BNS vs RY: Correlation
How closely do Bank Nova Scotia Halifax Pfd 3 (BNS) and Royal Bank Of Canada (RY) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNS and RY?
Across a 3-year window, the weekly returns of BNS and RY correlate at 0.74, strong. The relationship has been stable: the 1-year correlation (0.74) sits close to the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 208.4 %².
In BNS's tracked universe of 11 assets, RY sits right near the top at #1. The trailing year gives BNS the advantage: +51.9% versus +42.6%, a 9.3-point spread.
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 RY: side by side
| BNS (Bank Nova Scotia Halifax Pfd 3) | RY (Royal Bank Of Canada) | |
|---|---|---|
| 1-year return | +51.9% | +42.6% |
| 5-year return | +90.5% | +132.0% |
| Volatility (ann.) | 17.4% | 16.1% |
| Beta vs S&P 500 | 0.58 | 0.57 |
| Max drawdown (3Y) | -19.5% | -14.6% |
| Market cap | $113.3B | $283.2B |
| P/E (trailing) | 16.9 | 18.7 |
| Dividend yield | 4.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNS | RY |
|---|---|---|
| 2022 | -28.8% | -8.0% |
| 2023 | +6.0% | +12.2% |
| 2024 | +17.6% | +23.8% |
| 2025 | +43.4% | +45.2% |
| 2026 | +27.3% | +21.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNS and RY good diversifiers for each other?
Only partially. A correlation of 0.74 means BNS and RY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BNS and RY?
As of 2026-08-27, the correlation of weekly returns between BNS and RY is 0.74 over 3 years, 0.74 over 1 year and 0.77 over 5 years.
Is RY a good diversifier for BNS?
Only partially. A correlation of 0.74 means BNS and RY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.74 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bns-vs-ry.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bns-vs-ry/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BNS correlations · RY correlations
