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Relative Intelligence · Banks

How Bank of Nova Scotia (BNS) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BNS alone. It places BNS (The Bank of Nova Scotia) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where BNS stands in the market, and of the alternatives worth a closer look.

Period covered: BNS's full trading record, from September 1999 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against BNS →Chart BNS vs. 21 alternatives →
On this page12 sections

Key findings

How much would $10,000 in BNS have grown?

This chart tracks a hypothetical $10,000 investment in BNS over the past 27 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BNS over the same span and BNS's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1999 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 53 of the 1,166 stocks and funds worth at least $500 million that traded the whole period ended ahead of BNS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199920042009201420192024$10,000$100,000$1M$10M1999200620132020
  • NVDA$63M+625,071% total · +38.2% a year
  • AAPL$7M+70,243% total · +27.5% a year
  • APH$3M+26,026% total · +22.9% a year
  • LRCX$2M+18,889% total · +21.4% a year
  • KLAC$1M+11,435% total · +19.2% a year
  • BNS$841,389+8,314% total · +17.8% a year
  • TD$345,321+3,353% total · +14.0% a year
  • MFC$174,548+1,645% total · +11.2% a year
  • SPY (S&P 500)$95,018+850% total · +8.7% a year
  • BBVA$80,684+707% total · +8.0% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 835 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BNS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • BBVA$57,750+478% total · +42.0% a year
  • MFC$28,001+180% total · +22.9% a year
  • CM$25,433+154% total · +20.5% a year
  • RY$23,646+136% total · +18.8% a year
  • GLD$23,190+132% total · +18.3% a year
  • AMGN$23,160+132% total · +18.3% a year
  • VLUE$22,395+124% total · +17.5% a year
  • TD$21,998+120% total · +17.1% a year
  • BNS$19,504+95.0% total · +14.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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BNS at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$112B
Industry
Banks - Diversified
Price history from
September 1999

Returns

Past 1 year
+50.0%total return
Past 3 years
+162%+37.9% a year
Past 5 years
+83.1%+12.9% a year
Past 10 years
+187%+11.1% a year
Best calendar year
+232%2002
Worst calendar year
−44.4%2008
Losing years
6 of 26full calendar years

Risk

Volatility
19.9%typical yearly swing, 5 years
Sharpe ratio
0.71return per unit of risk, 5 years
Worst decline ever
−63.8%Nov 2007 to Feb 2009
From its all-time high
−2.4%below the peak

BNS against the whole market

Where BNS ranks among every stock and fund, and what across the market has done better.

How does BNS rank among all stocks?

This section ranks BNS on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how BNS stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureBNSRankStanding
1-year return+50.0%553 of 3,287top 17%
3-year return+162%531 of 3,017top 18%
5-year return+83.1%797 of 2,893top 28%
10-year return+187%918 of 2,202top 42%
Volatility, 5 years19.9%88 of 2,893top 3%
Sharpe ratio, 5 years0.71443 of 2,893top 15%
Worst decline, past 10 years−46.9%348 of 2,187top 16%

What has beaten BNS on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). BNS sits where the dashed lines cross. Anything in the green box above and to the left earned more than BNS with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to BNS; faint dots are 23 more of the 42 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%26.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BNSDYNF: +14.7% a year, volatility 17.5%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%PVAL: +16.1% a year, volatility 15.1%RSG: +13.9% a year, volatility 18.5%IOO: +15.7% a year, volatility 17.2%USMC: +14.1% a year, volatility 16.4%GCOW: +14.1% a year, volatility 13.6%DIVB: +13.9% a year, volatility 15.4%FFLC: +15.7% a year, volatility 16.8%IUS: +14.7% a year, volatility 14.9%VFMF: +14.3% a year, volatility 17.6%HLAL: +14.0% a year, volatility 18.0%EWJV: +14.9% a year, volatility 18.2%IDOG: +14.1% a year, volatility 15.6%EPD: +16.4% a year, volatility 17.1%SDCI: +20.6% a year, volatility 18.4%AVDV: +13.9% a year, volatility 17.4%AMLP: +16.1% a year, volatility 18.9%PPA: +16.3% a year, volatility 18.9%EMLP: +14.9% a year, volatility 14.5%TPYP: +16.9% a year, volatility 17.3%GVAL: +14.4% a year, volatility 18.7%BNS: +12.9% a year, volatility 19.9%SPY (S&P 500): +12.7% a year, volatility 17.1%RY: +17.3% a year, volatility 18.2%CM: +19.2% a year, volatility 21.6%CME: +11.2% a year, volatility 20.8%ICE: +5.4% a year, volatility 21.8%KO: +14.7% a year, volatility 16.8%VLUE: +15.9% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%AMGN: +19.6% a year, volatility 24.9%ATO: +14.9% a year, volatility 18.4%FDL: +13.9% a year, volatility 14.4%MGV: +12.6% a year, volatility 13.4%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%MPLX: +23.5% a year, volatility 18.8%BNSSPY (S&P 500)RYCMCMEICEKOVLUEGLDAMGNATOFDLMGVDXJLVHIMPLX10.0%15.0%20.0%25.0%30.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BNSDYNF: +14.7% a year, volatility 17.5%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%PVAL: +16.1% a year, volatility 15.1%RSG: +13.9% a year, volatility 18.5%IOO: +15.7% a year, volatility 17.2%USMC: +14.1% a year, volatility 16.4%GCOW: +14.1% a year, volatility 13.6%DIVB: +13.9% a year, volatility 15.4%FFLC: +15.7% a year, volatility 16.8%IUS: +14.7% a year, volatility 14.9%VFMF: +14.3% a year, volatility 17.6%HLAL: +14.0% a year, volatility 18.0%EWJV: +14.9% a year, volatility 18.2%IDOG: +14.1% a year, volatility 15.6%EPD: +16.4% a year, volatility 17.1%SDCI: +20.6% a year, volatility 18.4%AVDV: +13.9% a year, volatility 17.4%AMLP: +16.1% a year, volatility 18.9%PPA: +16.3% a year, volatility 18.9%EMLP: +14.9% a year, volatility 14.5%TPYP: +16.9% a year, volatility 17.3%GVAL: +14.4% a year, volatility 18.7%BNS: +12.9% a year, volatility 19.9%SPY (S&P 500): +12.7% a year, volatility 17.1%RY: +17.3% a year, volatility 18.2%CM: +19.2% a year, volatility 21.6%CME: +11.2% a year, volatility 20.8%ICE: +5.4% a year, volatility 21.8%KO: +14.7% a year, volatility 16.8%VLUE: +15.9% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%AMGN: +19.6% a year, volatility 24.9%ATO: +14.9% a year, volatility 18.4%FDL: +13.9% a year, volatility 14.4%MGV: +12.6% a year, volatility 13.4%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%MPLX: +23.5% a year, volatility 18.8%BNSSPY (S&P 500)RYCMCMEICEKOGLDAMGNATOFDLMGVDXJLVHIMPLX
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than BNS?

Investments that beat BNS over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat BNS over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks BNS's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than BNS follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than BNS's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× BNS's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than BNS's.

Screen the whole market against BNS for any period in BetterThanSPYOpen these 13 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with BNS?lower diversifies moreExpenseper year
BNSThe Bank of Nova Scotia · this page
+12.9%19.9%0.71−46.9%+187%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.760.09%
Popular alternativesbest 2 shownThe investments people most often weigh against BNS. 2 of 20 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+17.3%18.2%0.97−40.0%+352%0.80—
CMCanadian Imperial Bank of Commerce · Banks
Higher return, similar volatility+19.2%21.6%0.93−47.3%+395%0.81—
Same and neighboring categories, and shared themesbest 2 shownEverything else in Banks and the categories next to it (Regional Banks, Capital Markets, Payment Processing, Asset Management), plus BNS's specific themes. 2 of 125 passed at least one test.
CMECME Group Inc. · Capital Markets
Smaller losses in recent crashes+11.2%20.8%0.62−37.4%+319%0.14—
ICEIntercontinental Exchange, Inc. · Capital Markets
Smaller losses in recent crashes+5.4%21.8%0.35−34.3%+240%0.39—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 207 of 3,488 passed at least one test.
KOThe Coca-Cola Company · Food & Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+14.7%16.8%0.91−37.0%+204%0.41—
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.9%18.4%0.90−39.5%+286%0.750.15%
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+17.7%18.9%0.96−26.4%+213%0.230.40%
AMGNAmgen Inc. · Biotechnology
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.6%24.9%0.85−24.9%+266%0.27—
ATOAtmos Energy Corporation · Gas Utilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+14.9%18.4%0.85−32.9%+194%0.59—
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+13.9%14.4%0.98−41.4%+199%0.630.43%
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+12.6%13.4%0.95−35.4%+244%0.760.05%
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst decline+26.6%19.1%1.34−39.1%+428%0.410.48%
What these numbers mean for BNS
Annual return
BNS returned 12.9% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $18,300. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
BNS's volatility over the past 5 years was 19.9%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BNS's return lands within 19.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
BNS's Sharpe ratio over the past 5 years was 0.71, against 0.79 for the S&P 500, so BNS earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
BNS's worst fall from a peak to a low over the past 10 years was 46.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 46.9% fall takes a 88.2% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, BNS's monthly returns had a correlation of 0.76 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against BNS instead: the lower it is, the more that option would diversify a BNS holding. Guide: Correlation and diversification →
Show all 42 stocks and funds worth at least $500 million that earned more than BNS with less volatility

Out of 3,633 tested over 5 years. The strongest 31 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with BNSExpense
1
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.41—
2
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.750.15%
3
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.230.40%
4
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.59—
5
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.630.43%
6
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.640.40%
7
RYRoyal Bank of Canada · Banks
Popular alternative+17.3%18.2%0.97−40.0%+352%0.80—
8
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.740.26%
9
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.750.27%
10
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.750.15%
11
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.750.56%
12
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.24—
13
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.720.40%
14
USMCPrincipal U.S. Mega-Cap ETF · Broad Market
Whole market+14.1%16.4%0.89−30.0%—0.720.12%
15
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.640.60%
16
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.40—
17
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.760.05%
18
FFLCFidelity Fundamental Large Cap Core ETF · Broad Market
Whole market+15.7%16.8%0.95−19.7%—0.750.38%
19
IUSInvesco RAFI Strategic US ETF · Broad Market
Whole market+14.7%14.9%1.00−34.7%—0.800.19%
20
VFMFVanguard U.S. Multifactor ETF · Broad Market
Whole market+14.3%17.6%0.85−41.3%—0.760.18%
21
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.710.50%
22
EWJViShares MSCI Japan Value ETF · International
Whole market+14.9%18.2%0.86−30.1%—0.640.15%
23
IDOGALPS International Sector Dividend Dogs ETF · International
Whole market+14.1%15.6%0.93−37.3%+180%0.670.50%
24
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.41—
25
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.130.80%
26
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.750.36%
27
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.381.01%
28
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense
Whole market+16.3%18.9%0.90−43.9%+344%0.540.58%
29
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.580.95%
30
TPYPTortoise North American Pipeline ETF · Energy
Whole market+16.9%17.3%0.99−51.9%+184%0.530.40%
31
GVALCambria Global Value ETF · International
Whole market+14.4%18.7%0.82−46.8%+173%0.620.68%

BNS against its popular alternatives

The investments people most often weigh against BNS, compared period by period and year by year.

How do BNS's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at BNS, which divides the map into what did better or worse on each measure.

Green points earned more than BNS with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBNS: 12.8% a year, volatility 19.9%SPY (S&P 500): 12.7% a year, volatility 17.1%RY: 17.3% a year, volatility 18.2%BN: 3.9% a year, volatility 31.1%BAC: 4.0% a year, volatility 26.6%BBD: 11.1% a year, volatility 39.3%USB: 3.3% a year, volatility 29.6%EWW: 12.1% a year, volatility 22.6%BNT: 1.2% a year, volatility 31.5%BSBR: −0.5% a year, volatility 34.4%TD: 15.8% a year, volatility 20.0%MFC: 22.6% a year, volatility 24.0%BBVA: 38.7% a year, volatility 33.3%CM: 19.2% a year, volatility 21.6%SAN: 31.6% a year, volatility 33.9%C: 15.1% a year, volatility 29.4%JPM: 17.3% a year, volatility 24.3%BMO: 13.6% a year, volatility 21.4%ITUB: 26.3% a year, volatility 33.8%SLF: 11.7% a year, volatility 19.4%BCH: 25.2% a year, volatility 28.2%BSAC: 19.5% a year, volatility 29.0%BNSSPY (S&P 500)RYBNBACBBDUSBEWWBNTBSBRTDMFCBBVACMSANCJPMBMOITUBBCHBSAC15.0%20.0%25.0%30.0%35.0%40.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBNS: 12.8% a year, volatility 19.9%SPY (S&P 500): 12.7% a year, volatility 17.1%RY: 17.3% a year, volatility 18.2%BN: 3.9% a year, volatility 31.1%BAC: 4.0% a year, volatility 26.6%BBD: 11.1% a year, volatility 39.3%USB: 3.3% a year, volatility 29.6%EWW: 12.1% a year, volatility 22.6%BNT: 1.2% a year, volatility 31.5%BSBR: −0.5% a year, volatility 34.4%TD: 15.8% a year, volatility 20.0%MFC: 22.6% a year, volatility 24.0%BBVA: 38.7% a year, volatility 33.3%CM: 19.2% a year, volatility 21.6%SAN: 31.6% a year, volatility 33.9%C: 15.1% a year, volatility 29.4%JPM: 17.3% a year, volatility 24.3%BMO: 13.6% a year, volatility 21.4%ITUB: 26.3% a year, volatility 33.8%SLF: 11.7% a year, volatility 19.4%BCH: 25.2% a year, volatility 28.2%BSAC: 19.5% a year, volatility 29.0%BNSSPY (S&P 500)RYBNBACBBDBNTBSBRTDMFCBBVACMSANCJPMITUBBCHBSAC
All figures
InvestmentAnnual returnVolatility
BBVA Banco Bilbao Vizcaya Argentaria, S.A.+38.7%33.3%
SAN Banco Santander, S.A.+31.6%33.9%
ITUB Itaú Unibanco Holding S.A.+26.3%33.8%
BCH Banco de Chile+25.2%28.2%
MFC Manulife Financial Corporation+22.6%24.0%
BSAC Banco Santander-Chile+19.5%29.0%
CM Canadian Imperial Bank of Commerce+19.2%21.6%
JPM JPMorgan Chase & Co.+17.3%24.3%
RY Royal Bank of Canada+17.3%18.2%
TD The Toronto-Dominion Bank+15.8%20.0%
C Citigroup Inc.+15.1%29.4%
BMO Bank of Montreal+13.6%21.4%
BNS This pageThe Bank of Nova Scotia+12.8%19.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
EWW iShares MSCI Mexico ETF+12.1%22.6%
SLF Sun Life Financial Inc.+11.7%19.4%
BBD Banco Bradesco S.A.+11.1%39.3%
BAC Bank of America Corporation+4.0%26.6%
BN Brookfield Corporation+3.9%31.1%
USB U.S. Bancorp+3.3%29.6%
BNT Brookfield Wealth Solutions Ltd.+1.2%31.5%
BSBR Banco Santander (Brasil) S.A.−0.5%34.4%
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Has BNS consistently beaten its popular alternatives?

This section compares BNS with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than BNS helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than BNS over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
BNS The Bank of Nova Scotia (this page)—−2.3%+6.9%+22.4%+28.9%+50.0%+162%+83.1%+187%19.9%0.71−46.9%—$112B—
TD QualifiedThe Toronto-Dominion Bank3/5 short2/3 long−0.9%+2.1%+16.3%+33.1%+57.5%+141%+109%+310%20.0%0.84−42.0%—$206B—
MFC Insurance - LifeManulife Financial Corporation1/5 short3/3 long−0.2%+5.5%+17.4%+26.1%+44.8%+189%+177%+373%24.0%0.97−57.5%—$74B—
BBVA Banks - DiversifiedBanco Bilbao Vizcaya Argentaria, S.A.0/5 short3/3 long−10.4%+3.1%+11.7%+11.3%+35.2%+281%+413%+542%33.3%1.16−69.6%—$142B—
CM Banks - DiversifiedCanadian Imperial Bank of Commerce0/5 short3/3 long−2.0%−3.3%+4.3%+25.8%+44.4%+261%+141%+395%21.6%0.93−47.3%—$103B—
RY Banks - DiversifiedRoyal Bank of Canada0/5 short3/3 long−3.5%−4.8%+12.0%+18.9%+39.2%+173%+122%+352%18.2%0.97−40.0%—$276B—
SAN Banks - DiversifiedBanco Santander, S.A.0/5 short3/3 long−10.2%−1.4%+4.5%+9.8%+35.9%+305%+295%+332%33.9%0.99−73.8%—$194B—
C Banks - DiversifiedCitigroup Inc.0/5 short3/3 long−9.3%−4.3%−7.0%+4.8%+26.0%+238%+102%+234%29.4%0.63−56.5%—$206B—
JPM Banks - DiversifiedJPMorgan Chase & Co.0/5 short2/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
BMO Banks - DiversifiedBank of Montreal0/5 short2/3 long−5.5%−5.3%+10.8%+29.7%+37.6%+146%+89.4%+295%21.4%0.71−51.0%—$116B—
ITUB BanksItaú Unibanco Holding S.A.3/5 short1/3 long+14.8%+16.7%+5.8%+37.2%+46.3%+147%+221%+190%33.8%0.86−62.1%—$107B—
SLF Insurance - DiversifiedSun Life Financial Inc.1/5 short1/3 long−2.2%−0.4%+15.2%+30.4%+35.5%+96.3%+74.1%+255%19.4%0.67−50.8%—$44B—
BN Asset ManagementBrookfield Corporation1/5 short1/3 long−1.7%−11.8%−19.8%−19.6%−16.8%+85.9%+20.8%+226%31.1%0.28−51.4%—$83B—
BAC Banks - DiversifiedBank of America Corporation0/5 short1/3 long−12.6%−15.8%−5.2%−8.0%−0.6%+107%+21.6%+282%26.6%0.28−49.0%—$354B—
BCH Banks - RegionalBanco de Chile0/5 short1/3 long−4.6%−1.0%−3.7%+8.6%+25.2%+138%+208%+180%28.2%0.94−58.4%—$20B—
BSAC Banks - RegionalBanco Santander-Chile0/5 short1/3 long−4.1%+0.2%−2.0%+11.4%+24.0%+124%+144%+154%29.0%0.76−63.9%—$16B—
BBD Banks - RegionalBanco Bradesco S.A.2/5 short0/3 long+18.3%+15.9%+1.7%+29.1%+31.6%+90.7%+69.3%+35.5%39.3%0.47−67.7%—$43B—
USB Banks - RegionalU.S. Bancorp1/5 short0/3 long−1.3%−5.5%+5.5%+12.7%+30.3%+117%+17.6%+94.6%29.6%0.26−52.1%—$92B—
EWW InternationaliShares MSCI Mexico ETF1/5 short0/3 long+2.4%+0.5%−4.1%+10.0%+18.4%+57.6%+77.4%+89.7%22.6%0.62−53.6%0.50%$1.5B—
BAM Asset ManagementBrookfield Asset Management Ltd.1/5 short0/3 long−0.6%−2.1%−4.5%−11.4%−12.5%+67.9%————−30.4%—$73B—
BNT Insurance - DiversifiedBrookfield Wealth Solutions Ltd.1/5 short0/3 long−1.8%−11.8%−19.7%−19.6%−16.7%+85.8%+5.9%—31.5%0.19−48.9%—$12B—
BSBR Banks - RegionalBanco Santander (Brasil) S.A.0/5 short0/3 long−4.4%+6.0%−10.8%−6.8%+6.6%+18.6%−2.6%−1.2%34.4%0.16−70.6%—$42B—
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How did BNS do year by year?

This table shows each investment's total return in every full calendar year since 2000, along with where BNS ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BNS and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of BNS; gray means the two finished within a fraction of a point. The rank row places BNS among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of BNS20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000
BNS This pageThe Bank of Nova Scotia—+45.1%+17.5%+6.0%−28.8%+40.6%+1.7%+17.5%−19.2%+20.5%+43.7%−25.1%−4.2%+11.5%+21.0%−9.6%+27.1%+82.6%−44.4%+16.6%+16.8%+21.4%+40.4%+59.9%+232%+17.5%+25.4%
Rank among alternativesTop quarter in 3 of 2613 of 2211 of 2219 of 2219 of 216 of 207 of 2011 of 2015 of 2015 of 204 of 2017 of 2015 of 2013 of 2011 of 207 of 206 of 208 of 199 of 197 of 1915 of 1910 of 198 of 199 of 191 of 185 of 175 of 16
SPY S&P 500State Street SPDR S&P 500 ETF12 of 26+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%
TD The Toronto-Dominion Bank12 of 26+85.3%−13.4%+4.5%−12.2%+41.3%+5.6%+17.5%−12.1%+22.9%+30.9%−14.9%+5.0%+16.1%+16.8%+4.1%+22.7%+85.4%−46.8%+20.4%+16.1%+30.7%+29.7%+61.4%−11.7%−7.2%+11.2%
MFC Manulife Financial Corporation12 of 26+22.9%+45.2%+31.0%−1.3%+12.1%−7.1%+49.2%−29.3%+20.9%+23.6%−19.0%−0.6%+49.7%+33.5%−36.0%−3.3%+12.5%−56.9%+23.2%+17.2%+29.8%+45.7%+51.7%−15.4%−16.0%+152%
BBVA Banco Bilbao Vizcaya Argentaria, S.A.7 of 26+154%+14.2%+62.5%+10.0%+22.2%−6.4%+10.9%−35.0%+31.3%−1.5%−19.3%−20.6%+39.6%+18.2%−10.8%−39.7%+53.1%−45.6%+4.6%+39.4%+4.1%+32.9%+47.9%−19.3%−13.1%+8.9%
CM Canadian Imperial Bank of Commerce15 of 26+49.0%+37.9%+26.5%−26.8%+44.7%+9.3%+20.3%−19.8%+23.5%+29.8%−19.6%+4.8%+11.0%+16.8%−3.3%+27.1%+64.3%−37.9%−12.0%+32.5%+13.7%+26.0%+87.9%−14.9%+14.2%+38.0%
RY Royal Bank of Canada17 of 26+46.3%+23.8%+12.2%−8.0%+34.1%+8.4%+20.2%−12.9%+23.9%+31.8%−19.3%+6.7%+16.0%+23.3%+1.2%+1.4%+89.3%−39.4%+10.7%+26.0%+50.7%+15.9%+33.6%+15.8%−0.9%+58.5%
SAN Banco Santander, S.A.11 of 26+165%+14.9%+46.4%−6.8%+10.2%−19.6%−2.2%−28.5%+33.3%+12.3%−37.9%−0.4%+27.4%+22.8%−20.2%−30.2%+91.8%−52.3%+20.2%+47.1%+10.5%+6.8%+77.6%−11.3%−19.8%−7.6%
C Citigroup Inc.12 of 26+70.4%+41.9%+19.0%−22.1%+0.9%−19.7%+57.9%−28.5%+27.0%+15.9%−4.1%+3.9%+31.8%+50.5%−44.3%+42.9%−50.6%−75.9%−44.8%+19.6%+4.6%+2.8%+41.6%−20.4%+0.1%+23.6%
JPM JPMorgan Chase & Co.12 of 26+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%
BMO Bank of Montreal13 of 26+39.6%+3.0%+14.6%−12.4%+46.9%+3.3%+23.9%−14.9%+15.4%+32.9%−16.8%+10.4%+13.7%+17.3%−0.3%+13.7%+121%−51.9%−0.4%+9.4%+20.4%+21.0%+62.9%+23.0%−9.6%+62.5%
ITUB Itaú Unibanco Holding S.A.14 of 23+79.3%−24.2%+54.5%+30.0%−22.8%−30.5%+8.1%+13.6%+31.3%+76.8%−44.0%+9.9%−5.2%−6.8%−19.1%+8.8%+125%−38.8%+50.9%+57.9%+65.1%+61.5%+126%———
SLF Sun Life Financial Inc.11 of 25+9.7%+19.5%+16.9%−12.9%+29.7%+2.0%+42.7%−16.6%+10.3%+27.6%−10.2%+5.9%+39.3%+52.5%−34.9%+10.2%+31.1%−57.0%+35.5%+8.2%+22.7%+38.3%+51.6%−18.9%−17.2%—
BN Brookfield Corporation15 of 26+20.6%+44.1%+29.1%−35.0%+48.9%+8.5%+52.3%−10.7%+34.2%+8.0%−4.4%+31.1%+11.5%+53.5%−16.3%+53.6%+49.6%−56.5%+12.3%+45.8%+42.7%+81.4%+54.9%+19.6%+32.2%+16.8%
BAC Bank of America Corporation12 of 26+28.0%+33.9%+4.9%−23.8%+49.6%−11.6%+46.1%−15.0%+35.7%+33.4%−4.8%+15.7%+34.5%+109%−58.1%−11.2%+7.6%−63.1%−18.9%+20.8%+2.4%+21.5%+20.1%+14.6%+42.7%−4.5%
BCH Banco de Chile14 of 26+77.6%+3.9%+20.3%+39.2%−21.6%+1.1%−24.7%−6.9%+45.0%+25.9%−8.2%−16.5%−3.7%+24.0%−2.5%+72.4%+79.1%−25.6%−3.3%+37.0%+9.5%+43.4%+81.3%−6.8%+28.8%−18.8%
BSAC Banco Santander-Chile12 of 26+74.3%+0.9%+31.6%+3.0%−11.0%−13.0%−19.9%−0.1%+49.4%+30.8%−5.8%−12.7%−13.9%+1.4%−16.0%+50.3%+96.2%−27.7%+9.8%+12.0%+39.6%+53.0%+35.1%−8.5%+23.0%−3.8%
BBD Banco Bradesco S.A.13 of 24+96.9%−42.2%+34.8%−5.1%−25.4%−33.6%+15.7%+9.7%+33.6%+108%−55.3%+9.1%−19.5%+6.1%−16.2%+13.9%+124%−52.7%+58.7%+39.4%+133%+445%+78.3%−41.8%——
USB U.S. Bancorp9 of 26+16.4%+15.6%+4.8%−19.1%+24.3%−17.9%+33.6%−12.4%+6.6%+23.4%−2.8%+13.8%+29.6%+20.9%+2.3%+20.7%−9.0%−16.6%−8.0%+26.3%−0.5%+10.6%+45.3%+5.3%−6.8%+13.2%
EWW iShares MSCI Mexico ETF11 of 26+53.6%−28.2%+40.3%+1.2%+20.3%−3.0%+12.7%−14.6%+14.5%−10.3%−14.3%−11.6%−1.6%+32.8%−12.0%+28.0%+53.9%−41.1%+11.4%+44.9%+43.8%+48.9%+39.0%−14.8%+15.4%−24.0%
BAM Brookfield Asset Management Ltd.2 of 3−0.3%+39.7%+45.6%———————————————————————
BNT Brookfield Wealth Solutions Ltd.2 of 4+20.7%+43.3%+30.1%−43.6%——————————————————————
BSBR Banco Santander (Brasil) S.A.6 of 16+62.5%−39.7%+23.0%+2.9%−34.2%−27.0%+14.0%+21.3%+12.2%+143%−20.0%−12.2%−15.3%−7.3%−37.5%+2.1%——————————
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Risk and diversification

How BNS has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were BNS's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents BNS's five deepest drawdowns since it began trading in 1999, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means BNS fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringBNS fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−63.8%−49.5%Nov 2007Feb 200915 monthsApr 201014 months
Late-2018 sell-off−46.9%−17.4%Jan 2018Mar 20202.2 yearsFeb 202111 months
2015 China and oil sell-off−44.0%−3.2%Jul 2014Jan 201618 monthsFeb 201713 months
2022 bear market−40.5%−6.4%Mar 2022Oct 202319 monthsAug 202522 months
2011 euro debt crisis−24.1%−11.7%Apr 2011Nov 20117 monthsDec 201213 months

How did BNS do in stock market crashes?

This section measures how far BNS, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BNS.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
BNS This pageThe Bank of Nova Scotia—−4.6%−35.4%−43.0%−17.7%−6.1%−24.3%−19.8%0.0%−63.8%−23.6%
SPY S&P 500State Street SPDR S&P 500 ETF6 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
TD The Toronto-Dominion Bank4 of 10−6.7%−29.0%−41.0%−20.9%−5.5%−18.1%−19.6%0.0%−63.4%−44.1%
MFC Manulife Financial Corporation2 of 10−6.1%−27.1%−55.1%−25.9%−2.6%−35.4%−35.3%0.0%−83.8%−42.9%
BBVA Banco Bilbao Vizcaya Argentaria, S.A.1 of 10−10.9%−39.6%−47.9%−22.7%−5.4%−41.0%−32.7%0.0%−75.7%−55.9%
CM Canadian Imperial Bank of Commerce1 of 10−7.0%−36.2%−43.6%−22.2%−5.9%−25.3%−12.9%0.0%−71.8%−39.8%
RY Royal Bank of Canada7 of 10−3.8%−26.0%−40.0%−17.1%−5.7%−23.1%−21.8%0.0%−63.1%−21.6%
SAN Banco Santander, S.A.0 of 10−11.4%−41.0%−48.1%−19.0%−6.0%−44.7%−33.2%−0.9%−76.1%−58.4%
C Citigroup Inc.0 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
JPM JPMorgan Chase & Co.1 of 10−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
BMO Bank of Montreal3 of 10−5.5%−30.5%−49.4%−23.5%−6.2%−18.9%−16.4%0.0%−68.5%−26.5%
ITUB Itaú Unibanco Holding S.A.2 of 9−8.1%−31.5%−46.3%−7.5%−5.8%−32.4%−30.1%−0.7%−69.2%—
SLF Sun Life Financial Inc.2 of 9−5.5%−30.8%−50.2%−20.3%−4.5%−23.8%−20.3%−1.4%−78.8%—
BN Brookfield Corporation4 of 10−10.5%−36.2%−51.4%−18.1%−5.2%−22.7%−18.7%0.0%−70.9%−20.7%
BAC Bank of America Corporation0 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
BCH Banco de Chile7 of 10−2.1%−27.0%−29.8%−10.5%−2.7%−15.2%−25.4%−1.4%−57.6%−37.3%
BSAC Banco Santander-Chile5 of 10−6.0%−37.0%−38.1%−12.4%−4.5%−22.6%−29.0%−1.2%−48.4%−28.0%
BBD Banco Bradesco S.A.2 of 9−6.9%−30.2%−54.5%−7.6%−6.3%−44.3%−25.1%−0.8%−69.0%—
USB U.S. Bancorp1 of 10−19.7%−36.8%−47.2%−20.4%−7.5%−17.7%−24.7%−1.2%−76.1%−42.8%
EWW iShares MSCI Mexico ETF2 of 10−6.5%−19.7%−47.2%−26.9%−6.3%−21.2%−23.6%0.0%−64.6%−38.8%
BAM Brookfield Asset Management Ltd.0 of 1−7.1%—————————
BNT Brookfield Wealth Solutions Ltd.0 of 2−10.8%−39.2%————————
BSBR Banco Santander (Brasil) S.A.1 of 8−8.6%−37.6%−50.4%−13.9%−6.2%−31.4%−30.5%−4.0%——
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How closely does BNS move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares BNS with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than BNS's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
BNS This pageThe Bank of Nova Scotia97%120%0.811.05
BCH Banco de Chile45%19%2.410.36
BBVA Banco Bilbao Vizcaya Argentaria, S.A.121%97%1.251.11
ITUB Itaú Unibanco Holding S.A.66%58%1.150.65
JPM JPMorgan Chase & Co.117%103%1.141.09
RY Royal Bank of Canada97%88%1.110.88
TD The Toronto-Dominion Bank89%80%1.100.88
SAN Banco Santander, S.A.101%92%1.101.02
CM Canadian Imperial Bank of Commerce108%106%1.021.07
SLF Sun Life Financial Inc.87%85%1.020.96
BSAC Banco Santander-Chile66%65%1.010.66
MFC Manulife Financial Corporation110%110%1.001.10
BMO Bank of Montreal104%112%0.931.12
BAC Bank of America Corporation127%146%0.871.36
C Citigroup Inc.131%165%0.801.49
BN Brookfield Corporation125%162%0.771.42
EWW iShares MSCI Mexico ETF71%96%0.740.88
USB U.S. Bancorp89%130%0.691.05
BBD Banco Bradesco S.A.62%103%0.600.72
BSBR Banco Santander (Brasil) S.A.56%102%0.550.74
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What diversifies BNS?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with BNS's. Because such investments tend not to fall at the same time, pairing BNS with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which BNS lost money. The last two columns show a portfolio that is 80% BNS and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20222018201520142011200880/20 mix volatility80/20 mix annual return
BNS The Bank of Nova Scotia (this page)1.00+83.1%0.71−28.8%−19.2%−25.1%−4.2%−9.6%−44.4%24.0%+14.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.41+225%1.34+6.0%−19.8%+7.7%+8.1%−16.1%−20.8%20.3%+17.2%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.47+135%0.97+21.5%−15.5%−35.3%+16.2%——21.2%+15.9%
GLD CommoditiesSPDR Gold Shares0.23+126%0.96−0.8%−1.9%−10.7%−2.2%+9.6%+4.9%20.2%+15.7%
XLE EnergyState Street Energy Select Sector SPDR ETF0.29+177%0.93+64.4%−18.2%−21.5%−8.7%+2.8%−39.0%21.3%+16.8%
AMLP EnergyAlerian MLP ETF0.38+111%0.89+25.5%−12.6%−25.7%+4.8%+10.2%—20.8%+15.6%
DBMF AlternativesiMGP DBi Managed Futures Strategy ETF-0.26+59.7%0.82+21.6%—————18.7%+14.2%
DBA AlternativesInvesco DB Agriculture Fund0.29+66.4%0.81+2.5%−8.7%−17.2%+2.6%−10.7%−19.1%19.9%+14.1%
GDX MaterialsVanEck Gold Miners ETF0.35+181%0.73−9.0%−8.8%−24.7%−12.4%−16.1%−26.1%23.0%+17.8%

Stocks

InvestmentCorrelation5Y returnSharpe20222018201520142011200880/20 mix volatility80/20 mix annual return
BNS The Bank of Nova Scotia (this page)1.00+83.1%0.71−28.8%−19.2%−25.1%−4.2%−9.6%−44.4%24.0%+14.3%
CAH Medical - DistributionCardinal Health, Inc.0.26+479%1.55+54.1%−24.5%+12.6%+23.0%+8.1%−39.6%21.2%+19.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.30+3,143%1.47+1.3%−16.3%−6.0%+12.9%−24.4%−20.5%25.3%+32.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.43+1,636%1.46+17.0%+0.8%+67.7%−10.4%−17.0%−15.2%24.4%+28.0%
MCK Medical - DistributionMcKesson Corporation0.17+413%1.44+51.8%−28.4%−4.5%+29.3%+11.8%−40.4%20.6%+19.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.25+690%1.41+86.6%−8.2%+17.4%+0.4%——21.7%+21.6%
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Common questions

What was BNS's worst drawdown?

BNS's deepest decline since it began trading in 1999 was 63.8%, from November 2007 to February 2009. It took 14 months from the low to climb back to its old high.

What were BNS's best and worst years?

Over 26 full calendar years, BNS's best year was 2002, when it returned 232%. Its worst was 2008, with a return of -44.4%.

Is there a better investment than BNS?

Among BNS's popular alternatives, RY earned more than BNS with less volatility over the past 5 years: 17.3% a year at 18.2% volatility, against 12.9% a year at 19.9%. Looking beyond its popular alternatives, CME (capital markets) and ICE (capital markets) fell less than BNS in each recent sell-off and kept up with it over the past decade.

Is BNS more volatile than the S&P 500?

Yes. BNS's volatility over the past 5 years was 19.9%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BNS's return lands within 19.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is BNS's Sharpe ratio?

BNS's Sharpe ratio over the past 5 years was 0.71, against 0.79 for the S&P 500, so BNS earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is BNS with the S&P 500?

Over the past 5 years, BNS's monthly returns had a correlation of 0.76 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against BNS instead: the lower it is, the more that option would diversify a BNS holding.

What are the best alternatives to BNS?

Of the 21 popular alternatives we compared, one outperformed BNS in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: TD.

Did BNS outperform the S&P 500?

BNS finished ahead of the S&P 500 (SPY) in 14 of 26 full calendar years. In 2025, it returned +45.1%, against +17.7% for the index.

How did BNS do in stock market crashes?

BNS fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in six. The clearest case was the 2015 China and oil sell-off, when BNS fell 24.3% and the S&P 500 fell 12.8%.

What diversifies BNS?

These had a low correlation with BNS over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.41), MLPX (correlation 0.47) and GLD (correlation 0.23); among large stocks, CAH (correlation 0.26), CLS (correlation 0.30) and FIX (correlation 0.43). A correlation near zero means the two have moved largely independently.

How we measure

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Popular alternatives to BNS