Looking to diversify beyond ZGD.TO? The ETFs below have the lowest correlation with ZGD.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 ZGD.TO.
Best Diversifiers for ZGD.TO
13 ETFs have low correlation with ZGD.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 -0.06, down from 0.16 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| iShares S&P/TSX Capped Energy Index ETF | -0.06 | 0.10 | 0.16 | 89 | Energy Equities | ZGD.TO vs XEG.TO | |
| Global X High Interest Savings ETF | -0.05 | -0.03 | — | 100 | Money Market | ZGD.TO vs CASH.TO | |
| BMO Money Market Fund ETF Series | 0.06 | 0.01 | — | 100 | Money Market | ZGD.TO vs ZMMK.TO | |
| iShares Core MSCI Canadian Quality Dividend Index ... | 0.13 | 0.23 | 0.24 | 98 | Dividend, Large Cap Value Equities | ZGD.TO vs XDIV.TO | |
| Arrow EC Income Advantage Alternative Fund | 0.14 | 0.04 | 0.02 | 58 | ZGD.TO vs RATE.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ZGD.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZGD.TO and solid risk/return profiles. The least correlated is Enbridge Inc. (ENB.TO) (Energy) with a 1Y correlation of 0.02, down from 0.19 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Enbridge Inc. | 0.02 | 0.14 | 0.19 | 85 | Energy | |
| Canadian National Railway Company | 0.15 | 0.10 | 0.11 | 64 | Industrials | |
| Cameco Corporation | 0.42 | 0.30 | 0.30 | 84 | Energy | |
| Americas Gold and Silver Corporation | 0.71 | 0.56 | 0.55 | 83 | Basic Materials | |
| Aya Gold & Silver Inc. | 0.77 | 0.63 | 0.58 | 76 | Basic Materials |
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