TD.TO vs. NA.TO
TD.TO (The Toronto-Dominion Bank) and NA.TO (National Bank of Canada) are both stocks. Both operate in the Banks - Diversified industry within the Financial Services sector. Over the past 10 years, TD.TO returned 16.09%/yr vs 21.48%/yr for NA.TO. A 0.60 correlation means they provide meaningful diversification when combined.
Performance
TD.TO vs. NA.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TD.TO achieves a 28.85% return, which is significantly higher than NA.TO's 22.40% return. Over the past 10 years, TD.TO has underperformed NA.TO with an annualized return of 16.09%, while NA.TO has yielded a comparatively higher 21.48% annualized return.
TD.TO
- 1D
- 1.10%
- 1M
- 10.59%
- YTD
- 28.85%
- 6M
- 32.50%
- 1Y
- 76.68%
- 3Y*
- 33.03%
- 5Y*
- 18.47%
- 10Y*
- 16.09%
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%
TD.TO vs. NA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TD.TO The Toronto-Dominion Bank | 28.85% | 77.06% | -6.05% | 2.34% | -6.01% | 40.15% | 3.72% | 11.66% | -4.57% | 15.15% |
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% |
Correlation
The correlation between TD.TO and NA.TO is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006 | 0.60 |
The correlation between TD.TO and NA.TO shifts across timeframes, from 0.43 (3 years) to 0.60 (all time), reflecting how their relationship changes across market environments.
Fundamentals
TD.TO:
CA$273.16B
NA.TO:
CA$82.13B
TD.TO:
CA$8.81
NA.TO:
CA$11.69
TD.TO:
18.62
NA.TO:
17.95
TD.TO:
0.67
NA.TO:
5.02
TD.TO:
2.47
NA.TO:
3.03
TD.TO:
2.42
NA.TO:
2.65
TD.TO:
CA$112.59B
NA.TO:
CA$27.33B
TD.TO:
CA$59.48B
NA.TO:
CA$14.01B
TD.TO:
CA$19.98B
NA.TO:
CA$6.37B
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Return for Risk
TD.TO vs. NA.TO — Risk / Return Rank
TD.TO
NA.TO
TD.TO vs. NA.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Toronto-Dominion Bank (TD.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.
| TD.TO | NA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 1.70 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 11.51 | 6.73 | +4.78 |
| Martin ratioReturn relative to average drawdown | 48.39 | 22.50 | +25.90 |
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Drawdowns
TD.TO vs. NA.TO - Drawdown Comparison
The maximum TD.TO drawdown since its inception was -52.42%, smaller than the maximum NA.TO drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for TD.TO and NA.TO.
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Drawdown Indicators
| TD.TO | NA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.42% | -55.45% | +3.03% |
Max Drawdown (1Y)Largest decline over 1 year | -6.68% | -8.99% | +2.31% |
Max Drawdown (3Y)Largest decline over 3 years | -15.04% | -22.58% | +7.54% |
Max Drawdown (5Y)Largest decline over 5 years | -26.06% | -22.58% | -3.48% |
Max Drawdown (10Y)Largest decline over 10 years | -35.80% | -48.22% | +12.42% |
Current DrawdownCurrent decline from peak | 0.00% | -1.68% | +1.68% |
Average DrawdownAverage peak-to-trough decline | -7.29% | -6.76% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 2.68% | -1.09% |
Volatility
TD.TO vs. NA.TO - Volatility Comparison
The current volatility for The Toronto-Dominion Bank (TD.TO) is 5.14%, while National Bank of Canada (NA.TO) has a volatility of 6.17%. This indicates that TD.TO experiences smaller price fluctuations and is considered to be less risky than NA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TD.TO | NA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 6.17% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 11.73% | 13.64% | -1.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.16% | 16.05% | -0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.17% | 17.50% | -0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.29% | 20.94% | -1.65% |
Dividends
TD.TO vs. NA.TO - Dividend Comparison
TD.TO's dividend yield for the trailing twelve months is around 2.60%, more than NA.TO's 2.31% yield.
| 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% |
TD.TO The Toronto-Dominion Bank | 2.60% | 3.25% | 5.33% | 4.48% | 4.06% | 3.26% | 4.32% | 3.97% | 3.85% | 3.19% | 3.26% | 3.69% |
Financials
TD.TO vs. NA.TO - Financials Comparison
This section allows you to compare key financial metrics between The Toronto-Dominion Bank and National Bank of Canada. 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
TD.TO vs. NA.TO - Profitability Comparison
TD.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a gross profit of 14.91B and revenue of 27.03B. Therefore, the gross margin over that period was 55.2%.
NA.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported a gross profit of 3.66B and revenue of 8.07B. Therefore, the gross margin over that period was 45.4%.
TD.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported an operating income of 5.03B and revenue of 27.03B, resulting in an operating margin of 18.6%.
NA.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported an operating income of 1.62B and revenue of 8.07B, resulting in an operating margin of 20.0%.
TD.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a net income of 4.25B and revenue of 27.03B, resulting in a net margin of 15.7%.
NA.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported a net income of 1.23B and revenue of 8.07B, resulting in a net margin of 15.3%.
Frequently Asked Questions
TD.TO and NA.TO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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