BNS vs. CNI
BNS (The Bank of Nova Scotia) and CNI (Canadian National Railway Company) are both stocks. BNS operates in Banks - Diversified (Financial Services), while CNI operates in Railroads (Industrials). Over the past 10 years, BNS returned 11.61%/yr vs 9.51%/yr for CNI. At a 0.50 correlation, their price movements are largely independent.
Performance
BNS vs. CNI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BNS achieves a 16.52% return, which is significantly lower than CNI's 21.78% return. Over the past 10 years, BNS has outperformed CNI with an annualized return of 11.61%, while CNI has yielded a comparatively lower 9.51% annualized return.
BNS
- 1D
- 1.57%
- 1M
- 8.96%
- YTD
- 16.52%
- 6M
- 17.99%
- 1Y
- 62.38%
- 3Y*
- 27.10%
- 5Y*
- 11.56%
- 10Y*
- 11.61%
CNI
- 1D
- 0.60%
- 1M
- 7.01%
- YTD
- 21.78%
- 6M
- 22.98%
- 1Y
- 17.55%
- 3Y*
- 3.44%
- 5Y*
- 3.57%
- 10Y*
- 9.51%
BNS vs. CNI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNS The Bank of Nova Scotia | 16.52% | 45.11% | 17.55% | 8.53% | -28.05% | 40.62% | 1.70% | 17.49% | -18.28% | 21.83% |
CNI Canadian National Railway Company | 21.78% | -0.10% | -17.51% | 7.84% | -1.86% | 13.70% | 23.66% | 24.26% | -8.49% | 25.03% |
Correlation
The correlation between BNS and CNI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 1999 | 0.50 |
The correlation between BNS and CNI shifts across timeframes, from 0.42 (1 year) to 0.53 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
BNS:
$76.13B
CNI:
$72.80B
BNS:
CA$8.23
CNI:
CA$7.60
BNS:
14.26
CNI:
21.89
BNS:
1.93
CNI:
5.96
BNS:
1.38
CNI:
4.73
BNS:
CA$70.57B
CNI:
CA$17.29B
BNS:
CA$33.43B
CNI:
CA$7.64B
BNS:
CA$13.61B
CNI:
CA$8.60B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BNS vs. CNI — Risk / Return Rank
BNS
CNI
BNS vs. CNI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Bank of Nova Scotia (BNS) and Canadian National Railway Company (CNI). 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.
| BNS | CNI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.00 | ||
| Sortino ratioReturn per unit of downside risk | +4.13 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.14 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 4.69 | 1.13 | +3.56 |
| Martin ratioReturn relative to average drawdown | 18.38 | 2.08 | +16.31 |
Loading charts...
Drawdowns
BNS vs. CNI - Drawdown Comparison
The maximum BNS drawdown since its inception was -63.65%, which is greater than CNI's maximum drawdown of -46.66%. Use the drawdown chart below to compare losses from any high point for BNS and CNI.
Loading charts...
Drawdown Indicators
| BNS | CNI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.65% | -46.66% | -16.99% |
Max Drawdown (1Y)Largest decline over 1 year | -13.36% | -14.15% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -19.51% | -29.14% | +9.63% |
Max Drawdown (5Y)Largest decline over 5 years | -39.12% | -29.14% | -9.98% |
Max Drawdown (10Y)Largest decline over 10 years | -46.29% | -29.15% | -17.14% |
Current DrawdownCurrent decline from peak | 0.00% | -5.55% | +5.55% |
Average DrawdownAverage peak-to-trough decline | -11.01% | -9.49% | -1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 7.68% | -4.28% |
Volatility
BNS vs. CNI - Volatility Comparison
The Bank of Nova Scotia (BNS) has a higher volatility of 4.91% compared to Canadian National Railway Company (CNI) at 4.12%. This indicates that BNS's price experiences larger fluctuations and is considered to be riskier than CNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BNS | CNI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.91% | 4.12% | +0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 12.97% | 17.30% | -4.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.80% | 21.90% | -5.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.57% | 22.38% | -2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.92% | 22.67% | -0.75% |
Dividends
BNS vs. CNI - Dividend Comparison
BNS's dividend yield for the trailing twelve months is around 3.79%, more than CNI's 2.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNS The Bank of Nova Scotia | 3.79% | 4.17% | 5.85% | 8.56% | 6.39% | 5.09% | 4.93% | 3.53% | 6.34% | 4.80% | 5.24% | 8.13% |
CNI Canadian National Railway Company | 2.20% | 2.58% | 2.43% | 1.85% | 1.41% | 1.61% | 1.59% | 1.79% | 2.01% | 2.00% | 2.23% | 2.24% |
Financials
BNS vs. CNI - Financials Comparison
This section allows you to compare key financial metrics between The Bank of Nova Scotia and Canadian National Railway Company. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
BNS vs. CNI - Profitability Comparison
BNS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Bank of Nova Scotia reported a gross profit of 8.40B and revenue of 17.18B. Therefore, the gross margin over that period was 48.9%.
CNI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian National Railway Company reported a gross profit of 1.88B and revenue of 4.39B. Therefore, the gross margin over that period was 42.8%.
BNS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Bank of Nova Scotia reported an operating income of 3.43B and revenue of 17.18B, resulting in an operating margin of 20.0%.
CNI - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian National Railway Company reported an operating income of 1.55B and revenue of 4.39B, resulting in an operating margin of 35.4%.
BNS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Bank of Nova Scotia reported a net income of 2.59B and revenue of 17.18B, resulting in a net margin of 15.1%.
CNI - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian National Railway Company reported a net income of 1.15B and revenue of 4.39B, resulting in a net margin of 26.2%.
Frequently Asked Questions
BNS and CNI have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNS has higher volatility (4.91%) compared to CNI (4.12%). In terms of maximum drawdown, BNS dropped -63.65% vs CNI's -46.66%.
BNS currently has the higher Sharpe Ratio (3.73 vs 0.73), 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.
Find the right allocation for BNS and CNI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer