Looking to diversify beyond ZPAY.TO? The ETFs below have the lowest correlation with ZPAY.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 ZPAY.TO.
Best Diversifiers for ZPAY.TO
3 ETFs have low correlation with ZPAY.TO (below 0.3), 1 of which are negatively correlated. The least correlated is BMO Covered Call Utilities ETF (ZWU.TO) (Utilities Equities) with a 1Y correlation of -0.02, down from 0.17 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| BMO Covered Call Utilities ETF | -0.02 | 0.06 | 0.17 | 58 | Utilities Equities, Derivative Income | ZPAY.TO vs ZWU.TO | |
| BMO Money Market Fund ETF Series | 0.04 | 0.03 | 0.01 | 100 | Money Market | ZPAY.TO vs ZMMK.TO | |
| BMO Laddered Preferred Share Index ETF | 0.22 | 0.15 | 0.15 | 97 | Preferred Stock/Convertible Bonds | ZPAY.TO vs ZPR.TO | |
| Vanguard FTSE Canadian High Dividend Yield Index E... | 0.31 | 0.25 | 0.27 | 98 | Dividend | ZPAY.TO vs VDY.TO | |
| BMO CA High Dividend Covered Call ETF | 0.34 | 0.27 | 0.32 | 92 | Derivative Income | ZPAY.TO vs ZWC.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ZPAY.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZPAY.TO and solid risk/return profiles. The least correlated is Enbridge Inc. (ENB.TO) (Energy) with a 1Y correlation of -0.11, down from 0.08 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Enbridge Inc. | -0.11 | 0.02 | 0.08 | 81 | Energy |
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