RY-PM.TO vs. BNS

Last updated Jun 5, 2026

RY-PM.TO (Royal Bank of Canada) and BNS (The Bank of Nova Scotia) are both stocks. Both operate in the Banks - Diversified industry within the Financial Services sector. At a 0.12 correlation, their price movements are largely independent.

Performance

RY-PM.TO vs. BNS - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Royal Bank of Canada (RY-PM.TO) and The Bank of Nova Scotia (BNS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

RY-PM.TO is traded in CAD, while BNS is traded in USD. To make them comparable, the BNS values have been converted to CAD using the latest available exchange rates.

Returns By Period

RY-PM.TO

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNS

• 1D: -0.81%
• 1M: 4.98%
• YTD: 13.52%
• 6M: 15.89%
• 1Y: 60.77%
• 3Y*: 27.23%
• 5Y*: 13.65%
• 10Y*: 11.65%

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

RY-PM.TO vs. BNS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RY-PM.TO Royal Bank of Canada	0.00%	4.54%	38.30%	6.50%	-23.88%	18.31%	16.51%	-3.90%	-11.42%	19.60%
BNS The Bank of Nova Scotia	13.52%	38.46%	27.65%	6.14%	-22.93%	39.35%	-0.02%	11.71%	-11.35%	14.07%

Correlation

The correlation between RY-PM.TO and BNS is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Mar 16, 2015	0.12

The correlation between RY-PM.TO and BNS shifts across timeframes, from -0.03 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RY-PM.TO vs. BNS — Risk / Return Rank

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

BNS

BNS Risk / Return Rank: 95
BNS Sharpe Ratio Rank: 96
BNS Sortino Ratio Rank: 97
BNS Omega Ratio Rank: 96
BNS Calmar Ratio Rank: 89
BNS Martin Ratio Rank: 94

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.

RY-PM.TO vs. BNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royal Bank of Canada (RY-PM.TO) and The Bank of Nova Scotia (BNS). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	RY-PM.TO	BNS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.03	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.66	—

Drawdowns

Drawdown Indicators

	RY-PM.TO	BNS	Difference
Max Drawdown Largest peak-to-trough decline	—	-38.37%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-11.55%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.37%	—
Current Drawdown Current decline from peak	—	-0.81%	—
Average Drawdown Average peak-to-trough decline	—	-8.32%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.95%	—

Volatility

Volatility by Period

	RY-PM.TO	BNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.93%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	15.16%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	16.31%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.75%	—

Dividends

RY-PM.TO vs. BNS - Dividend Comparison

RY-PM.TO's dividend yield for the trailing twelve months is around 1.52%, less than BNS's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNS The Bank of Nova Scotia	3.95%	4.17%	5.85%	8.56%	6.39%	5.09%	4.93%	3.53%	6.34%	4.80%	5.24%	8.13%
RY-PM.TO Royal Bank of Canada	1.52%	3.04%	3.08%	4.12%	4.21%	3.09%	4.24%	4.64%	4.26%	3.64%	4.19%	3.05%

Financials

Frequently Asked Questions

Can I hold both RY-PM.TO and BNS in my portfolio?

RY-PM.TO and BNS have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.