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BMO Equal Weight Utilities Index ETF (ZUT.TO) Diversifiers

ETF · Currency in CAD · Last updated Jul 15, 2026

BMO Equal Weight Utilities Index ETF aims to replicate the performance of the Solactive Equal Weight Canada Utilities Index by investing in Canadian utility securities in equal proportions, providing exposure to the utilities sector while reducing security-specific risk through equal weighting.

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

Best Diversifiers for ZUT.TO

29 ETFs have low correlation with ZUT.TO (below 0.3), 0 of which are negatively correlated. The least correlated is BMO Money Market Fund ETF Series (ZMMK.TO) (Money Market) with a 1Y correlation of 0.06, roughly unchanged from 0.04 over 3 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
ZMMK.TO
BMO Money Market Fund ETF Series0.060.04—
99
Money MarketZUT.TO vs ZMMK.TO
ZEB.TO
BMO Equal Weight Banks Index ETF0.060.400.32
98
Financials Equities, Equal WeightZUT.TO vs ZEB.TO
XEG.TO
iShares S&P/TSX Capped Energy Index ETF0.060.130.14
77
Energy Equities, Canada EquitiesZUT.TO vs XEG.TO
HTAE.TO
Harvest Tech Achievers Enhanced Income ETF - Class...0.080.17—
51
Technology EquitiesZUT.TO vs HTAE.TO
VSB.TO
Vanguard Canadian Short Term Bond0.090.220.20
57
Canadian Government BondsZUT.TO vs VSB.TO
See all 41 diversifiers for ZUT.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZUT.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZUT.TO and solid risk/return profiles. The least correlated is Hydro One Limited (H.TO) (Utilities) with a 1Y correlation of 0.18, down from 0.51 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
H.TO
Hydro One Limited0.180.450.51
86
Utilities
CCO.TO
Cameco Corporation0.250.210.22
63
Energy
FTS.TO
Fortis Inc.0.260.500.54
93
Utilities

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Diversification Analysis

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