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BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) Diversifiers

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

The ETF seeks to replicate the performance of an equal weight global base metals companies index, net of expenses, by investing in global securities in the base metals industry, with U.S. dollar exposure hedged to the Canadian dollar.

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

Best Diversifiers for ZMT.TO

16 ETFs have low correlation with ZMT.TO (below 0.3), 9 of which are negatively correlated. The least correlated is Global X Equal Weight Canadian Pipelines Index ETF (PPLN.TO) (Energy Equities) with a 1Y correlation of -0.08, down from 0.31 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
PPLN.TO
Global X Equal Weight Canadian Pipelines Index ETF-0.080.110.31
77
Energy EquitiesZMT.TO vs PPLN.TO
NNRG.NEO
Ninepoint Energy ETF-0.080.180.34
79
Energy EquitiesZMT.TO vs NNRG.NEO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF-0.05——
70
Energy Equities, Derivative IncomeZMT.TO vs EMAX.TO
OILY.TO
Evolve Canadian Energy Enhanced Yield Index Fund E...-0.050.010.01
77
Energy EquitiesZMT.TO vs OILY.TO
ZWEN.TO
BMO Covered Call Energy ETF-0.040.17—
74
Energy EquitiesZMT.TO vs ZWEN.TO
See all 31 diversifiers for ZMT.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZMT.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZMT.TO and solid risk/return profiles. The least correlated is Enbridge Inc. (ENB.TO) (Energy) with a 1Y correlation of -0.12, down from 0.23 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
ENB.TO
Enbridge Inc.-0.120.060.23
81
Energy
CNR.TO
Canadian National Railway Company0.150.250.27
63
Industrials
CCO.TO
Cameco Corporation0.470.310.37
84
Energy

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Diversification Analysis

Build a portfolio that complements ZMT.TO

Add ZMT.TO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with ZMT.TO