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BMO MSCI Europe High Quality Hedged to CAD Index ETF (ZEQ.TO) Diversifiers

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

The ETF seeks to replicate, to the extent possible, the performance of the MSCI Europe Quality 100% Hedged to CAD Index, net of expenses. The Index is a factor-based European equity index that screens for quality companies based on three main fundamental variables: high return on equity, stable year-over-year earnings growth, and low financial leverage.

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

Best Diversifiers for ZEQ.TO

3 ETFs have low correlation with ZEQ.TO (below 0.3), 1 of which are negatively correlated. The least correlated is Global X High Interest Savings ETF (CASH.TO) (Money Market) with a 1Y correlation of -0.08, roughly unchanged from -0.01 over 3 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
CASH.TO
Global X High Interest Savings ETF-0.08-0.01—
100
Money MarketZEQ.TO vs CASH.TO
HSAV.TO
Global X Cash Maximizer Corporate Class ETF0.080.060.05
66
Bank LoanZEQ.TO vs HSAV.TO
ZMMK.TO
BMO Money Market Fund ETF Series0.160.05—
100
Money MarketZEQ.TO vs ZMMK.TO
ZLB.TO
BMO Low Volatility Canadian Equity ETF0.450.510.55
54
Canada EquitiesZEQ.TO vs ZLB.TO
ZNQ.TO
BMO NASDAQ 100 Equity Index ETF0.450.470.55
74
Nasdaq-100ZEQ.TO vs ZNQ.TO
See all 18 diversifiers for ZEQ.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZEQ.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZEQ.TO and solid risk/return profiles. The least correlated is Power Corporation of Canada (POW.TO) (Financial Services) with a 1Y correlation of 0.18, down from 0.33 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
POW.TO
Power Corporation of Canada0.180.230.33
94
Financial Services

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Diversification Analysis

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