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BNS.TO vs. XEI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BNS.TO vs. XEI.TO

Last updated Jun 4, 2026

BNS.TO (The Bank of Nova Scotia) is a stock, while XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) is Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. Over the past 10 years, BNS.TO returned 11.07%/yr vs 12.32%/yr for XEI.TO. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

BNS.TO vs. XEI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in The Bank of Nova Scotia (BNS.TO) and iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BNS.TO achieves a 12.50% return, which is significantly lower than XEI.TO's 22.21% return. Over the past 10 years, BNS.TO has underperformed XEI.TO with an annualized return of 11.07%, while XEI.TO has yielded a comparatively higher 12.32% annualized 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%

XEI.TO

1D
0.00%
1M
3.33%
YTD
22.21%
6M
23.56%
1Y
43.59%
3Y*
22.26%
5Y*
15.55%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BNS.TO vs. XEI.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BNS.TO
The Bank of Nova Scotia		12.50%38.75%27.51%3.68%-22.84%37.98%-0.30%11.80%-12.26%12.80%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		22.21%25.96%15.42%6.69%0.41%35.88%-7.53%25.44%-10.85%7.24%

Correlation

The correlation between BNS.TO and XEI.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.29

Correlation (3Y)
Calculated over the trailing 3-year period

0.54

Correlation (5Y)
Calculated over the trailing 5-year period

0.61

Correlation (10Y)
Calculated over the trailing 10-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2011

0.64

Over the past year, the correlation between BNS.TO and XEI.TO has dropped to 0.29 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

The Bank of Nova Scotia

iShares S&P/TSX Composite High Dividend Index ETF

Often compared with BNS.TO:
BNS.TO vs. BNSBNS.TO vs. RY.TOBNS.TO vs. TD.TOBNS.TO vs. CM.TOBNS.TO vs. NA.TOBNS.TO vs. MFC.TOBNS.TO vs. BMO.TO
Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

BNS.TO vs. XEI.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BNS.TO
BNS.TO Risk / Return Rank: 9696
Overall Rank
BNS.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
BNS.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
BNS.TO Omega Ratio Rank: 9898
Omega Ratio Rank
BNS.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
BNS.TO Martin Ratio Rank: 9595
Martin Ratio Rank
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
Martin Ratio Rank
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.

BNS.TO vs. XEI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Bank of Nova Scotia (BNS.TO) and iShares S&P/TSX Composite High Dividend Index ETF (XEI.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.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
4.03
6.08

-2.05

Sortino ratioReturn per unit of downside risk
5.68
9.07

-3.38

Omega ratioGain probability vs. loss probability

1.80

2.27

-0.47

Calmar ratioReturn relative to maximum drawdown

5.24

19.53

-14.28

Martin ratioReturn relative to average drawdown

20.36

66.28

-45.93

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNS.TO vs. XEI.TO - Sharpe Ratio Comparison

The current BNS.TO Sharpe Ratio is 4.03, which is lower than the XEI.TO Sharpe Ratio of 6.08. The chart below compares the historical Sharpe Ratios of BNS.TO and XEI.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BNS.TOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.03

6.08

-2.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.78

1.39

-0.61

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

0.77

-0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.67

-0.01

Drawdowns

BNS.TO vs. XEI.TO - Drawdown Comparison

The maximum BNS.TO drawdown since its inception was -52.27%, which is greater than XEI.TO's maximum drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for BNS.TO and XEI.TO.

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Drawdown Indicators

BNS.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-52.27%

-45.51%

-6.76%

Max Drawdown (1Y)

Largest decline over 1 year

-11.48%

-2.24%

-9.24%

Max Drawdown (3Y)

Largest decline over 3 years

-18.12%

-9.92%

-8.20%

Max Drawdown (5Y)

Largest decline over 5 years

-34.87%

-17.32%

-17.55%

Max Drawdown (10Y)

Largest decline over 10 years

-38.95%

-45.51%

+6.56%

Current Drawdown

Current decline from peak

-0.25%

-0.76%

+0.51%

Average Drawdown

Average peak-to-trough decline

-8.80%

-5.05%

-3.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.95%

0.66%

+2.29%

Volatility

BNS.TO vs. XEI.TO - Volatility Comparison

The Bank of Nova Scotia (BNS.TO) has a higher volatility of 5.06% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.87%. This indicates that BNS.TO's price experiences larger fluctuations and is considered to be riskier than XEI.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.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.06%

2.87%

+2.19%

Volatility (6M)

Calculated over the trailing 6-month period

11.81%

6.01%

+5.80%

Volatility (1Y)

Calculated over the trailing 1-year period

14.94%

7.21%

+7.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.31%

11.24%

+5.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.80%

16.01%

+2.79%

Dividends

BNS.TO vs. XEI.TO - Dividend Comparison

BNS.TO's dividend yield for the trailing twelve months is around 3.95%, more than XEI.TO's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.56%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%

Frequently Asked Questions

BNS.TO and XEI.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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