BMO vs BNS: Correlation
How closely do Bank Of Montreal (BMO) and Bank Nova Scotia Halifax Pfd 3 (BNS) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMO and BNS?
Across a 3-year window, the weekly returns of BMO and BNS correlate at 0.64, strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.64 over 3. Stretching to 5 years gives 0.73, with an annualized covariance of 225.1 %².
By 3-year correlation, BNS places #6 of the 11 assets tracked against BMO. Over the last 12 months BNS came out ahead by 5.2 percentage points (+46.7% against +51.9%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BMO vs BNS: side by side
| BMO (Bank Of Montreal) | BNS (Bank Nova Scotia Halifax Pfd 3) | |
|---|---|---|
| 1-year return | +46.7% | +51.9% |
| 5-year return | +109.4% | +90.5% |
| Volatility (ann.) | 20.3% | 17.4% |
| Beta vs S&P 500 | 0.75 | 0.58 |
| Max drawdown (3Y) | -17.6% | -19.5% |
| Market cap | $120.0B | $113.3B |
| P/E (trailing) | 19.4 | 16.9 |
| Dividend yield | 3.86% | 4.74% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMO | BNS |
|---|---|---|
| 2022 | -12.4% | -28.8% |
| 2023 | +14.6% | +6.0% |
| 2024 | +3.0% | +17.6% |
| 2025 | +38.3% | +43.4% |
| 2026 | +34.6% | +27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMO and BNS good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BMO and BNS?
As of 2026-08-27, the correlation of weekly returns between BMO and BNS is 0.64 over 3 years, 0.72 over 1 year and 0.73 over 5 years.
Is BNS a good diversifier for BMO?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BMO correlations · BNS correlations
