Looking to diversify beyond ZSP.TO? The ETFs below have the lowest correlation with ZSP.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 ZSP.TO.
Best Diversifiers for ZSP.TO
21 ETFs have low correlation with ZSP.TO (below 0.3), 4 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 -0.13, down from 0.17 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| BMO Equal Weight Oil & Gas Index ETF | -0.13 | 0.09 | 0.17 | 80 | Energy Equities, Equal Weight | ZSP.TO vs ZEO.TO | |
| iShares S&P/TSX Capped Energy Index ETF | -0.11 | 0.07 | 0.15 | 60 | Energy Equities, Canada Equities | ZSP.TO vs XEG.TO | |
| BMO Covered Call Energy ETF | -0.09 | 0.12 | — | 66 | Energy Equities | ZSP.TO vs ZWEN.TO | |
| BMO Covered Call Utilities ETF | -0.07 | 0.11 | 0.25 | 77 | Utilities Equities, Derivative Income | ZSP.TO vs ZWU.TO | |
| Global X High Interest Savings ETF | 0.00 | 0.06 | — | 99 | Money Market | ZSP.TO vs CASH.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ZSP.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZSP.TO and solid risk/return profiles. The least correlated is BCE Inc. (BCE.TO) (Communication Services) with a 1Y correlation of -0.17, down from 0.08 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| BCE Inc. | -0.17 | -0.07 | 0.08 | 67 | Communication Services | |
| Enbridge Inc. | -0.14 | 0.07 | 0.17 | 89 | Energy | |
| Canadian Natural Resources Limited | -0.11 | 0.07 | 0.14 | 75 | Energy | |
| Extendicare Inc. | 0.11 | 0.17 | 0.23 | 99 | Healthcare | |
| Chartwell Retirement Residences | 0.12 | 0.22 | 0.27 | 80 | Real Estate |
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