Bank of Nova Scotia Correlations

BNS Stock

CAD 90.11 1.27 1.43%

The current 90-days correlation between Bank of Nova Scotia and Toronto Dominion Bank is 0.25 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bank of Nova Scotia moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bank of Nova moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bank of Nova Scotia Correlation With Market

Significant diversification

The correlation between Bank of Nova and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Nova and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Bank of Nova Scotia could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bank of Nova Scotia when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Bank of Nova Scotia - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Bank of Nova to buy it.

Moving together with Bank Stock

0.68	QBR-A	Quebecor	Pair Corr
0.93	ENB-PFU	Enbridge Pref L	Pair Corr
0.72	SUP	Northern Superior	Pair Corr
0.67	NBM	Neo Battery Materials	Pair Corr
0.84	TUF	Honey Badger Silver	Pair Corr
0.69	MSA	Mineros SA	Pair Corr
0.65	ENB-PH	Enbridge H Cum	Pair Corr
0.9	IAG	iA Financial	Pair Corr
0.82	DV	Dolly Varden Silver	Pair Corr
0.68	BAU	Blue Star Gold	Pair Corr
0.89	MG	Magna International	Pair Corr
0.84	NVA	NuVista Energy	Pair Corr
0.94	IMG	IAMGold	Pair Corr
0.81	AG	First Majestic Silver	Pair Corr
0.72	SCD	Scandium Canada	Pair Corr
0.8	BEP-PG	Brookfield Renewable	Pair Corr
0.85	TBL	Taiga Building Products	Pair Corr
0.85	TVE	Tamarack Valley Energy	Pair Corr
0.96	GCG	Guardian Capital	Pair Corr
0.97	RY	Royal Bank	Pair Corr
0.95	TAU	Thesis Gold	Pair Corr
0.81	FAP	abrdn Asia Pacific	Pair Corr
0.87	JET	Global Crossing Airlines	Pair Corr
0.89	ONV-H	Oronova Energy	Pair Corr
0.81	OBE	Obsidian Energy	Pair Corr
0.83	WDO	Wesdome Gold Mines	Pair Corr
0.62	GLXY	Galaxy Digital Holdings Earnings Call This Week	Pair Corr
0.84	LUN	Lundin Mining	Pair Corr
0.83	TLRY	Tilray Inc	Pair Corr
0.81	PGDC	Patagonia Gold Corp	Pair Corr

Moving against Bank Stock

0.75	ISGI	InsuraGuest Technologies	Pair Corr
0.45	AVCN	Avicanna	Pair Corr

Related Correlations Analysis

	TD	RY	BMO	CM	ENB
TD		0.82	0.89	0.93	0.78	TD
RY	0.82		0.95	0.94	0.93	RY
BMO	0.89	0.95		0.98	0.88	BMO
CM	0.93	0.94	0.98		0.86	CM
ENB	0.78	0.93	0.88	0.86		ENB
	TD	RY	BMO	CM	ENB

Risk-Adjusted Indicators

There is a big difference between Bank Stock performing well and Bank of Nova Scotia Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Bank of Nova Scotia's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
TD	0.65	0.16	0.09	(6.50)	0.86	(0.67)	1.62	(0.87)	6.28
RY	0.56	0.18	0.21	(33.00)	0.25	(0.66)	1.19	(0.93)	6.36
BMO	0.64	0.21	0.29	2.47	0.14	(0.82)	1.55	(0.82)	5.96
CM	0.55	0.18	0.21	1.43	0.28	(0.66)	1.42	(0.92)	3.50
ENB	0.62	0.15	0.14	2.80	0.54	(0.68)	1.52	(0.91)	3.50

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bank of Nova Scotia without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Portfolio Center Now

Portfolio Center

All portfolio management and optimization tools to improve performance of your portfolios

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2025 Macroaxis LLC