Looking to diversify beyond ZLB.TO? The ETFs below have the lowest correlation with ZLB.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 ZLB.TO.
Best Diversifiers for ZLB.TO
55 ETFs have low correlation with ZLB.TO (below 0.3), 6 of which are negatively correlated. The least correlated is Ninepoint Energy ETF (NNRG.NEO) (Energy Equities) with a 1Y correlation of -0.20, down from 0.14 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Ninepoint Energy ETF | -0.20 | 0.02 | 0.14 | 80 | Energy Equities | ZLB.TO vs NNRG.NEO | |
| iShares S&P/TSX Capped Energy Index ETF | -0.13 | 0.04 | 0.15 | 80 | Energy Equities, Canada Equities | ZLB.TO vs XEG.TO | |
| BMO Covered Call Energy ETF | -0.08 | 0.05 | — | 83 | Energy Equities | ZLB.TO vs ZWEN.TO | |
| Purpose Credit Opportunities Fund | -0.07 | 0.12 | — | 96 | ZLB.TO vs CROP.TO | ||
| Picton Mahoney Fortified Income Alternative Fund | -0.06 | -0.00 | 0.02 | 58 | ZLB.TO vs PFIA.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ZLB.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZLB.TO and solid risk/return profiles. The least correlated is Cenovus Energy Inc. (CVE.TO) (Energy) with a 1Y correlation of -0.17, down from 0.09 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Cenovus Energy Inc. | -0.17 | -0.02 | 0.09 | 95 | Energy | |
| Canadian Natural Resources Limited | -0.14 | 0.05 | 0.15 | 84 | Energy | |
| Whitecap Resources Inc. | -0.13 | 0.02 | 0.11 | 93 | Energy | |
| Tourmaline Oil Corp. | -0.12 | 0.05 | 0.11 | 50 | Energy | |
| 5N Plus Inc. | 0.15 | 0.24 | 0.26 | 97 | Basic Materials |
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