BNS.TO vs. ZEQT.TO

Last updated Jun 4, 2026

BNS.TO (The Bank of Nova Scotia) is a stock, while ZEQT.TO (BMO All-Equity ETF) is Global Equities fund actively managed by BMO. Over the past 3 years, BNS.TO returned 25.78%/yr vs 22.90%/yr for ZEQT.TO. At a 0.50 correlation, their price movements are largely independent.

Performance

BNS.TO vs. ZEQT.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 BMO All-Equity ETF (ZEQT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BNS.TO having a 12.50% return and ZEQT.TO slightly higher at 13.04%.

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%

ZEQT.TO

• 1D: -0.43%
• 1M: 6.38%
• YTD: 13.04%
• 6M: 12.85%
• 1Y: 31.85%
• 3Y*: 22.90%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
BNS.TO The Bank of Nova Scotia	12.50%	38.75%	27.51%	3.68%	-23.80%
ZEQT.TO BMO All-Equity ETF	13.04%	19.67%	25.44%	16.79%	-5.55%

Correlation

The correlation between BNS.TO and ZEQT.TO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 28, 2022	0.50

The correlation between BNS.TO and ZEQT.TO shifts across timeframes, from 0.37 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BNS.TO vs. ZEQT.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: 96
BNS.TO Sharpe Ratio Rank: 97
BNS.TO Sortino Ratio Rank: 98
BNS.TO Omega Ratio Rank: 98
BNS.TO Calmar Ratio Rank: 92
BNS.TO Martin Ratio Rank: 95

ZEQT.TO

ZEQT.TO Risk / Return Rank: 75
ZEQT.TO Sharpe Ratio Rank: 75
ZEQT.TO Sortino Ratio Rank: 76
ZEQT.TO Omega Ratio Rank: 76
ZEQT.TO Calmar Ratio Rank: 72
ZEQT.TO Martin Ratio Rank: 78

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. ZEQT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Bank of Nova Scotia (BNS.TO) and BMO All-Equity ETF (ZEQT.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	ZEQT.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.03	2.51	+1.52
Sortino ratio: Return per unit of downside risk	5.68	3.49	+2.19
Omega ratio: Gain probability vs. loss probability	1.80	1.46	+0.34
Calmar ratio: Return relative to maximum drawdown	5.24	3.67	+1.58
Martin ratio: Return relative to average drawdown	20.36	15.48	+4.88
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. ZEQT.TO - Sharpe Ratio Comparison

The current BNS.TO Sharpe Ratio is 4.03, which is higher than the ZEQT.TO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of BNS.TO and ZEQT.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.

Sharpe Ratios by Period

	BNS.TO	ZEQT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.03	2.51	+1.52
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	1.19	-0.54

Drawdowns

BNS.TO vs. ZEQT.TO - Drawdown Comparison

The maximum BNS.TO drawdown since its inception was -52.27%, which is greater than ZEQT.TO's maximum drawdown of -16.87%. Use the drawdown chart below to compare losses from any high point for BNS.TO and ZEQT.TO.

Drawdown Indicators

	BNS.TO	ZEQT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-52.27%	-16.87%	-35.40%
Max Drawdown (1Y) Largest decline over 1 year	-11.48%	-8.72%	-2.76%
Max Drawdown (3Y) Largest decline over 3 years	-18.12%	-15.34%	-2.78%
Max Drawdown (5Y) Largest decline over 5 years	-34.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.95%	—	—
Current Drawdown Current decline from peak	-0.25%	-1.16%	+0.91%
Average Drawdown Average peak-to-trough decline	-8.80%	-3.01%	-5.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	2.06%	+0.89%

Volatility

BNS.TO vs. ZEQT.TO - Volatility Comparison

The Bank of Nova Scotia (BNS.TO) and BMO All-Equity ETF (ZEQT.TO) have volatilities of 5.06% and 5.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNS.TO	ZEQT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	5.22%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	10.46%	+1.35%
Volatility (1Y) Calculated over the trailing 1-year period	14.94%	12.75%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.31%	13.85%	+2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	13.85%	+4.95%

Dividends

BNS.TO vs. ZEQT.TO - Dividend Comparison

BNS.TO's dividend yield for the trailing twelve months is around 3.95%, more than ZEQT.TO's 1.28% 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%
ZEQT.TO BMO All-Equity ETF	1.28%	1.45%	1.69%	2.13%	2.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BNS.TO and ZEQT.TO in my portfolio?

BNS.TO and ZEQT.TO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.