NA.TO vs. FM.TO
NA.TO (National Bank of Canada) and FM.TO (First Quantum Minerals Ltd.) are both stocks. NA.TO operates in Banks - Diversified (Financial Services), while FM.TO operates in Copper (Basic Materials). Over the past 10 years, NA.TO returned 21.48%/yr vs 18.37%/yr for FM.TO. At a 0.32 correlation, their price movements are largely independent.
Performance
NA.TO vs. FM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, NA.TO achieves a 22.40% return, which is significantly higher than FM.TO's 17.91% return. Over the past 10 years, NA.TO has outperformed FM.TO with an annualized return of 21.48%, while FM.TO has yielded a comparatively lower 18.37% annualized return.
NA.TO
- 1D
- 0.62%
- 1M
- 2.52%
- YTD
- 22.40%
- 6M
- 23.26%
- 1Y
- 60.21%
- 3Y*
- 33.78%
- 5Y*
- 22.51%
- 10Y*
- 21.48%
FM.TO
- 1D
- 2.77%
- 1M
- 16.58%
- YTD
- 17.91%
- 6M
- 30.46%
- 1Y
- 107.01%
- 3Y*
- 12.63%
- 5Y*
- 8.57%
- 10Y*
- 18.37%
NA.TO vs. FM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NA.TO National Bank of Canada | 22.40% | 36.15% | 34.65% | 15.53% | -1.45% | 39.02% | 4.01% | 34.04% | -6.92% | 19.77% |
FM.TO First Quantum Minerals Ltd. | 17.91% | 98.60% | 70.78% | -61.41% | -5.96% | 32.52% | 73.68% | 19.40% | -37.27% | 32.00% |
Correlation
The correlation between NA.TO and FM.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006 | 0.32 |
Fundamentals
NA.TO:
CA$82.13B
FM.TO:
CA$36.11B
NA.TO:
CA$11.69
FM.TO:
-$0.24
NA.TO:
3.03
FM.TO:
4.76
NA.TO:
2.65
FM.TO:
2.33
NA.TO:
CA$27.33B
FM.TO:
$5.43B
NA.TO:
CA$14.01B
FM.TO:
$1.39B
NA.TO:
CA$6.37B
FM.TO:
$1.71B
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Return for Risk
NA.TO vs. FM.TO — Risk / Return Rank
NA.TO
FM.TO
NA.TO vs. FM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for National Bank of Canada (NA.TO) and First Quantum Minerals Ltd. (FM.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.
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.
| NA.TO | FM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.52 | ||
| Sortino ratioReturn per unit of downside risk | +2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.34 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 6.73 | 3.55 | +3.19 |
| Martin ratioReturn relative to average drawdown | 22.50 | 10.27 | +12.23 |
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Drawdowns
NA.TO vs. FM.TO - Drawdown Comparison
The maximum NA.TO drawdown since its inception was -55.45%, smaller than the maximum FM.TO drawdown of -90.98%. Use the drawdown chart below to compare losses from any high point for NA.TO and FM.TO.
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Drawdown Indicators
| NA.TO | FM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.45% | -90.98% | +35.53% |
Max Drawdown (1Y)Largest decline over 1 year | -8.99% | -30.35% | +21.36% |
Max Drawdown (3Y)Largest decline over 3 years | -22.58% | -75.27% | +52.69% |
Max Drawdown (5Y)Largest decline over 5 years | -22.58% | -78.27% | +55.69% |
Max Drawdown (10Y)Largest decline over 10 years | -48.22% | -78.27% | +30.05% |
Current DrawdownCurrent decline from peak | -1.68% | -5.94% | +4.26% |
Average DrawdownAverage peak-to-trough decline | -6.76% | -38.62% | +31.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 10.46% | -7.78% |
Volatility
NA.TO vs. FM.TO - Volatility Comparison
The current volatility for National Bank of Canada (NA.TO) is 6.17%, while First Quantum Minerals Ltd. (FM.TO) has a volatility of 21.17%. This indicates that NA.TO experiences smaller price fluctuations and is considered to be less risky than FM.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 | FM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.17% | 21.17% | -15.00% |
Volatility (6M)Calculated over the trailing 6-month period | 13.64% | 40.43% | -26.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.05% | 47.81% | -31.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.50% | 57.78% | -40.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.94% | 60.30% | -39.36% |
Dividends
NA.TO vs. FM.TO - Dividend Comparison
NA.TO's dividend yield for the trailing twelve months is around 2.31%, while FM.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FM.TO First Quantum Minerals Ltd. | 0.00% | 0.00% | 0.00% | 1.94% | 0.58% | 0.03% | 0.04% | 0.08% | 0.09% | 0.06% | 0.11% | 1.58% |
NA.TO National Bank of Canada | 2.31% | 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. FM.TO - Financials Comparison
This section allows you to compare key financial metrics between National Bank of Canada and First Quantum Minerals Ltd.. 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. FM.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%.
FM.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, First Quantum Minerals Ltd. reported a gross profit of 278.00M and revenue of 1.40B. Therefore, the gross margin over that period was 19.8%.
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%.
FM.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, First Quantum Minerals Ltd. reported an operating income of 190.00M and revenue of 1.40B, resulting in an operating margin of 13.5%.
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%.
FM.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, First Quantum Minerals Ltd. reported a net income of -196.00M and revenue of 1.40B, resulting in a net margin of -14.0%.
Frequently Asked Questions
NA.TO and FM.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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