Bank of Nova Scotia Correlations

BNS Stock  USD 46.74  0.17  0.37%   
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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bank of Nova Scotia moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bank of Nova moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Poor diversification

The correlation between Bank of Nova and NYA is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Nova and NYA 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 tightly coupled with the direction of predictive economic indicators such as signals in board of governors.
  
The ability to find closely correlated positions to Bank of Nova Scotia could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bank of Nova Scotia when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Bank of Nova Scotia - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Bank of Nova to buy it.

Moving together with Bank Stock

  0.89C Citigroup Financial Report 12th of July 2024 PairCorr
  0.95CM Canadian Imperial Bank Financial Report 23rd of May 2024 PairCorr
  0.77RY Royal Bank Financial Report 23rd of May 2024 PairCorr
  0.86BML-PG Bank of AmericaPairCorr
  0.84BML-PH Bank of AmericaPairCorr
  0.87BML-PJ Bank of AmericaPairCorr
  0.76BML-PL Bank of AmericaPairCorr
  0.81EWBC East West Bancorp Earnings Call This WeekPairCorr
  0.92BAC Bank of America Financial Report 16th of July 2024 PairCorr
  0.88BCS Barclays PLC ADR Earnings Call This WeekPairCorr
  0.77ING ING Group NV Financial Report 9th of May 2024 PairCorr
  0.96JPM JPMorgan Chase Financial Report 12th of July 2024 PairCorr
  0.64JPM-PK JPMorgan ChasePairCorr
  0.67JPM-PM JPMorgan ChasePairCorr
  0.69JPM-PL JPMorgan ChasePairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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   
BACCM
BACJPM
JPMCM
NUJPM
NUCM
WFCBAC
  
High negative correlations   

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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bank of Nova Scotia without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Cryptocurrency Center Now

   

Cryptocurrency Center

Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency
All  Next Launch Module

Bank of Nova Scotia Corporate Directors

Bank of Nova Scotia corporate directors refer to members of a Bank of Nova Scotia board of directors. The board of directors generally takes responsibility for the Bank of Nova Scotia's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Bank of Nova Scotia's board members must vote for the resolution. The Bank of Nova Scotia board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.
Ronald BrennemanIndependent DirectorProfile
Eduardo CortesNot independent DirectorProfile
Susan SegalIndependent DirectorProfile
Barbara ThomasIndependent DirectorProfile

Already Invested in Bank of Nova?

The danger of trading Bank of Nova is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Bank of Nova Scotia is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Bank of Nova Scotia. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Bank of Nova Scotia is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Bank of Nova Scotia is a strong investment it is important to analyze Bank of Nova Scotia's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact Bank of Nova Scotia's future performance. For an informed investment choice regarding Bank Stock, refer to the following important reports:
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 tightly coupled with the direction of predictive economic indicators such as signals in board of governors.
You can also try the Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.

Complementary Tools for Bank Stock analysis

When running Bank of Nova Scotia's price analysis, check to measure Bank of Nova Scotia's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Bank of Nova Scotia is operating at the current time. Most of Bank of Nova Scotia's value examination focuses on studying past and present price action to predict the probability of Bank of Nova Scotia's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Bank of Nova Scotia's price. Additionally, you may evaluate how the addition of Bank of Nova Scotia to your portfolios can decrease your overall portfolio volatility.
Portfolio File Import
Quickly import all of your third-party portfolios from your local drive in csv format
AI Portfolio Architect
Use AI to generate optimal portfolios and find profitable investment opportunities
Insider Screener
Find insiders across different sectors to evaluate their impact on performance
Competition Analyzer
Analyze and compare many basic indicators for a group of related or unrelated entities
Options Analysis
Analyze and evaluate options and option chains as a potential hedge for your portfolios
Is Bank of Nova Scotia's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Bank of Nova Scotia. If investors know Bank will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Bank of Nova Scotia listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth
0.246
Dividend Share
4.21
Earnings Share
4.44
Revenue Per Share
24.448
Quarterly Revenue Growth
0.02
The market value of Bank of Nova Scotia is measured differently than its book value, which is the value of Bank that is recorded on the company's balance sheet. Investors also form their own opinion of Bank of Nova Scotia's value that differs from its market value or its book value, called intrinsic value, which is Bank of Nova Scotia's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Bank of Nova Scotia's market value can be influenced by many factors that don't directly affect Bank of Nova Scotia's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Bank of Nova Scotia's value and its price as these two are different measures arrived at by different means. Investors typically determine if Bank of Nova Scotia is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Bank of Nova Scotia's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.