BNS vs CM: Correlation
How closely do Bank Nova Scotia Halifax Pfd 3 (BNS) and Canadian Imperial Bank of Commerce (CM) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNS and CM?
Across a 3-year window, the weekly returns of BNS and CM correlate at 0.73, strong. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. Stretching to 5 years gives 0.76, with an annualized covariance of 245.1 %².
Few assets follow BNS as closely as CM, which ranks #2 of 11 tracked partners. Their 12-month results are close: +51.9% for BNS against +54.8% for CM.
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.
BNS vs CM: side by side
| BNS (Bank Nova Scotia Halifax Pfd 3) | CM (Canadian Imperial Bank of Commerce) | |
|---|---|---|
| 1-year return | +51.9% | +54.8% |
| 5-year return | +90.5% | +145.1% |
| Volatility (ann.) | 17.4% | 19.2% |
| Beta vs S&P 500 | 0.58 | 0.57 |
| Max drawdown (3Y) | -19.5% | -17.4% |
| Market cap | $113.3B | $104.3B |
| P/E (trailing) | 16.9 | 16.2 |
| Dividend yield | 4.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNS | CM |
|---|---|---|
| 2022 | -28.8% | -26.8% |
| 2023 | +6.0% | +26.5% |
| 2024 | +17.6% | +37.8% |
| 2025 | +43.4% | +46.5% |
| 2026 | +27.3% | +28.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNS and CM good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BNS and CM?
As of 2026-08-27, the correlation of weekly returns between BNS and CM is 0.73 over 3 years, 0.69 over 1 year and 0.76 over 5 years.
Is CM a good diversifier for BNS?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
A reading of 0.73 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bns-vs-cm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bns-vs-cm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BNS correlations · CM correlations
