BNS.TO vs. USCL.TO
BNS.TO (The Bank of Nova Scotia) is a stock, while USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) is Derivative Income fund actively managed by Global X. Over the past year, BNS.TO returned 59.91% vs 29.89% for USCL.TO. At a 0.32 correlation, their price movements are largely independent.
Performance
BNS.TO vs. USCL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, BNS.TO achieves a 12.50% return, which is significantly higher than USCL.TO's 11.57% return.
BNS.TO
- 1D
- -0.25%
- 1M
- 6.82%
- YTD
- 12.50%
- 6M
- 16.12%
- 1Y
- 59.91%
- 3Y*
- 25.78%
- 5Y*
- 12.67%
- 10Y*
- 11.07%
USCL.TO
- 1D
- -0.08%
- 1M
- 7.59%
- YTD
- 11.57%
- 6M
- 9.93%
- 1Y
- 29.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNS.TO vs. USCL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BNS.TO The Bank of Nova Scotia | 12.50% | 38.75% | 27.51% | 3.68% |
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 11.57% | 10.03% | 38.54% | 4.33% |
Correlation
The correlation between BNS.TO and USCL.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023 | 0.32 |
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Return for Risk
BNS.TO vs. USCL.TO — Risk / Return Rank
BNS.TO
USCL.TO
BNS.TO vs. USCL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Bank of Nova Scotia (BNS.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.TO). 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.
| BNS.TO | USCL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.48 | ||
| Sortino ratioReturn per unit of downside risk | +2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.80 | 1.49 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 5.24 | 3.51 | +1.74 |
| Martin ratioReturn relative to average drawdown | 20.36 | 14.29 | +6.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BNS.TO | USCL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.03 | 2.55 | +1.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 1.42 | -0.77 |
Drawdowns
BNS.TO vs. USCL.TO - Drawdown Comparison
The maximum BNS.TO drawdown since its inception was -52.27%, which is greater than USCL.TO's maximum drawdown of -21.85%. Use the drawdown chart below to compare losses from any high point for BNS.TO and USCL.TO.
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Drawdown Indicators
| BNS.TO | USCL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.27% | -21.85% | -30.42% |
Max Drawdown (1Y)Largest decline over 1 year | -11.48% | -8.56% | -2.92% |
Max Drawdown (3Y)Largest decline over 3 years | -18.12% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -34.87% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.95% | — | — |
Current DrawdownCurrent decline from peak | -0.25% | -0.08% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -8.80% | -2.55% | -6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.95% | 2.10% | +0.85% |
Volatility
BNS.TO vs. USCL.TO - Volatility Comparison
The Bank of Nova Scotia (BNS.TO) has a higher volatility of 5.06% compared to Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) at 2.86%. This indicates that BNS.TO's price experiences larger fluctuations and is considered to be riskier than USCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNS.TO | USCL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.06% | 2.86% | +2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 11.81% | 9.31% | +2.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.94% | 11.79% | +3.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.31% | 15.44% | +0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.80% | 15.44% | +3.36% |
Dividends
BNS.TO vs. USCL.TO - Dividend Comparison
BNS.TO's dividend yield for the trailing twelve months is around 3.95%, less than USCL.TO's 11.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNS.TO The Bank of Nova Scotia | 3.95% | 4.27% | 5.49% | 6.48% | 4.61% | 5.14% | 5.23% | 3.60% | 4.91% | 3.82% | 3.91% | 6.11% |
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 11.95% | 12.94% | 11.57% | 7.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BNS.TO and USCL.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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