Looking to diversify beyond ZNQ.TO? The ETFs below have the lowest correlation with ZNQ.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 ZNQ.TO.
Best Diversifiers for ZNQ.TO
22 ETFs have low correlation with ZNQ.TO (below 0.3), 5 of which are negatively correlated. The least correlated is BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) (Energy Equities) with a 1Y correlation of -0.18, down from 0.08 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| BMO Equal Weight Oil & Gas Index ETF | -0.18 | 0.02 | 0.08 | 87 | Energy Equities | ZNQ.TO vs ZEO.TO | |
| BMO Covered Call Utilities ETF | -0.18 | -0.04 | 0.09 | 61 | Utilities Equities, Derivative Income | ZNQ.TO vs ZWU.TO | |
| BMO Covered Call Energy ETF | -0.16 | 0.01 | — | 74 | Energy Equities | ZNQ.TO vs ZWEN.TO | |
| iShares S&P/TSX Capped Energy Index ETF | -0.15 | 0.01 | 0.07 | 87 | Energy Equities | ZNQ.TO vs XEG.TO | |
| Global X High Interest Savings ETF | -0.06 | 0.04 | — | 100 | Money Market | ZNQ.TO vs CASH.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ZNQ.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZNQ.TO and solid risk/return profiles. The least correlated is Enbridge Inc. (ENB.TO) (Energy) with a 1Y correlation of -0.20, down from 0.05 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Enbridge Inc. | -0.20 | -0.04 | 0.05 | 82 | Energy | |
| Canadian Natural Resources Limited | -0.16 | 0.01 | 0.07 | 87 | Energy | |
| Cenovus Energy Inc. | -0.13 | 0.02 | 0.06 | 96 | Energy | |
| iA Financial Corporation Inc. | 0.26 | 0.28 | 0.28 | 69 | Financial Services | |
| The Toronto-Dominion Bank | 0.31 | 0.23 | 0.27 | 98 | Financial Services |
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