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NA.TO vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NA.TO vs. IWM

Last updated Jun 6, 2026

NA.TO (National Bank of Canada) is a stock, while IWM (iShares Russell 2000 ETF) is Small Cap Blend Equities fund tracking the Russell 2000 Index. Over the past 10 years, NA.TO returned 20.59%/yr vs 11.45%/yr for IWM. At a 0.39 correlation, their price movements are largely independent.

Performance

NA.TO vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in National Bank of Canada (NA.TO) and iShares Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

NA.TO is traded in CAD, while IWM is traded in USD. To make them comparable, the IWM values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, NA.TO achieves a 19.22% return, which is significantly higher than IWM's 16.39% return. Over the past 10 years, NA.TO has outperformed IWM with an annualized return of 20.59%, while IWM has yielded a comparatively lower 11.45% annualized return.

NA.TO

1D
0.45%
1M
-1.12%
YTD
19.22%
6M
21.37%
1Y
57.45%
3Y*
32.85%
5Y*
21.46%
10Y*
20.59%

IWM

1D
-3.46%
1M
1.75%
YTD
16.39%
6M
12.46%
1Y
36.70%
3Y*
17.87%
5Y*
8.63%
10Y*
11.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NA.TO vs. IWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NA.TO
National Bank of Canada		19.22%36.15%34.65%15.53%-1.45%39.02%4.01%34.04%-6.92%19.77%
IWM
iShares Russell 2000 ETF		16.39%7.51%20.82%14.05%-15.45%14.48%17.18%20.22%-3.65%6.82%

Correlation

The correlation between NA.TO and IWM is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.41

Correlation (3Y)
Calculated over the trailing 3-year period

0.37

Correlation (5Y)
Calculated over the trailing 5-year period

0.42

Correlation (10Y)
Calculated over the trailing 10-year period

0.41

Correlation (All Time)
Calculated using the full available price history since Jul 6, 2006

0.39

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

National Bank of Canada

iShares Russell 2000 ETF

Often compared with NA.TO:
NA.TO vs. BNS.TONA.TO vs. CM.TONA.TO vs. PSLVNA.TO vs. AEM.TONA.TO vs. GOLD.TONA.TO vs. BTO.TONA.TO vs. ING
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. IWO

Return for Risk

NA.TO vs. IWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NA.TO
NA.TO Risk / Return Rank: 9797
Overall Rank
NA.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
NA.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
NA.TO Omega Ratio Rank: 9797
Omega Ratio Rank
NA.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
NA.TO Martin Ratio Rank: 9696
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 5959
Overall Rank
IWM Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 5555
Sortino Ratio Rank
IWM Omega Ratio Rank: 5151
Omega Ratio Rank
IWM Calmar Ratio Rank: 6868
Calmar Ratio Rank
IWM Martin Ratio Rank: 6565
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NA.TO vs. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Bank of Canada (NA.TO) and iShares Russell 2000 ETF (IWM). 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.TOIWMDifference
Sharpe ratioReturn per unit of total volatility
3.64
1.94

+1.70

Sortino ratioReturn per unit of downside risk
4.91
2.69

+2.22

Omega ratioGain probability vs. loss probability

1.69

1.31

+0.37

Calmar ratioReturn relative to maximum drawdown

6.46

3.62

+2.84

Martin ratioReturn relative to average drawdown

21.87

11.49

+10.39

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NA.TO vs. IWM - Sharpe Ratio Comparison

The current NA.TO Sharpe Ratio is 3.64, which is higher than the IWM Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of NA.TO and IWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

NA.TOIWMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.64

1.94

+1.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.23

0.37

+0.86

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.99

0.48

+0.51

Sharpe Ratio (All Time)

Calculated using the full available price history

0.75

0.39

+0.35

Drawdowns

NA.TO vs. IWM - Drawdown Comparison

The maximum NA.TO drawdown since its inception was -55.45%, which is greater than IWM's maximum drawdown of -52.41%. Use the drawdown chart below to compare losses from any high point for NA.TO and IWM.

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Drawdown Indicators

NA.TOIWMDifference

Max Drawdown

Largest peak-to-trough decline

-55.45%

-52.41%

-3.04%

Max Drawdown (1Y)

Largest decline over 1 year

-8.99%

-10.76%

+1.77%

Max Drawdown (3Y)

Largest decline over 3 years

-22.58%

-26.24%

+3.66%

Max Drawdown (5Y)

Largest decline over 5 years

-22.58%

-29.60%

+7.02%

Max Drawdown (10Y)

Largest decline over 10 years

-48.22%

-36.29%

-11.93%

Current Drawdown

Current decline from peak

-4.23%

-3.46%

-0.77%

Average Drawdown

Average peak-to-trough decline

-6.76%

-10.64%

+3.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.65%

3.39%

-0.74%

Volatility

NA.TO vs. IWM - Volatility Comparison

The current volatility for National Bank of Canada (NA.TO) is 6.03%, while iShares Russell 2000 ETF (IWM) has a volatility of 6.89%. This indicates that NA.TO experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NA.TOIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.03%

6.89%

-0.86%

Volatility (6M)

Calculated over the trailing 6-month period

13.72%

14.60%

-0.88%

Volatility (1Y)

Calculated over the trailing 1-year period

15.98%

20.14%

-4.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.48%

23.31%

-5.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.97%

23.87%

-2.90%

Dividends

NA.TO vs. IWM - Dividend Comparison

NA.TO's dividend yield for the trailing twelve months is around 2.37%, more than IWM's 0.90% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.90%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
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%

Frequently Asked Questions

NA.TO and IWM have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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