BNS vs TD: Correlation
How closely do Bank Nova Scotia Halifax Pfd 3 (BNS) and Toronto Dominion Bank (The) (TD) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNS and TD?
On 3 years of weekly data the BNS/TD correlation comes out at 0.61, strong. The past 12 months show a tighter link (0.80) than the 3-year average (0.61). The 5-year figure is 0.68, and annualized covariance runs at 204.0 %².
Within BNS's tracked universe of 11 assets, TD comes in at #5 by 3-year correlation. Over the last 12 months TD came out ahead by 9.5 percentage points (+51.9% against +61.4%).
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 TD: side by side
| BNS (Bank Nova Scotia Halifax Pfd 3) | TD (Toronto Dominion Bank (The)) | |
|---|---|---|
| 1-year return | +51.9% | +61.4% |
| 5-year return | +90.5% | +124.4% |
| Volatility (ann.) | 17.4% | 19.1% |
| Beta vs S&P 500 | 0.58 | 0.59 |
| Max drawdown (3Y) | -19.5% | -19.2% |
| Market cap | $113.3B | $198.4B |
| P/E (trailing) | 16.9 | 19.4 |
| Dividend yield | 4.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNS | TD |
|---|---|---|
| 2022 | -28.8% | -12.2% |
| 2023 | +6.0% | +4.6% |
| 2024 | +17.6% | -13.4% |
| 2025 | +43.4% | +83.6% |
| 2026 | +27.3% | +30.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNS and TD good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BNS and TD?
As of 2026-08-27, the correlation of weekly returns between BNS and TD is 0.61 over 3 years, 0.80 over 1 year and 0.68 over 5 years.
Is TD a good diversifier for BNS?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 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-td.json
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Related comparisons
Hubs: BNS correlations · TD correlations
