 | 84 | Energy |
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