BNS vs ECHO: Correlation
Measured on weekly returns over the past three years, Bank Nova Scotia Halifax Pfd 3 (BNS) and EchoStar (ECHO) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNS and ECHO?
On 3 years of weekly data the BNS/ECHO correlation comes out at 0.32, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.15 versus 0.32 over 3 years. The 5-year figure is 0.29, and annualized covariance runs at 513.8 %².
ECHO is close to the least connected end of BNS's tracked universe, ranking #8 of 11. Twelve-month performance is nearly a tie, at +51.9% for BNS and +47.2% for ECHO. Note the risk asymmetry: ECHO runs 5.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 ECHO: side by side
| BNS (Bank Nova Scotia Halifax Pfd 3) | ECHO (EchoStar) | |
|---|---|---|
| 1-year return | +51.9% | +47.2% |
| 5-year return | +90.5% | +227.3% |
| Volatility (ann.) | 17.4% | 91.1% |
| Beta vs S&P 500 | 0.58 | 1.17 |
| Max drawdown (3Y) | -19.5% | -50.1% |
| Market cap | $113.3B | $25.1B |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 4.74% | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | BNS | ECHO |
|---|---|---|
| 2022 | -28.8% | -36.7% |
| 2023 | +6.0% | -0.7% |
| 2024 | +17.6% | +38.2% |
| 2025 | +43.4% | +374.7% |
| 2026 | +27.3% | -20.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNS and ECHO good diversifiers for each other?
Reasonably. At 0.32, BNS and ECHO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BNS and ECHO?
The BNS/ECHO correlation stands at 0.32 on a 3-year window (1 year: 0.15, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is ECHO a good diversifier for BNS?
Reasonably. At 0.32, BNS and ECHO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bns-vs-echo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bns-vs-echo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BNS correlations · ECHO correlations
