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BMO MSCI USA High Quality Index ETF (ZUQ.TO) Diversifiers

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

The ETF aims to replicate the performance of the MSCI USA Quality Index by investing in U.S. equities that exhibit high return on equity, stable earnings growth, and low financial leverage. The strategy focuses on capturing quality growth stocks while managing expenses through indexed investing.

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

Best Diversifiers for ZUQ.TO

15 ETFs have low correlation with ZUQ.TO (below 0.3), 4 of which are negatively correlated. The least correlated is iShares S&P/TSX Capped Energy Index ETF (XEG.TO) (Energy Equities) with a 1Y correlation of -0.15, down from 0.08 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
XEG.TO
iShares S&P/TSX Capped Energy Index ETF-0.150.000.08
86
Energy EquitiesZUQ.TO vs XEG.TO
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF-0.120.040.10
86
Energy EquitiesZUQ.TO vs ZEO.TO
ZWEN.TO
BMO Covered Call Energy ETF-0.110.06—
74
Energy EquitiesZUQ.TO vs ZWEN.TO
ZWU.TO
BMO Covered Call Utilities ETF-0.010.080.20
58
Utilities Equities, Derivative IncomeZUQ.TO vs ZWU.TO
CASH.TO
Global X High Interest Savings ETF0.010.080.05
100
Money MarketZUQ.TO vs CASH.TO
See all 108 diversifiers for ZUQ.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZUQ.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZUQ.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.17, down from 0.07 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CNQ.TO
Canadian Natural Resources Limited-0.170.000.07
86
Energy
ENB.TO
Enbridge Inc.-0.070.050.11
81
Energy
DFN.TO
Dividend 15 Split Corp.0.340.310.32
96
Financial Services
TD.TO
The Toronto-Dominion Bank0.410.300.32
98
Financial Services
RY.TO
Royal Bank of Canada0.510.400.40
97
Financial Services

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Diversification Analysis

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