CNI vs. BNS
CNI (Canadian National Railway Company) and BNS (The Bank of Nova Scotia) are both stocks. CNI operates in Railroads (Industrials), while BNS operates in Banks - Diversified (Financial Services). Over the past 10 years, CNI returned 9.51%/yr vs 11.61%/yr for BNS. At a 0.50 correlation, their price movements are largely independent.
Performance
CNI vs. BNS - Performance Comparison
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Returns By Period
In the year-to-date period, CNI achieves a 21.78% return, which is significantly higher than BNS's 16.52% return. Over the past 10 years, CNI has underperformed BNS with an annualized return of 9.51%, while BNS has yielded a comparatively higher 11.61% annualized return.
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
- 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 vs. BNS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between CNI and BNS 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 CNI and BNS shifts across timeframes, from 0.42 (1 year) to 0.53 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
CNI:
$72.80B
BNS:
$76.13B
CNI:
CA$7.60
BNS:
CA$8.23
CNI:
21.89
BNS:
14.26
CNI:
5.96
BNS:
1.93
CNI:
4.73
BNS:
1.38
CNI:
CA$17.29B
BNS:
CA$70.57B
CNI:
CA$7.64B
BNS:
CA$33.43B
CNI:
CA$8.60B
BNS:
CA$13.61B
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Return for Risk
CNI vs. BNS — Risk / Return Rank
CNI
BNS
CNI vs. BNS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Canadian National Railway Company (CNI) and The Bank of Nova Scotia (BNS). 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.
| CNI | BNS | 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 | 1.14 | 1.68 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 4.69 | -3.56 |
| Martin ratioReturn relative to average drawdown | 2.08 | 18.38 | -16.31 |
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Drawdowns
CNI vs. BNS - Drawdown Comparison
The maximum CNI drawdown since its inception was -46.66%, smaller than the maximum BNS drawdown of -63.65%. Use the drawdown chart below to compare losses from any high point for CNI and BNS.
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Drawdown Indicators
| CNI | BNS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.66% | -63.65% | +16.99% |
Max Drawdown (1Y)Largest decline over 1 year | -14.15% | -13.36% | -0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -29.14% | -19.51% | -9.63% |
Max Drawdown (5Y)Largest decline over 5 years | -29.14% | -39.12% | +9.98% |
Max Drawdown (10Y)Largest decline over 10 years | -29.15% | -46.29% | +17.14% |
Current DrawdownCurrent decline from peak | -5.55% | 0.00% | -5.55% |
Average DrawdownAverage peak-to-trough decline | -9.49% | -11.01% | +1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.68% | 3.40% | +4.28% |
Volatility
CNI vs. BNS - Volatility Comparison
The current volatility for Canadian National Railway Company (CNI) is 4.12%, while The Bank of Nova Scotia (BNS) has a volatility of 4.91%. This indicates that CNI experiences smaller price fluctuations and is considered to be less risky than BNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNI | BNS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.12% | 4.91% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 17.30% | 12.97% | +4.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.90% | 16.80% | +5.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.38% | 19.57% | +2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.67% | 21.92% | +0.75% |
Dividends
CNI vs. BNS - Dividend Comparison
CNI's dividend yield for the trailing twelve months is around 2.20%, less than BNS's 3.79% 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
CNI vs. BNS - Financials Comparison
This section allows you to compare key financial metrics between Canadian National Railway Company and The Bank of Nova Scotia. 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
CNI vs. BNS - Profitability Comparison
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 - 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 - 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 - 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 - 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%.
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%.
Frequently Asked Questions
CNI and BNS 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, CNI dropped -46.66% vs BNS's -63.65%.
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.
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