NGEX.TO vs. NA.TO

Last updated Jun 13, 2026

NGEX.TO (NGEx Minerals Ltd) and NA.TO (National Bank of Canada) are both stocks. NGEX.TO operates in Other Industrial Metals & Mining (Basic Materials), while NA.TO operates in Banks - Diversified (Financial Services). Over the past 5 years, NGEX.TO returned 106.42%/yr vs 22.51%/yr for NA.TO. At a 0.15 correlation, their price movements are largely independent.

Performance

NGEX.TO vs. NA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in NGEx Minerals Ltd (NGEX.TO) and National Bank of Canada (NA.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NGEX.TO achieves a 3.95% return, which is significantly lower than NA.TO's 22.40% return.

NGEX.TO

• 1D: 6.87%
• 1M: -10.46%
• YTD: 3.95%
• 6M: 6.06%
• 1Y: 75.53%
• 3Y*: 58.44%
• 5Y*: 106.42%
• 10Y*: —

NA.TO

• 1D: 0.62%
• 1M: 2.52%
• YTD: 22.40%
• 6M: 23.26%
• 1Y: 60.21%
• 3Y*: 33.78%
• 5Y*: 22.51%
• 10Y*: 21.48%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NGEX.TO NGEx Minerals Ltd	3.95%	90.90%	87.29%	132.47%	66.49%	255.77%	35.06%	-41.67%
NA.TO National Bank of Canada	22.40%	36.15%	34.65%	15.53%	-1.45%	39.02%	4.01%	20.14%

Correlation

The correlation between NGEX.TO and NA.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Aug 20, 2019	0.15

The correlation between NGEX.TO and NA.TO shifts across timeframes, from 0.15 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NGEX.TO : CA$5.77B NA.TO : CA$82.13B
EPS NGEX.TO : -CA$0.63 NA.TO : CA$11.69
PB Ratio NGEX.TO : 9.07 NA.TO : 2.65
Total Revenue (TTM) NGEX.TO : CA$0.00 NA.TO : CA$27.33B
Gross Profit (TTM) NGEX.TO : -CA$36.44K NA.TO : CA$14.01B
EBITDA (TTM) NGEX.TO : -CA$134.74M NA.TO : CA$6.37B

Return for Risk

NGEX.TO vs. NA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NGEX.TO

NGEX.TO Risk / Return Rank: 77
NGEX.TO Sharpe Ratio Rank: 80
NGEX.TO Sortino Ratio Rank: 72
NGEX.TO Omega Ratio Rank: 74
NGEX.TO Calmar Ratio Rank: 80
NGEX.TO Martin Ratio Rank: 80

NA.TO

NA.TO Risk / Return Rank: 97
NA.TO Sharpe Ratio Rank: 98
NA.TO Sortino Ratio Rank: 98
NA.TO Omega Ratio Rank: 98
NA.TO Calmar Ratio Rank: 95
NA.TO Martin Ratio Rank: 97

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.

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

This table presents a comparison of risk-adjusted performance metrics for NGEx Minerals Ltd (NGEX.TO) and National Bank of Canada (NA.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.

	NGEX.TO	NA.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.30	3.77	-2.47
Sortino ratio: Return per unit of downside risk	1.77	5.06	-3.30
Omega ratio: Gain probability vs. loss probability	1.24	1.70	-0.46
Calmar ratio: Return relative to maximum drawdown	2.48	6.73	-4.25
Martin ratio: Return relative to average drawdown	6.16	22.50	-16.34

NGEX.TO vs. NA.TO - Sharpe Ratio Comparison

The current NGEX.TO Sharpe Ratio is 1.30, which is lower than the NA.TO Sharpe Ratio of 3.77. The chart below compares the historical Sharpe Ratios of NGEX.TO and NA.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.

Drawdowns

NGEX.TO vs. NA.TO - Drawdown Comparison

The maximum NGEX.TO drawdown since its inception was -66.75%, which is greater than NA.TO's maximum drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for NGEX.TO and NA.TO.

Drawdown Indicators

	NGEX.TO	NA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-66.75%	-55.45%	-11.30%
Max Drawdown (1Y) Largest decline over 1 year	-30.62%	-8.99%	-21.63%
Max Drawdown (3Y) Largest decline over 3 years	-30.62%	-22.58%	-8.04%
Max Drawdown (5Y) Largest decline over 5 years	-66.75%	-22.58%	-44.17%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.22%	—
Current Drawdown Current decline from peak	-16.43%	-1.68%	-14.75%
Average Drawdown Average peak-to-trough decline	-18.77%	-6.76%	-12.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.31%	2.68%	+9.63%

Volatility

NGEX.TO vs. NA.TO - Volatility Comparison

NGEx Minerals Ltd (NGEX.TO) has a higher volatility of 26.53% compared to National Bank of Canada (NA.TO) at 6.17%. This indicates that NGEX.TO's price experiences larger fluctuations and is considered to be riskier than NA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NGEX.TO	NA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.53%	6.17%	+20.36%
Volatility (6M) Calculated over the trailing 6-month period	45.97%	13.64%	+32.33%
Volatility (1Y) Calculated over the trailing 1-year period	58.36%	16.05%	+42.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.92%	17.50%	+45.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.85%	20.94%	+50.91%

Dividends

NGEX.TO vs. NA.TO - Dividend Comparison

NGEX.TO has not paid dividends to shareholders, while NA.TO's dividend yield for the trailing twelve months is around 2.31%.

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%
NGEX.TO NGEx Minerals Ltd	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

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

NGEX.TO and NA.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.