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
41 ETFs have low correlation with ZLB.TO (below 0.3), 5 of which are negatively correlated. The least correlated is Ninepoint Energy ETF (NNRG.NEO) (Energy Equities) with a 1Y correlation of -0.17, down from 0.15 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Ninepoint Energy ETF | -0.17 | 0.04 | 0.15 | 79 | Energy Equities | ZLB.TO vs NNRG.NEO | |
| iShares S&P/TSX Capped Energy Index ETF | -0.12 | 0.06 | 0.16 | 86 | Energy Equities | ZLB.TO vs XEG.TO | |
| BMO Covered Call Energy ETF | -0.07 | 0.07 | — | 74 | Energy Equities | ZLB.TO vs ZWEN.TO | |
| Purpose Credit Opportunities Fund | -0.07 | 0.12 | — | 94 | ZLB.TO vs CROP.TO | ||
| BMO Equal Weight Oil & Gas Index ETF | -0.03 | 0.15 | 0.24 | 86 | Energy Equities | ZLB.TO vs ZEO.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 Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.11, down from 0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | -0.11 | 0.09 | 0.18 | 86 | Energy | |
| MDA Space Ltd. | 0.16 | 0.23 | 0.26 | 75 | Industrials | |
| Enbridge Inc. | 0.25 | 0.40 | 0.43 | 81 | Energy | |
| Hudbay Minerals Inc. | 0.27 | 0.30 | 0.33 | 95 | Basic Materials | |
| Dividend 15 Split Corp. | 0.33 | 0.45 | 0.44 | 96 | Financial Services |
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