XHB vs. NA.TO

Last updated Jun 7, 2026

XHB (SPDR S&P Homebuilders ETF) is Building & Construction fund tracking the S&P Homebuilders Select Industry Index, while NA.TO (National Bank of Canada) is a stock. Over the past 10 years, XHB returned 12.51%/yr vs 19.52%/yr for NA.TO. At a 0.37 correlation, their price movements are largely independent.

Performance

XHB vs. NA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Homebuilders ETF (XHB) and National Bank of Canada (NA.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, XHB achieves a 0.69% return, which is significantly lower than NA.TO's 17.39% return. Over the past 10 years, XHB has underperformed NA.TO with an annualized return of 12.51%, while NA.TO has yielded a comparatively higher 19.52% annualized return.

XHB

• 1D: -1.16%
• 1M: 0.83%
• YTD: 0.69%
• 6M: -3.32%
• 1Y: 9.49%
• 3Y*: 12.63%
• 5Y*: 7.92%
• 10Y*: 12.51%

NA.TO

• 1D: 0.20%
• 1M: -3.10%
• YTD: 17.39%
• 6M: 20.31%
• 1Y: 54.69%
• 3Y*: 31.12%
• 5Y*: 18.04%
• 10Y*: 19.52%

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

XHB vs. NA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XHB SPDR S&P Homebuilders ETF	0.69%	-0.69%	9.87%	60.10%	-28.93%	49.70%	27.97%	41.30%	-25.73%	31.80%
NA.TO National Bank of Canada	17.41%	42.66%	24.14%	18.35%	-7.33%	39.09%	6.54%	39.80%	-14.14%	28.47%

Correlation

The correlation between XHB and NA.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jul 6, 2006	0.37

Return for Risk

XHB vs. NA.TO — Risk / Return Rank

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

XHB

XHB Risk / Return Rank: 14
XHB Sharpe Ratio Rank: 14
XHB Sortino Ratio Rank: 16
XHB Omega Ratio Rank: 14
XHB Calmar Ratio Rank: 14
XHB Martin Ratio Rank: 13

NA.TO

NA.TO Risk / Return Rank: 97
NA.TO Sharpe Ratio Rank: 97
NA.TO Sortino Ratio Rank: 98
NA.TO Omega Ratio Rank: 97
NA.TO Calmar Ratio Rank: 95
NA.TO Martin Ratio Rank: 96

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.

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

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Homebuilders ETF (XHB) 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.

	XHB	NA.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.31	3.26	-2.95
Sortino ratio: Return per unit of downside risk	0.70	4.52	-3.82
Omega ratio: Gain probability vs. loss probability	1.08	1.60	-0.53
Calmar ratio: Return relative to maximum drawdown	0.40	5.57	-5.17
Martin ratio: Return relative to average drawdown	0.83	19.36	-18.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XHB vs. NA.TO - Sharpe Ratio Comparison

The current XHB Sharpe Ratio is 0.31, which is lower than the NA.TO Sharpe Ratio of 3.26. The chart below compares the historical Sharpe Ratios of XHB 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.

Sharpe Ratios by Period

	XHB	NA.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	3.26	-2.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.89	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.82	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.59	-0.43

Drawdowns

XHB vs. NA.TO - Drawdown Comparison

The maximum XHB drawdown since its inception was -81.61%, which is greater than NA.TO's maximum drawdown of -60.25%. Use the drawdown chart below to compare losses from any high point for XHB and NA.TO.

Drawdown Indicators

	XHB	NA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-81.61%	-60.25%	-21.36%
Max Drawdown (1Y) Largest decline over 1 year	-21.71%	-9.89%	-11.82%
Max Drawdown (3Y) Largest decline over 3 years	-30.53%	-23.62%	-6.91%
Max Drawdown (5Y) Largest decline over 5 years	-39.46%	-25.56%	-13.90%
Max Drawdown (10Y) Largest decline over 10 years	-49.57%	-52.83%	+3.26%
Current Drawdown Current decline from peak	-16.62%	-5.14%	-11.48%
Average Drawdown Average peak-to-trough decline	-27.60%	-9.08%	-18.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.36%	2.84%	+7.52%

Volatility

XHB vs. NA.TO - Volatility Comparison

SPDR S&P Homebuilders ETF (XHB) has a higher volatility of 7.93% compared to National Bank of Canada (NA.TO) at 6.26%. This indicates that XHB'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

	XHB	NA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.93%	6.26%	+1.67%
Volatility (6M) Calculated over the trailing 6-month period	20.00%	14.40%	+5.60%
Volatility (1Y) Calculated over the trailing 1-year period	27.70%	16.90%	+10.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.64%	20.25%	+7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.41%	23.83%	+3.58%

Dividends

XHB vs. NA.TO - Dividend Comparison

XHB's dividend yield for the trailing twelve months is around 0.62%, less than NA.TO's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NA.TO National Bank of Canada	2.37%	2.75%	3.36%	4.03%	4.03%	3.11%	3.96%	3.77%	4.44%	3.70%	4.03%	5.16%
XHB SPDR S&P Homebuilders ETF	0.62%	0.78%	0.59%	0.77%	1.06%	0.51%	0.73%	0.89%	1.25%	0.72%	0.67%	0.50%

Frequently Asked Questions

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

XHB and NA.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.