NA.TO vs. BMO.TO
NA.TO (National Bank of Canada) and BMO.TO (Bank of Montreal) are both stocks. Both operate in the Banks - Diversified industry within the Financial Services sector. Over the past 10 years, NA.TO returned 20.93%/yr vs 15.44%/yr for BMO.TO. A 0.63 correlation means they provide meaningful diversification when combined.
Performance
NA.TO vs. BMO.TO - Performance Comparison
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Returns By Period
In the year-to-date period, NA.TO achieves a 19.25% return, which is significantly lower than BMO.TO's 31.03% return. Over the past 10 years, NA.TO has outperformed BMO.TO with an annualized return of 20.93%, while BMO.TO has yielded a comparatively lower 15.44% annualized return.
NA.TO
- 1D
- 0.02%
- 1M
- -1.66%
- YTD
- 19.25%
- 6M
- 20.62%
- 1Y
- 57.49%
- 3Y*
- 33.33%
- 5Y*
- 21.75%
- 10Y*
- 20.93%
BMO.TO
- 1D
- 0.18%
- 1M
- 9.74%
- YTD
- 31.03%
- 6M
- 33.12%
- 1Y
- 60.65%
- 3Y*
- 31.19%
- 5Y*
- 17.46%
- 10Y*
- 15.44%
NA.TO vs. BMO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NA.TO National Bank of Canada | 19.25% | 36.15% | 34.65% | 15.53% | -1.45% | 39.02% | 4.01% | 34.04% | -6.92% | 19.77% |
BMO.TO Bank of Montreal | 31.03% | 33.33% | 11.74% | 12.19% | -6.19% | 45.89% | 1.29% | 17.51% | -7.94% | 7.99% |
Correlation
The correlation between NA.TO and BMO.TO is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2006 | 0.63 |
The correlation between NA.TO and BMO.TO shifts across timeframes, from 0.47 (3 years) to 0.63 (all time), reflecting how their relationship changes across market environments.
Fundamentals
NA.TO:
CA$80.01B
BMO.TO:
CA$161.81B
NA.TO:
CA$11.69
BMO.TO:
CA$13.65
NA.TO:
17.49
BMO.TO:
16.82
NA.TO:
4.89
BMO.TO:
0.77
NA.TO:
2.95
BMO.TO:
2.12
NA.TO:
2.58
BMO.TO:
2.08
NA.TO:
CA$27.33B
BMO.TO:
CA$77.04B
NA.TO:
CA$14.01B
BMO.TO:
CA$34.47B
NA.TO:
CA$6.37B
BMO.TO:
CA$14.20B
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Return for Risk
NA.TO vs. BMO.TO — Risk / Return Rank
NA.TO
BMO.TO
NA.TO vs. BMO.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for National Bank of Canada (NA.TO) and Bank of Montreal (BMO.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.
| NA.TO | BMO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.58 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 6.43 | 6.02 | +0.41 |
| Martin ratioReturn relative to average drawdown | 21.65 | 21.85 | -0.20 |
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
| NA.TO | BMO.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.62 | 3.44 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.25 | 0.96 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.01 | 0.74 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.75 | 0.53 | +0.22 |
Drawdowns
NA.TO vs. BMO.TO - Drawdown Comparison
The maximum NA.TO drawdown since its inception was -55.45%, smaller than the maximum BMO.TO drawdown of -62.39%. Use the drawdown chart below to compare losses from any high point for NA.TO and BMO.TO.
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Drawdown Indicators
| NA.TO | BMO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.45% | -62.39% | +6.94% |
Max Drawdown (1Y)Largest decline over 1 year | -8.99% | -10.12% | +1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -22.58% | -16.57% | -6.01% |
Max Drawdown (5Y)Largest decline over 5 years | -22.58% | -27.47% | +4.89% |
Max Drawdown (10Y)Largest decline over 10 years | -48.22% | -45.59% | -2.63% |
Current DrawdownCurrent decline from peak | -4.21% | 0.00% | -4.21% |
Average DrawdownAverage peak-to-trough decline | -6.76% | -9.04% | +2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 2.79% | -0.13% |
Volatility
NA.TO vs. BMO.TO - Volatility Comparison
National Bank of Canada (NA.TO) has a higher volatility of 6.02% compared to Bank of Montreal (BMO.TO) at 4.85%. This indicates that NA.TO's price experiences larger fluctuations and is considered to be riskier than BMO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NA.TO | BMO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.02% | 4.85% | +1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 13.56% | 14.65% | -1.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.99% | 17.76% | -1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.48% | 18.35% | -0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.95% | 21.00% | -0.05% |
Dividends
NA.TO vs. BMO.TO - Dividend Comparison
NA.TO's dividend yield for the trailing twelve months is around 2.37%, less than BMO.TO's 2.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BMO.TO Bank of Montreal | 2.87% | 3.61% | 4.39% | 4.42% | 4.44% | 3.11% | 4.38% | 4.03% | 4.24% | 3.54% | 3.52% | 4.15% |
NA.TO National Bank of Canada | 2.37% | 2.75% | 3.36% | 4.03% | 4.03% | 3.11% | 3.96% | 3.77% | 4.44% | 3.70% | 4.03% | 5.16% |
Financials
NA.TO vs. BMO.TO - Financials Comparison
This section allows you to compare key financial metrics between National Bank of Canada and Bank of Montreal. 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
NA.TO vs. BMO.TO - Profitability Comparison
NA.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported a gross profit of 3.66B and revenue of 8.07B. Therefore, the gross margin over that period was 45.4%.
BMO.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Bank of Montreal reported a gross profit of 8.79B and revenue of 19.27B. Therefore, the gross margin over that period was 45.6%.
NA.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported an operating income of 1.62B and revenue of 8.07B, resulting in an operating margin of 20.0%.
BMO.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Bank of Montreal reported an operating income of 3.50B and revenue of 19.27B, resulting in an operating margin of 18.2%.
NA.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported a net income of 1.23B and revenue of 8.07B, resulting in a net margin of 15.3%.
BMO.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Bank of Montreal reported a net income of 2.63B and revenue of 19.27B, resulting in a net margin of 13.6%.
Frequently Asked Questions
NA.TO and BMO.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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