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

NA.TO vs. XLK

Last updated Jun 13, 2026

NA.TO (National Bank of Canada) is a stock, while XLK (State Street Technology Select Sector SPDR ETF) is Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Over the past 10 years, NA.TO returned 21.48%/yr vs 26.27%/yr for XLK. At a 0.32 correlation, their price movements are largely independent.

Performance

NA.TO vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in National Bank of Canada (NA.TO) and State Street Technology Select Sector SPDR ETF (XLK). 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 XLK is traded in USD. To make them comparable, the XLK 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 22.40% return, which is significantly lower than XLK's 31.13% return. Over the past 10 years, NA.TO has underperformed XLK with an annualized return of 21.48%, while XLK has yielded a comparatively higher 26.27% 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%

XLK

1D
1.05%
1M
4.96%
YTD
31.13%
6M
30.81%
1Y
59.71%
3Y*
32.23%
5Y*
25.59%
10Y*
26.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NA.TO vs. XLK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XLK
State Street Technology Select Sector SPDR ETF		31.13%18.92%31.93%52.31%-23.15%34.68%40.21%43.68%6.59%25.17%

Correlation

The correlation between NA.TO and XLK is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.32

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

0.27

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

0.33

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

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

State Street Technology Select Sector SPDR 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 XLK:
XLK vs. QQQXLK vs. VGTXLK vs. SMHXLK vs. SPYXLK vs. FTECXLK vs. XLEXLK vs. IYW

Return for Risk

NA.TO vs. XLK — 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: 9898
Sharpe Ratio Rank
NA.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
NA.TO Omega Ratio Rank: 9898
Omega Ratio Rank
NA.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
NA.TO Martin Ratio Rank: 9797
Martin Ratio Rank
XLK
XLK Risk / Return Rank: 7676
Overall Rank
XLK Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
XLK Sortino Ratio Rank: 7676
Sortino Ratio Rank
XLK Omega Ratio Rank: 7878
Omega Ratio Rank
XLK Calmar Ratio Rank: 7575
Calmar Ratio Rank
XLK Martin Ratio Rank: 6868
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. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Bank of Canada (NA.TO) and State Street Technology Select Sector SPDR ETF (XLK). 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.TOXLKDifference
Sharpe ratioReturn per unit of total volatility
3.77
2.51

+1.26

Sortino ratioReturn per unit of downside risk
5.06
3.10

+1.96

Omega ratioGain probability vs. loss probability

1.70

1.41

+0.29

Calmar ratioReturn relative to maximum drawdown

6.73

3.52

+3.21

Martin ratioReturn relative to average drawdown

22.50

10.37

+12.12

NA.TO vs. XLK - Sharpe Ratio Comparison

The current NA.TO Sharpe Ratio is 3.77, which is higher than the XLK Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of NA.TO and XLK, 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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Drawdowns

NA.TO vs. XLK - Drawdown Comparison

The maximum NA.TO drawdown since its inception was -55.45%, which is greater than XLK's maximum drawdown of -38.68%. Use the drawdown chart below to compare losses from any high point for NA.TO and XLK.

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Drawdown Indicators

NA.TOXLKDifference

Max Drawdown

Largest peak-to-trough decline

-55.45%

-38.68%

-16.77%

Max Drawdown (1Y)

Largest decline over 1 year

-8.99%

-16.16%

+7.17%

Max Drawdown (3Y)

Largest decline over 3 years

-22.58%

-26.35%

+3.77%

Max Drawdown (5Y)

Largest decline over 5 years

-22.58%

-29.64%

+7.06%

Max Drawdown (10Y)

Largest decline over 10 years

-48.22%

-29.64%

-18.58%

Current Drawdown

Current decline from peak

-1.68%

-5.87%

+4.19%

Average Drawdown

Average peak-to-trough decline

-6.76%

-7.56%

+0.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

5.48%

-2.80%

Volatility

NA.TO vs. XLK - Volatility Comparison

The current volatility for National Bank of Canada (NA.TO) is 6.17%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 10.83%. This indicates that NA.TO experiences smaller price fluctuations and is considered to be less risky than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NA.TOXLKDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.17%

10.83%

-4.66%

Volatility (6M)

Calculated over the trailing 6-month period

13.64%

19.12%

-5.48%

Volatility (1Y)

Calculated over the trailing 1-year period

16.05%

22.68%

-6.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.50%

25.91%

-8.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.94%

25.57%

-4.63%

Dividends

NA.TO vs. XLK - Dividend Comparison

NA.TO's dividend yield for the trailing twelve months is around 2.31%, more than XLK's 0.41% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XLK
State Street Technology Select Sector SPDR ETF		0.41%0.54%0.66%0.76%1.04%0.65%0.92%1.16%1.60%1.37%1.74%1.79%

Frequently Asked Questions

NA.TO and XLK have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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