BCE vs. TU

Last updated Jun 24, 2026

BCE (BCE Inc.) and TU (TELUS Corporation) are both stocks. Both operate in the Telecom Services industry within the Communication Services sector. Over the past 10 years, BCE returned -0.89%/yr vs 2.56%/yr for TU. At a 0.48 correlation, their price movements are largely independent.

Performance

BCE vs. TU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BCE Inc. (BCE) and TELUS Corporation (TU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCE achieves a -0.79% return, which is significantly higher than TU's -8.47% return. Over the past 10 years, BCE has underperformed TU with an annualized return of -0.89%, while TU has yielded a comparatively higher 2.56% annualized return.

BCE

• 1D: 1.72%
• 1M: -5.13%
• YTD: -0.79%
• 6M: 3.97%
• 1Y: 10.89%
• 3Y*: -13.59%
• 5Y*: -8.10%
• 10Y*: -0.89%

TU

• 1D: 1.32%
• 1M: -5.65%
• YTD: -8.47%
• 6M: -5.31%
• 1Y: -22.38%
• 3Y*: -9.21%
• 5Y*: -6.69%
• 10Y*: 2.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BCE vs. TU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCE BCE Inc.	-0.79%	10.25%	-35.53%	-4.16%	-10.62%	28.62%	-1.95%	23.38%	-13.02%	16.52%
TU TELUS Corporation	-8.47%	4.99%	-18.39%	-2.40%	-14.32%	24.49%	7.29%	22.32%	-8.23%	25.82%

Correlation

The correlation between BCE and TU is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 11, 1996	0.48

The correlation between BCE and TU shifts across timeframes, from 0.48 (all time) to 0.73 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap BCE : $21.48B TU : $17.95B
EPS BCE : CA$6.75 TU : CA$0.60
PE Ratio BCE : 4.84 TU : 26.99
PS Ratio BCE : 1.23 TU : 1.22
PB Ratio BCE : 1.51 TU : 1.63
Total Revenue (TTM) BCE : CA$24.70B TU : CA$20.49B
Gross Profit (TTM) BCE : CA$8.56B TU : CA$8.67B
EBITDA (TTM) BCE : CA$15.98B TU : CA$7.67B

Return for Risk

BCE vs. TU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BCE

BCE Risk / Return Rank: 58
BCE Sharpe Ratio Rank: 62
BCE Sortino Ratio Rank: 55
BCE Omega Ratio Rank: 52
BCE Calmar Ratio Rank: 61
BCE Martin Ratio Rank: 60

TU

TU Risk / Return Rank: 5
TU Sharpe Ratio Rank: 2
TU Sortino Ratio Rank: 5
TU Omega Ratio Rank: 5
TU Calmar Ratio Rank: 8
TU Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BCE vs. TU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BCE Inc. (BCE) and TELUS Corporation (TU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BCE	TU	Difference
Sharpe ratio: Return per unit of total volatility	0.59	-1.28	+1.87
Sortino ratio: Return per unit of downside risk	0.94	-1.67	+2.61
Omega ratio: Gain probability vs. loss probability	1.11	0.79	+0.32
Calmar ratio: Return relative to maximum drawdown	0.89	-0.88	+1.77
Martin ratio: Return relative to average drawdown	1.76	-1.56	+3.32

BCE vs. TU - Sharpe Ratio Comparison

The current BCE Sharpe Ratio is 0.59, which is higher than the TU Sharpe Ratio of -1.28. The chart below compares the historical Sharpe Ratios of BCE and TU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BCE vs. TU - Drawdown Comparison

The maximum BCE drawdown since its inception was -60.67%, smaller than the maximum TU drawdown of -88.28%. Use the drawdown chart below to compare losses from any high point for BCE and TU.

Drawdown Indicators

	BCE	TU	Difference
Max Drawdown Largest peak-to-trough decline	-60.67%	-88.28%	+27.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.27%	-25.42%	+13.15%
Max Drawdown (3Y) Largest decline over 3 years	-46.88%	-27.67%	-19.21%
Max Drawdown (5Y) Largest decline over 5 years	-55.42%	-44.87%	-10.55%
Max Drawdown (10Y) Largest decline over 10 years	-55.42%	-44.87%	-10.55%
Current Drawdown Current decline from peak	-47.43%	-44.14%	-3.29%
Average Drawdown Average peak-to-trough decline	-12.86%	-19.31%	+6.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.20%	14.38%	-8.18%

Volatility

BCE vs. TU - Volatility Comparison

BCE Inc. (BCE) has a higher volatility of 5.87% compared to TELUS Corporation (TU) at 4.34%. This indicates that BCE's price experiences larger fluctuations and is considered to be riskier than TU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCE	TU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.87%	4.34%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	13.21%	13.87%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	18.64%	17.53%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	18.69%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	19.26%	-0.02%

Dividends

BCE vs. TU - Dividend Comparison

BCE's dividend yield for the trailing twelve months is around 5.46%, less than TU's 10.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCE BCE Inc.	5.46%	6.98%	12.47%	7.29%	6.39%	5.37%	5.82%	5.16%	5.84%	4.63%	5.15%	6.00%
TU TELUS Corporation	10.59%	9.01%	8.35%	6.02%	5.39%	4.31%	4.51%	4.37%	5.19%	5.20%	5.78%	6.08%

Financials

BCE vs. TU - Profitability Comparison

The chart below illustrates the profitability comparison between BCE Inc. and TELUS Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BCE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, BCE Inc. reported a gross profit of 1.86B and revenue of 6.18B. Therefore, the gross margin over that period was 30.0%.

TU - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TELUS Corporation reported a gross profit of 826.13M and revenue of 5.00B. Therefore, the gross margin over that period was 16.5%.

BCE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, BCE Inc. reported an operating income of 1.28B and revenue of 6.18B, resulting in an operating margin of 20.7%.

TU - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TELUS Corporation reported an operating income of 826.13M and revenue of 5.00B, resulting in an operating margin of 16.5%.

BCE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, BCE Inc. reported a net income of 654.69M and revenue of 6.18B, resulting in a net margin of 10.6%.

TU - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TELUS Corporation reported a net income of 136.35M and revenue of 5.00B, resulting in a net margin of 2.7%.

Frequently Asked Questions

Can I hold both BCE and TU in my portfolio?

BCE and TU have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCE or TU?

BCE has higher volatility (5.87%) compared to TU (4.34%). In terms of maximum drawdown, BCE dropped -60.67% vs TU's -88.28%.

Which has better risk-adjusted returns?

BCE currently has the higher Sharpe Ratio (0.59 vs -1.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.