ZS vs. BNS
ZS (Zscaler, Inc.) and BNS (The Bank of Nova Scotia) are both stocks. ZS operates in Software - Infrastructure (Technology), while BNS operates in Banks - Diversified (Financial Services). Over the past 5 years, ZS returned -9.02%/yr vs 11.56%/yr for BNS. At a 0.17 correlation, their price movements are largely independent.
Performance
ZS vs. BNS - Performance Comparison
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Returns By Period
In the year-to-date period, ZS achieves a -42.42% return, which is significantly lower than BNS's 16.52% return.
ZS
- 1D
- 2.70%
- 1M
- -19.58%
- YTD
- -42.42%
- 6M
- -45.18%
- 1Y
- -57.11%
- 3Y*
- -6.33%
- 5Y*
- -9.02%
- 10Y*
- —
BNS
- 1D
- 1.57%
- 1M
- 8.96%
- YTD
- 16.52%
- 6M
- 17.99%
- 1Y
- 62.38%
- 3Y*
- 27.10%
- 5Y*
- 11.56%
- 10Y*
- 11.61%
ZS vs. BNS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZS Zscaler, Inc. | -42.42% | 24.67% | -18.57% | 98.00% | -65.18% | 60.90% | 329.48% | 18.59% | 42.58% |
BNS The Bank of Nova Scotia | 16.52% | 45.11% | 17.55% | 8.53% | -28.05% | 40.62% | 1.70% | 17.49% | -16.15% |
Correlation
The correlation between ZS and BNS is 0.02, 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 | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2018 | 0.17 |
The correlation between ZS and BNS shifts across timeframes, from 0.02 (1 year) to 0.24 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
ZS:
$20.82B
BNS:
$76.13B
ZS:
-$0.49
BNS:
CA$8.23
ZS:
6.48
BNS:
1.93
ZS:
8.80
BNS:
1.38
ZS:
$3.17B
BNS:
CA$70.57B
ZS:
$2.43B
BNS:
CA$33.43B
ZS:
$69.08M
BNS:
CA$13.61B
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Return for Risk
ZS vs. BNS — Risk / Return Rank
ZS
BNS
ZS vs. BNS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Zscaler, Inc. (ZS) 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.
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.
| ZS | BNS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.71 | ||
| Sortino ratioReturn per unit of downside risk | -6.55 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.68 | -0.89 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 4.69 | -5.57 |
| Martin ratioReturn relative to average drawdown | -1.55 | 18.38 | -19.93 |
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Drawdowns
ZS vs. BNS - Drawdown Comparison
The maximum ZS drawdown since its inception was -76.41%, which is greater than BNS's maximum drawdown of -63.65%. Use the drawdown chart below to compare losses from any high point for ZS and BNS.
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Drawdown Indicators
| ZS | BNS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.41% | -63.65% | -12.76% |
Max Drawdown (1Y)Largest decline over 1 year | -64.89% | -13.36% | -51.53% |
Max Drawdown (3Y)Largest decline over 3 years | -64.89% | -19.51% | -45.38% |
Max Drawdown (5Y)Largest decline over 5 years | -76.41% | -39.12% | -37.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.29% | — |
Current DrawdownCurrent decline from peak | -64.88% | 0.00% | -64.88% |
Average DrawdownAverage peak-to-trough decline | -32.68% | -11.01% | -21.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.90% | 3.40% | +33.50% |
Volatility
ZS vs. BNS - Volatility Comparison
Zscaler, Inc. (ZS) has a higher volatility of 44.34% compared to The Bank of Nova Scotia (BNS) at 4.91%. This indicates that ZS's price experiences larger fluctuations and is considered to be riskier than BNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZS | BNS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.34% | 4.91% | +39.43% |
Volatility (6M)Calculated over the trailing 6-month period | 57.43% | 12.97% | +44.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.73% | 16.80% | +41.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.07% | 19.57% | +36.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.78% | 21.92% | +36.86% |
Dividends
ZS vs. BNS - Dividend Comparison
ZS has not paid dividends to shareholders, while BNS's dividend yield for the trailing twelve months is around 3.79%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNS The Bank of Nova Scotia | 3.79% | 4.17% | 5.85% | 8.56% | 6.39% | 5.09% | 4.93% | 3.53% | 6.34% | 4.80% | 5.24% | 8.13% |
ZS Zscaler, Inc. | 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
ZS vs. BNS - Financials Comparison
This section allows you to compare key financial metrics between Zscaler, Inc. and The Bank of Nova Scotia. 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
ZS vs. BNS - Profitability Comparison
ZS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Zscaler, Inc. reported a gross profit of 657.82M and revenue of 850.48M. Therefore, the gross margin over that period was 77.4%.
BNS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Bank of Nova Scotia reported a gross profit of 8.40B and revenue of 17.18B. Therefore, the gross margin over that period was 48.9%.
ZS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Zscaler, Inc. reported an operating income of -29.64M and revenue of 850.48M, resulting in an operating margin of -3.5%.
BNS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Bank of Nova Scotia reported an operating income of 3.43B and revenue of 17.18B, resulting in an operating margin of 20.0%.
ZS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Zscaler, Inc. reported a net income of -13.88M and revenue of 850.48M, resulting in a net margin of -1.6%.
BNS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Bank of Nova Scotia reported a net income of 2.59B and revenue of 17.18B, resulting in a net margin of 15.1%.
Frequently Asked Questions
ZS and BNS have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZS has higher volatility (44.34%) compared to BNS (4.91%). In terms of maximum drawdown, ZS dropped -76.41% vs BNS's -63.65%.
BNS currently has the higher Sharpe Ratio (3.73 vs -0.97), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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