NA.TO vs. XHB

Last updated Jun 6, 2026

NA.TO (National Bank of Canada) is a stock, while XHB (SPDR S&P Homebuilders ETF) is Building & Construction fund tracking the S&P Homebuilders Select Industry Index. Over the past 10 years, NA.TO returned 20.59%/yr vs 13.43%/yr for XHB. At a 0.36 correlation, their price movements are largely independent.

Performance

NA.TO vs. XHB - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in National Bank of Canada (NA.TO) and SPDR S&P Homebuilders ETF (XHB). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

NA.TO is traded in CAD, while XHB is traded in USD. To make them comparable, the XHB 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 XHB's 2.24% return. Over the past 10 years, NA.TO has outperformed XHB with an annualized return of 20.59%, while XHB has yielded a comparatively lower 13.43% 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%

XHB

• 1D: -1.06%
• 1M: 2.79%
• YTD: 2.24%
• 6M: -3.69%
• 1Y: 11.41%
• 3Y*: 13.89%
• 5Y*: 10.95%
• 10Y*: 13.43%

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

NA.TO vs. XHB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XHB SPDR S&P Homebuilders ETF	2.24%	-5.22%	19.17%	56.30%	-24.43%	49.62%	24.94%	35.47%	-19.48%	22.87%

Correlation

The correlation between NA.TO and XHB is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jul 6, 2006	0.36

Return for Risk

NA.TO vs. XHB — 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: 97
NA.TO Sharpe Ratio Rank: 97
NA.TO Sortino Ratio Rank: 98
NA.TO Omega Ratio Rank: 97
NA.TO Calmar Ratio Rank: 95
NA.TO Martin Ratio Rank: 96

XHB

XHB Risk / Return Rank: 14
XHB Sharpe Ratio Rank: 14
XHB Sortino Ratio Rank: 16
XHB Omega Ratio Rank: 14
XHB Calmar Ratio Rank: 14
XHB Martin Ratio Rank: 13

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. XHB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Bank of Canada (NA.TO) and SPDR S&P Homebuilders ETF (XHB). 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	XHB	Difference
Sharpe ratio: Return per unit of total volatility	3.64	0.37	+3.27
Sortino ratio: Return per unit of downside risk	4.91	0.78	+4.13
Omega ratio: Gain probability vs. loss probability	1.69	1.08	+0.60
Calmar ratio: Return relative to maximum drawdown	6.46	0.50	+5.97
Martin ratio: Return relative to average drawdown	21.87	1.05	+20.82
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. XHB - Sharpe Ratio Comparison

The current NA.TO Sharpe Ratio is 3.64, which is higher than the XHB Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of NA.TO and XHB, 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	XHB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.64	0.37	+3.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	0.39	+0.84
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	0.20	+0.55

Drawdowns

NA.TO vs. XHB - Drawdown Comparison

The maximum NA.TO drawdown since its inception was -55.45%, smaller than the maximum XHB drawdown of -79.60%. Use the drawdown chart below to compare losses from any high point for NA.TO and XHB.

Drawdown Indicators

	NA.TO	XHB	Difference
Max Drawdown Largest peak-to-trough decline	-55.45%	-79.60%	+24.15%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-20.98%	+11.99%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-28.79%	+6.21%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-38.78%	+16.20%
Max Drawdown (10Y) Largest decline over 10 years	-48.22%	-45.01%	-3.21%
Current Drawdown Current decline from peak	-4.23%	-16.53%	+12.30%
Average Drawdown Average peak-to-trough decline	-6.76%	-28.01%	+21.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	9.90%	-7.25%

Volatility

NA.TO vs. XHB - Volatility Comparison

The current volatility for National Bank of Canada (NA.TO) is 6.03%, while SPDR S&P Homebuilders ETF (XHB) has a volatility of 8.02%. This indicates that NA.TO experiences smaller price fluctuations and is considered to be less risky than XHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NA.TO	XHB	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	8.02%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	13.72%	20.22%	-6.50%
Volatility (1Y) Calculated over the trailing 1-year period	15.98%	28.14%	-12.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.48%	28.18%	-10.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	28.03%	-7.06%

Dividends

NA.TO vs. XHB - Dividend Comparison

NA.TO's dividend yield for the trailing twelve months is around 2.37%, more than XHB's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XHB SPDR S&P Homebuilders ETF	0.62%	0.78%	0.59%	0.77%	1.06%	0.51%	0.73%	0.89%	1.25%	0.72%	0.67%	0.50%

Frequently Asked Questions

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

NA.TO and XHB have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.