RY vs. CM.TO
RY (Royal Bank of Canada) and CM.TO (Canadian Imperial Bank of Commerce) are both stocks. Both operate in the Banks - Diversified industry within the Financial Services sector. Over the past 10 years, RY returned 17.13%/yr vs 20.39%/yr for CM.TO. A 0.62 correlation means they provide meaningful diversification when combined.
Performance
RY vs. CM.TO - Performance Comparison
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Different Trading Currencies
RY is traded in USD, while CM.TO is traded in CAD. To make them comparable, the CM.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, RY achieves a 18.40% return, which is significantly lower than CM.TO's 26.48% return. Over the past 10 years, RY has underperformed CM.TO with an annualized return of 17.13%, while CM.TO has yielded a comparatively higher 20.39% annualized return.
RY
- 1D
- -0.24%
- 1M
- 8.54%
- YTD
- 18.40%
- 6M
- 20.81%
- 1Y
- 60.55%
- 3Y*
- 32.66%
- 5Y*
- 18.18%
- 10Y*
- 17.13%
CM.TO
- 1D
- 0.34%
- 1M
- 2.01%
- YTD
- 26.48%
- 6M
- 24.29%
- 1Y
- 73.38%
- 3Y*
- 43.91%
- 5Y*
- 20.14%
- 10Y*
- 20.39%
RY vs. CM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RY Royal Bank of Canada | 18.40% | 46.29% | 23.80% | 12.72% | -8.00% | 34.11% | 8.42% | 20.17% | -12.88% | 24.95% |
CM.TO Canadian Imperial Bank of Commerce | 26.48% | 49.12% | 37.89% | 26.85% | -25.60% | 47.82% | 16.65% | 23.27% | -15.72% | 31.40% |
Correlation
The correlation between RY and CM.TO is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2006 | 0.62 |
The correlation between RY and CM.TO has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.
Fundamentals
RY:
$204.53B
CM.TO:
CA$147.10B
RY:
CA$18.17
CM.TO:
CA$10.53
RY:
15.31
CM.TO:
15.11
RY:
2.22
CM.TO:
1.86
RY:
2.44
CM.TO:
2.79
RY:
2.21
CM.TO:
2.52
RY:
CA$138.99B
CM.TO:
CA$53.25B
RY:
CA$65.64B
CM.TO:
CA$28.73B
RY:
CA$30.01B
CM.TO:
CA$13.01B
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Return for Risk
RY vs. CM.TO — Risk / Return Rank
RY
CM.TO
RY vs. CM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royal Bank of Canada (RY) and Canadian Imperial Bank of Commerce (CM.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.
| RY | CM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 1.70 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 6.06 | 6.98 | -0.92 |
| Martin ratioReturn relative to average drawdown | 22.57 | 27.11 | -4.53 |
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Drawdowns
RY vs. CM.TO - Drawdown Comparison
The maximum RY drawdown since its inception was -62.90%, smaller than the maximum CM.TO drawdown of -69.60%. Use the drawdown chart below to compare losses from any high point for RY and CM.TO.
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Drawdown Indicators
| RY | CM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.90% | -69.60% | +6.70% |
Max Drawdown (1Y)Largest decline over 1 year | -10.04% | -10.57% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -19.88% | -19.54% | -0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -28.36% | -41.24% | +12.88% |
Max Drawdown (10Y)Largest decline over 10 years | -39.95% | -44.98% | +5.03% |
Current DrawdownCurrent decline from peak | -0.24% | -2.15% | +1.91% |
Average DrawdownAverage peak-to-trough decline | -9.32% | -12.48% | +3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.72% | -0.03% |
Volatility
RY vs. CM.TO - Volatility Comparison
The current volatility for Royal Bank of Canada (RY) is 3.68%, while Canadian Imperial Bank of Commerce (CM.TO) has a volatility of 7.74%. This indicates that RY experiences smaller price fluctuations and is considered to be less risky than CM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RY | CM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.68% | 7.74% | -4.06% |
Volatility (6M)Calculated over the trailing 6-month period | 11.31% | 15.07% | -3.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.10% | 17.94% | -2.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.00% | 19.48% | -1.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.76% | 21.23% | -1.47% |
Dividends
RY vs. CM.TO - Dividend Comparison
RY's dividend yield for the trailing twelve months is around 2.33%, less than CM.TO's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CM.TO Canadian Imperial Bank of Commerce | 2.56% | 3.20% | 4.04% | 5.47% | 7.52% | 8.13% | 10.74% | 10.51% | 10.58% | 8.39% | 8.84% | 9.69% |
RY Royal Bank of Canada | 2.33% | 2.54% | 3.39% | 4.29% | 4.07% | 3.24% | 3.88% | 3.88% | 4.27% | 3.22% | 3.95% | 5.41% |
Financials
RY vs. CM.TO - Financials Comparison
This section allows you to compare key financial metrics between Royal Bank of Canada and Canadian Imperial Bank of Commerce. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
RY vs. CM.TO - Profitability Comparison
RY - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Royal Bank of Canada reported a gross profit of 16.51B and revenue of 33.93B. Therefore, the gross margin over that period was 48.7%.
CM.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian Imperial Bank of Commerce reported a gross profit of 7.36B and revenue of 15.23B. Therefore, the gross margin over that period was 48.4%.
RY - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Royal Bank of Canada reported an operating income of 7.10B and revenue of 33.93B, resulting in an operating margin of 20.9%.
CM.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian Imperial Bank of Commerce reported an operating income of 3.20B and revenue of 15.23B, resulting in an operating margin of 21.0%.
RY - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Royal Bank of Canada reported a net income of 5.51B and revenue of 33.93B, resulting in a net margin of 16.2%.
CM.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian Imperial Bank of Commerce reported a net income of 2.46B and revenue of 15.23B, resulting in a net margin of 16.1%.
Frequently Asked Questions
RY and CM.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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