BNS vs. XLE
BNS (The Bank of Nova Scotia) is a stock, while XLE (State Street Energy Select Sector SPDR ETF) is Energy Equities fund tracking the Energy Select Sector Index. Over the past 10 years, BNS returned 11.04%/yr vs 10.22%/yr for XLE. At a 0.42 correlation, their price movements are largely independent.
Performance
BNS vs. XLE - 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 XLE's 32.17% return. Over the past 10 years, BNS has outperformed XLE with an annualized return of 11.04%, while XLE has yielded a comparatively lower 10.22% 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%
XLE
- 1D
- 1.29%
- 1M
- -1.14%
- YTD
- 32.17%
- 6M
- 29.80%
- 1Y
- 45.00%
- 3Y*
- 17.46%
- 5Y*
- 20.44%
- 10Y*
- 10.22%
BNS vs. XLE - 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% |
XLE State Street Energy Select Sector SPDR ETF | 32.17% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
Correlation
The correlation between BNS and XLE is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 1999 | 0.42 |
The correlation between BNS and XLE shifts across timeframes, from -0.13 (1 year) to 0.44 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
BNS vs. XLE — Risk / Return Rank
BNS
XLE
BNS vs. XLE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Bank of Nova Scotia (BNS) and State Street Energy Select Sector SPDR ETF (XLE). 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 | XLE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.35 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 4.37 | 3.75 | +0.62 |
| Martin ratioReturn relative to average drawdown | 17.11 | 10.92 | +6.19 |
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 | XLE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.51 | 2.21 | +1.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.79 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.35 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.31 | +0.21 |
Drawdowns
BNS vs. XLE - Drawdown Comparison
The maximum BNS drawdown since its inception was -63.65%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for BNS and XLE.
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Drawdown Indicators
| BNS | XLE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.65% | -71.26% | +7.61% |
Max Drawdown (1Y)Largest decline over 1 year | -13.36% | -12.05% | -1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -19.51% | -20.14% | +0.63% |
Max Drawdown (5Y)Largest decline over 5 years | -39.12% | -26.04% | -13.08% |
Max Drawdown (10Y)Largest decline over 10 years | -46.29% | -66.81% | +20.52% |
Current DrawdownCurrent decline from peak | -0.52% | -6.15% | +5.63% |
Average DrawdownAverage peak-to-trough decline | -11.02% | -17.98% | +6.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 4.14% | -0.74% |
Volatility
BNS vs. XLE - Volatility Comparison
The current volatility for The Bank of Nova Scotia (BNS) is 5.17%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 8.25%. This indicates that BNS experiences smaller price fluctuations and is considered to be less risky than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNS | XLE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 8.25% | -3.08% |
Volatility (6M)Calculated over the trailing 6-month period | 13.09% | 16.58% | -3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.62% | 20.53% | -3.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.54% | 26.02% | -6.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.93% | 29.59% | -7.66% |
Dividends
BNS vs. XLE - Dividend Comparison
BNS's dividend yield for the trailing twelve months is around 3.97%, more than XLE's 2.54% 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% |
XLE State Street Energy Select Sector SPDR ETF | 2.54% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Frequently Asked Questions
BNS and XLE have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLE has higher volatility (8.25%) compared to BNS (5.17%). In terms of maximum drawdown, BNS dropped -63.65% vs XLE's -71.26%.
BNS currently has the higher Sharpe Ratio (3.51 vs 2.21), 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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