BNS vs. TD
BNS (The Bank of Nova Scotia) and TD (The Toronto-Dominion Bank) are both stocks. Both operate in the Banks - Diversified industry within the Financial Services sector. Over the past 10 years, BNS returned 11.04%/yr vs 14.46%/yr for TD. A 0.69 correlation means they provide meaningful diversification when combined.
Performance
BNS vs. TD - Performance Comparison
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Returns By Period
In the year-to-date period, BNS achieves a 11.35% return, which is significantly lower than TD's 21.22% return. Over the past 10 years, BNS has underperformed TD with an annualized return of 11.04%, while TD has yielded a comparatively higher 14.46% annualized return.
BNS
- 1D
- -0.47%
- 1M
- 4.82%
- YTD
- 11.35%
- 6M
- 16.70%
- 1Y
- 58.05%
- 3Y*
- 25.35%
- 5Y*
- 10.34%
- 10Y*
- 11.04%
TD
- 1D
- -0.85%
- 1M
- 5.75%
- YTD
- 21.22%
- 6M
- 35.34%
- 1Y
- 66.49%
- 3Y*
- 30.08%
- 5Y*
- 13.99%
- 10Y*
- 14.46%
BNS vs. TD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNS The Bank of Nova Scotia | 11.35% | 45.11% | 17.55% | 8.53% | -28.05% | 40.62% | 1.70% | 17.49% | -18.28% | 21.83% |
TD The Toronto-Dominion Bank | 21.22% | 85.32% | -13.40% | 5.04% | -12.19% | 41.25% | 5.58% | 17.45% | -12.10% | 22.85% |
Correlation
The correlation between BNS and TD is 0.73, 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 | 0.73 |
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 | 0.76 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 1999 | 0.69 |
The correlation between BNS and TD shifts across timeframes, from 0.66 (3 years) to 0.76 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
BNS:
$72.75B
TD:
$137.68B
BNS:
$8.23
TD:
$10.11
BNS:
9.75
TD:
11.11
BNS:
1.32
TD:
1.47
BNS:
0.94
TD:
1.22
BNS:
$70.57B
TD:
$112.63B
BNS:
$33.43B
TD:
$59.49B
BNS:
$13.61B
TD:
$19.99B
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Return for Risk
BNS vs. TD — Risk / Return Rank
BNS
TD
BNS vs. TD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Bank of Nova Scotia (BNS) and The Toronto-Dominion Bank (TD). 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 | TD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.66 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.37 | 8.91 | -4.54 |
| Martin ratioReturn relative to average drawdown | 17.11 | 34.77 | -17.66 |
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 | TD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.51 | 4.05 | -0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.71 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.67 | -0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.60 | -0.08 |
Drawdowns
BNS vs. TD - Drawdown Comparison
The maximum BNS drawdown since its inception was -63.65%, roughly equal to the maximum TD drawdown of -64.18%. Use the drawdown chart below to compare losses from any high point for BNS and TD.
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Drawdown Indicators
| BNS | TD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.65% | -64.18% | +0.53% |
Max Drawdown (1Y)Largest decline over 1 year | -13.36% | -7.50% | -5.86% |
Max Drawdown (3Y)Largest decline over 3 years | -19.51% | -19.19% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -39.12% | -30.93% | -8.19% |
Max Drawdown (10Y)Largest decline over 10 years | -46.29% | -41.98% | -4.31% |
Current DrawdownCurrent decline from peak | -0.52% | -1.07% | +0.55% |
Average DrawdownAverage peak-to-trough decline | -11.02% | -11.23% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 1.92% | +1.48% |
Volatility
BNS vs. TD - Volatility Comparison
The current volatility for The Bank of Nova Scotia (BNS) is 5.17%, while The Toronto-Dominion Bank (TD) has a volatility of 5.57%. This indicates that BNS experiences smaller price fluctuations and is considered to be less risky than TD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNS | TD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 5.57% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 13.09% | 12.99% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.62% | 16.53% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.54% | 19.82% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.93% | 21.72% | +0.21% |
Dividends
BNS vs. TD - Dividend Comparison
BNS's dividend yield for the trailing twelve months is around 3.97%, more than TD's 2.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNS The Bank of Nova Scotia | 3.97% | 4.17% | 5.85% | 8.56% | 6.39% | 5.09% | 4.93% | 3.53% | 6.34% | 4.80% | 5.24% | 8.13% |
TD The Toronto-Dominion Bank | 2.74% | 3.17% | 5.65% | 4.80% | 4.24% | 3.27% | 4.10% | 3.89% | 4.08% | 3.03% | 3.58% | 5.11% |
Financials
BNS vs. TD - Financials Comparison
This section allows you to compare key financial metrics between The Bank of Nova Scotia and The Toronto-Dominion Bank. 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. TD - 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%.
TD - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a gross profit of 14.90B and revenue of 27.02B. Therefore, the gross margin over that period was 55.2%.
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%.
TD - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported an operating income of 5.02B and revenue of 27.02B, resulting in an operating margin of 18.6%.
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%.
TD - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a net income of 4.25B and revenue of 27.02B, resulting in a net margin of 15.7%.
Frequently Asked Questions
BNS and TD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TD has higher volatility (5.57%) compared to BNS (5.17%). In terms of maximum drawdown, BNS dropped -63.65% vs TD's -64.18%.
TD currently has the higher Sharpe Ratio (4.05 vs 3.51), 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.
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