BNS vs SPY: Correlation
How closely do Bank Nova Scotia Halifax Pfd 3 (BNS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNS and SPY?
On 3 years of weekly data the BNS/SPY correlation comes out at 0.48, moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. The 5-year figure is 0.61, and annualized covariance runs at 122.0 %².
Within BNS's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. The last year tells two different stories: BNS led by 31.3 percentage points, +51.9% for BNS against +20.6% for SPY.
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 SPY: side by side
| BNS (Bank Nova Scotia Halifax Pfd 3) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +51.9% | +20.6% |
| 5-year return | +90.5% | +82.4% |
| Volatility (ann.) | 17.4% | 14.5% |
| Beta vs S&P 500 | 0.58 | 1.00 |
| Max drawdown (3Y) | -19.5% | -18.8% |
| Market cap | $113.3B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 4.74% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | BNS | SPY |
|---|---|---|
| 2022 | -28.8% | -18.2% |
| 2023 | +6.0% | +26.2% |
| 2024 | +17.6% | +24.9% |
| 2025 | +43.4% | +17.7% |
| 2026 | +27.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BNS and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.53 over the last year and 0.61 over 5 years.
Is SPY a good diversifier for BNS?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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.
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Related comparisons
Hubs: BNS correlations · SPY correlations
