Bank of Nova Scotia Correlations

Stocks . USA . 
Stock . Bank of Nova
BNS Stock  USD 51.23  0.06  0.12%   
The current 90-days correlation between Bank of Nova Scotia and Toronto Dominion Bank is 0.01 (i.e., Significant diversification). The correlation of Bank of Nova Scotia is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Bank of Nova Scotia Correlation With Market

Average diversification

The correlation between Bank of Nova and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Nova and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Bank of Nova. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Bank Stock

  0.76CM Canadian Imperial BankPairCorr
  0.77RY Royal Bank Sell-off TrendPairCorr
  0.66BML-PJ Bank of AmericaPairCorr
  0.68BML-PL Bank of AmericaPairCorr

Moving against Bank Stock

  0.73HSBC HSBC Holdings PLC Earnings Call This WeekPairCorr
  0.7C Citigroup Aggressive PushPairCorr
  0.7ING ING Group NV Normal TradingPairCorr
  0.6JPM JPMorgan ChasePairCorr
  0.58BCS Barclays PLC ADRPairCorr
  0.53BAC-PB Bank of AmericaPairCorr
  0.51SAN Banco Santander SAPairCorr
  0.48TD Toronto Dominion BankPairCorr
  0.45BMO Bank of MontrealPairCorr
  0.43UBS UBS Group AGPairCorr
  0.42BK Bank of New YorkPairCorr
  0.41JPM-PC JPMorgan ChasePairCorr
  0.36WFC Wells FargoPairCorr
  0.72C-PN Citigroup Capital XIIIPairCorr
  0.71BBVA Banco Bilbao Viscaya Normal TradingPairCorr
  0.64V Visa Class APairCorr
  0.5MUFG Mitsubishi UFJ FinancialPairCorr
  0.45BAC-PK Bank of AmericaPairCorr
  0.4AB AllianceBernsteinPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
WFC
+ 0.93
JPM
JPM
+ 0.86
TD
WFC
+ 0.86
TD
CM
+ 0.81
RY
WFC
+ 0.8
BAC
BAC
+ 0.66
TD
  
High negative correlations   
CM
- 0.53
TD
JPM
- 0.46
CM
WFC
- 0.34
CM
JPM
- 0.25
RY
RY
- 0.21
TD
NU
- 0.2
BMO

Risk-Adjusted Indicators

There is a big difference between Bank Stock performing well and Bank of Nova Scotia Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Bank of Nova Scotia's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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