NA.TO vs. VVL.TO

Last updated Jun 5, 2026

NA.TO (National Bank of Canada) is a stock, while VVL.TO (Vanguard Global Value Factor ETF CAD) is Global Equities fund actively managed by Vanguard. Over the past 5 years, NA.TO returned 21.58%/yr vs 14.06%/yr for VVL.TO. At a 0.49 correlation, their price movements are largely independent.

Performance

NA.TO vs. VVL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in National Bank of Canada (NA.TO) and Vanguard Global Value Factor ETF CAD (VVL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NA.TO achieves a 18.69% return, which is significantly higher than VVL.TO's 11.97% return.

NA.TO

• 1D: 1.72%
• 1M: -0.50%
• YTD: 18.69%
• 6M: 19.75%
• 1Y: 56.06%
• 3Y*: 33.37%
• 5Y*: 21.58%
• 10Y*: 21.05%

VVL.TO

• 1D: 1.25%
• 1M: 3.59%
• YTD: 11.97%
• 6M: 12.15%
• 1Y: 36.68%
• 3Y*: 22.07%
• 5Y*: 14.06%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NA.TO vs. VVL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NA.TO National Bank of Canada	18.69%	36.15%	35.91%	15.53%	-1.45%	39.02%	4.01%	34.04%	-6.92%	19.77%
VVL.TO Vanguard Global Value Factor ETF CAD	11.97%	21.53%	14.96%	16.51%	0.45%	29.74%	-3.32%	13.38%	-9.42%	12.32%

Correlation

The correlation between NA.TO and VVL.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jun 23, 2016	0.49

The correlation between NA.TO and VVL.TO shifts across timeframes, from 0.40 (3 years) to 0.51 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NA.TO vs. VVL.TO — 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: 96
NA.TO Sharpe Ratio Rank: 96
NA.TO Sortino Ratio Rank: 97
NA.TO Omega Ratio Rank: 97
NA.TO Calmar Ratio Rank: 94
NA.TO Martin Ratio Rank: 96

VVL.TO

VVL.TO Risk / Return Rank: 83
VVL.TO Sharpe Ratio Rank: 83
VVL.TO Sortino Ratio Rank: 88
VVL.TO Omega Ratio Rank: 80
VVL.TO Calmar Ratio Rank: 81
VVL.TO Martin Ratio Rank: 83

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. VVL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Bank of Canada (NA.TO) and Vanguard Global Value Factor ETF CAD (VVL.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	VVL.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.53	2.70	+0.83
Sortino ratio: Return per unit of downside risk	4.79	3.95	+0.84
Omega ratio: Gain probability vs. loss probability	1.66	1.48	+0.19
Calmar ratio: Return relative to maximum drawdown	6.27	4.17	+2.10
Martin ratio: Return relative to average drawdown	21.32	16.57	+4.75
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. VVL.TO - Sharpe Ratio Comparison

The current NA.TO Sharpe Ratio is 3.53, which is higher than the VVL.TO Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of NA.TO and VVL.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NA.TO	VVL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.53	2.70	+0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.24	0.88	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.66	-0.07

Drawdowns

NA.TO vs. VVL.TO - Drawdown Comparison

The maximum NA.TO drawdown since its inception was -58.47%, which is greater than VVL.TO's maximum drawdown of -43.93%. Use the drawdown chart below to compare losses from any high point for NA.TO and VVL.TO.

Drawdown Indicators

	NA.TO	VVL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-58.47%	-43.93%	-14.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-8.83%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-18.10%	-4.48%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-18.10%	-4.48%
Max Drawdown (10Y) Largest decline over 10 years	-48.22%	—	—
Current Drawdown Current decline from peak	-4.66%	0.00%	-4.66%
Average Drawdown Average peak-to-trough decline	-10.64%	-5.71%	-4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	2.22%	+0.42%

Volatility

NA.TO vs. VVL.TO - Volatility Comparison

National Bank of Canada (NA.TO) has a higher volatility of 6.18% compared to Vanguard Global Value Factor ETF CAD (VVL.TO) at 3.23%. This indicates that NA.TO's price experiences larger fluctuations and is considered to be riskier than VVL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NA.TO	VVL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.18%	3.23%	+2.95%
Volatility (6M) Calculated over the trailing 6-month period	13.83%	9.43%	+4.40%
Volatility (1Y) Calculated over the trailing 1-year period	15.98%	13.70%	+2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.49%	16.03%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.98%	18.74%	+2.24%

Dividends

NA.TO vs. VVL.TO - Dividend Comparison

NA.TO's dividend yield for the trailing twelve months is around 2.38%, more than VVL.TO's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NA.TO National Bank of Canada	2.38%	2.75%	4.17%	4.03%	4.03%	3.11%	3.96%	3.77%	4.44%	3.70%	4.03%	5.16%
VVL.TO Vanguard Global Value Factor ETF CAD	1.69%	1.89%	2.19%	2.65%	2.52%	1.48%	1.67%	2.60%	2.11%	1.33%	0.59%	0.00%

Frequently Asked Questions

Can I hold both NA.TO and VVL.TO in my portfolio?

NA.TO and VVL.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.