NA.TO vs. TD.TO
NA.TO (National Bank of Canada) and TD.TO (The Toronto-Dominion Bank) are both stocks. Both operate in the Banks - Diversified industry within the Financial Services sector. Over the past 10 years, NA.TO returned 21.48%/yr vs 16.09%/yr for TD.TO. A 0.60 correlation means they provide meaningful diversification when combined.
Performance
NA.TO vs. TD.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 lower than TD.TO's 28.85% return. Over the past 10 years, NA.TO has outperformed TD.TO with an annualized return of 21.48%, while TD.TO has yielded a comparatively lower 16.09% annualized return.
NA.TO
- 1D
- 0.62%
- 1M
- 2.53%
- YTD
- 22.40%
- 6M
- 23.26%
- 1Y
- 59.71%
- 3Y*
- 33.78%
- 5Y*
- 22.51%
- 10Y*
- 21.48%
TD.TO
- 1D
- 1.10%
- 1M
- 10.59%
- YTD
- 28.85%
- 6M
- 32.50%
- 1Y
- 76.68%
- 3Y*
- 33.03%
- 5Y*
- 18.47%
- 10Y*
- 16.09%
NA.TO vs. TD.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% |
TD.TO The Toronto-Dominion Bank | 28.85% | 77.06% | -6.05% | 2.34% | -6.01% | 40.15% | 3.72% | 11.66% | -4.57% | 15.15% |
Correlation
The correlation between NA.TO and TD.TO is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006 | 0.60 |
The correlation between NA.TO and TD.TO shifts across timeframes, from 0.43 (3 years) to 0.60 (all time), reflecting how their relationship changes across market environments.
Fundamentals
NA.TO:
CA$82.13B
TD.TO:
CA$273.16B
NA.TO:
CA$11.69
TD.TO:
CA$8.81
NA.TO:
17.95
TD.TO:
18.62
NA.TO:
5.02
TD.TO:
0.67
NA.TO:
3.03
TD.TO:
2.47
NA.TO:
2.65
TD.TO:
2.42
NA.TO:
CA$27.33B
TD.TO:
CA$112.59B
NA.TO:
CA$14.01B
TD.TO:
CA$59.48B
NA.TO:
CA$6.37B
TD.TO:
CA$19.98B
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Return for Risk
NA.TO vs. TD.TO — Risk / Return Rank
NA.TO
TD.TO
NA.TO vs. TD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for National Bank of Canada (NA.TO) and The Toronto-Dominion Bank (TD.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 | TD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.30 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.89 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 6.73 | 11.51 | -4.78 |
| Martin ratioReturn relative to average drawdown | 22.50 | 48.39 | -25.90 |
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Drawdowns
NA.TO vs. TD.TO - Drawdown Comparison
The maximum NA.TO drawdown since its inception was -55.45%, which is greater than TD.TO's maximum drawdown of -52.42%. Use the drawdown chart below to compare losses from any high point for NA.TO and TD.TO.
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Drawdown Indicators
| NA.TO | TD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.45% | -52.42% | -3.03% |
Max Drawdown (1Y)Largest decline over 1 year | -8.99% | -6.68% | -2.31% |
Max Drawdown (3Y)Largest decline over 3 years | -22.58% | -15.04% | -7.54% |
Max Drawdown (5Y)Largest decline over 5 years | -22.58% | -26.06% | +3.48% |
Max Drawdown (10Y)Largest decline over 10 years | -48.22% | -35.80% | -12.42% |
Current DrawdownCurrent decline from peak | -1.68% | 0.00% | -1.68% |
Average DrawdownAverage peak-to-trough decline | -6.76% | -7.29% | +0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 1.59% | +1.09% |
Volatility
NA.TO vs. TD.TO - Volatility Comparison
National Bank of Canada (NA.TO) has a higher volatility of 6.17% compared to The Toronto-Dominion Bank (TD.TO) at 5.14%. This indicates that NA.TO's price experiences larger fluctuations and is considered to be riskier than TD.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 | TD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.17% | 5.14% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 13.64% | 11.73% | +1.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.05% | 15.16% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.50% | 17.17% | +0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.94% | 19.29% | +1.65% |
Dividends
NA.TO vs. TD.TO - Dividend Comparison
NA.TO's dividend yield for the trailing twelve months is around 2.31%, less than TD.TO's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TD.TO The Toronto-Dominion Bank | 2.60% | 3.25% | 5.33% | 4.48% | 4.06% | 3.26% | 4.32% | 3.97% | 3.85% | 3.19% | 3.26% | 3.69% |
Financials
NA.TO vs. TD.TO - Financials Comparison
This section allows you to compare key financial metrics between National Bank of Canada and The Toronto-Dominion Bank. 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. TD.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%.
TD.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a gross profit of 14.91B and revenue of 27.03B. Therefore, the gross margin over that period was 55.2%.
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%.
TD.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported an operating income of 5.03B and revenue of 27.03B, resulting in an operating margin of 18.6%.
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%.
TD.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a net income of 4.25B and revenue of 27.03B, resulting in a net margin of 15.7%.
Frequently Asked Questions
NA.TO and TD.TO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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