SIC 6022 State Commercial Banks

Bank Nova Scotia Halifax Pfd 3 vs The Bank of New York Mellon Corporation

WatchlistBNS / BNYPrices through Oct 22, 2026

Why these are rivals: #1 and #2 by market value ($112B vs $97B) with SEC SIC 6022 (State Commercial Banks).

Rivals, but right now the price gap does not have a measured habit of closing, so there is no paper idea, whatever the gap.

  • Co-movement: daily return correlation, 252 sessions: 0.44 (needs >= 0.60)
  • Mean reversion: ADF t-statistic of the spread: -1.87 (needs <= -2.873 (5% critical value))
Business leadership

Business size

Annual revenue reported to the SEC. Scale, not market share.

YearBNSBNYLarger
2025-$20.1B-
2024-$18.6B-
2023-$17.7B-
2022-$16.5B-
2021-$15.9B-
2020-$15.8B-

Market value: BNS $111.8B, BNY $96.6B.

Stock leadership

BNS is ahead now

Measured against the pair's own last 252 trading days.

BNS leads BNY by 1.57 standard deviations: +7.8% over its usual price ratio. 2 lead switches in the last year.

Price change3 mo6 mo12 mo
BNS+7.4%+24.6%+45.2%
BNY-8.6%+7.3%+35.8%
Relationship

Not a measured twin today

Only these tests can make a pair tradable on paper.

Pass
Aligned sessions: 2521 (needs >= 254)
Fail
Co-movement: daily return correlation, 252 sessions: 0.43 (needs >= 0.60)
Fail
Mean reversion: ADF t-statistic of the spread: -1.87 (needs <= -2.873 (5% critical value))
Pass
Speed: half-life of the spread, sessions: 18.57 (needs <= 63)
Data
Both stocks current
The twins over two years

Prices side by side, and the gap between them

BNS Bank Nova Scotia Halifax Pfd 3 BNY The Bank of New York Mellon CorporationPrice index, 100 = 2024-10-18. Tint = which stock is ahead of the pair's usual 1-year relationship (z beyond +/-0.5).
100150200Oct 2024Oct 2025Oct 2026BNS 174BNY 190
Spread z-score: BNS relative to BNY, against the 252 sessions before each day. Above 0: BNS ahead; below 0: BNY ahead. Lines at +/-2 (idea) and +/-4 (stop).
-4stop-2idea0+2idea+4stopOct 2024Oct 2025Oct 2026
Data table (504 sessions)
DateBNS indexBNY indexzAhead
2026-10-22174.47189.54+1.57BNS ahead
2026-10-21175.57190.23+1.64BNS ahead
2026-10-20172.36188.14+1.50BNS ahead
2026-10-19170.23185.78+1.51BNS ahead
2026-10-16171.09186.90+1.51BNS ahead
2026-10-15170.19185.33+1.59BNS ahead
2026-10-14168.19179.52+2.04BNS ahead
2026-10-13168.45183.94+1.56BNS ahead
2026-10-12165.86186.32+0.95BNS ahead
2026-10-09165.20186.14+0.89BNS ahead
2026-10-08163.60187.31+0.55BNS ahead
2026-10-07162.92186.15+0.59BNS ahead
2026-10-06168.51187.47+1.17BNS ahead
2026-10-05168.62187.49+1.19BNS ahead
2026-10-02170.32189.64+1.17BNS ahead
2026-10-01169.35187.71+1.27BNS ahead
2026-09-30169.67188.64+1.22BNS ahead
2026-09-29172.71191.70+1.26BNS ahead
2026-09-28173.23193.61+1.12BNS ahead
2026-09-25174.60195.84+1.05BNS ahead
2026-09-24172.26195.89+0.75BNS ahead
2026-09-23172.30195.00+0.86BNS ahead
2026-09-22175.68195.87+1.20BNS ahead
2026-09-21178.09200.72+0.96BNS ahead
2026-09-18175.70200.59+0.68BNS ahead
2026-09-17175.76199.58+0.80BNS ahead
2026-09-16173.63200.17+0.46near the usual relationship
2026-09-15174.22201.73+0.36near the usual relationship
2026-09-14174.51205.63-0.03near the usual relationship
2026-09-11174.54212.16-0.73BNY ahead
2026-09-10173.40212.06-0.87BNY ahead
2026-09-09172.04211.96-1.04BNY ahead
2026-09-08173.40212.40-0.92BNY ahead
2026-09-04175.23215.00-0.96BNY ahead
2026-09-03177.29214.33-0.64BNY ahead
2026-09-02174.28211.35-0.71BNY ahead
2026-09-01170.32209.35-1.02BNY ahead
2026-08-31171.20210.36-1.01BNY ahead
2026-08-28172.56211.95-1.01BNY ahead
2026-08-27173.57211.61-0.85BNY ahead
2026-08-26174.80212.70-0.80BNY ahead
2026-08-25173.89213.45-0.99BNY ahead
2026-08-24162.23211.48-2.36BNY ahead
2026-08-21163.56206.72-1.67BNY ahead
2026-08-20161.45205.09-1.79BNY ahead
2026-08-19163.78208.37-1.83BNY ahead
2026-08-18168.34213.81-1.80BNY ahead
2026-08-17170.62214.26-1.53BNY ahead
2026-08-14170.97212.91-1.34BNY ahead
2026-08-13169.31211.62-1.42BNY ahead
2026-08-12168.71212.51-1.59BNY ahead
2026-08-11165.97209.10-1.58BNY ahead
2026-08-10165.41207.94-1.53BNY ahead
2026-08-07165.95205.57-1.19BNY ahead
2026-08-06164.96207.15-1.49BNY ahead
2026-08-05165.39207.04-1.42BNY ahead
2026-08-04162.74204.54-1.51BNY ahead
2026-08-03164.92203.73-1.11BNY ahead
2026-07-31164.92203.90-1.13BNY ahead
2026-07-30164.06203.57-1.20BNY ahead
2026-07-29160.70198.90-1.14BNY ahead
2026-07-28165.00204.11-1.13BNY ahead
2026-07-27162.27205.78-1.68BNY ahead
2026-07-24162.50207.26-1.83BNY ahead
2026-07-23161.77208.83-2.11BNY ahead
2026-07-22163.56209.20-1.92BNY ahead
2026-07-21163.19207.24-1.76BNY ahead
2026-07-20162.61204.68-1.57BNY ahead
2026-07-17167.03204.94-0.99BNY ahead
2026-07-16167.43209.81-1.47BNY ahead
2026-07-15168.64211.75-1.53BNY ahead
2026-07-14166.21201.51-0.73BNY ahead
2026-07-13164.36197.30-0.51BNY ahead
2026-07-10163.60198.15-0.71BNY ahead
2026-07-09160.74198.59-1.17BNY ahead
2026-07-08158.59195.83-1.17BNY ahead
2026-07-07161.00199.44-1.25BNY ahead
2026-07-06162.66195.59-0.57BNY ahead
2026-07-02159.51191.24-0.51BNY ahead
2026-07-01163.15190.45+0.10near the usual relationship
2026-06-30163.15188.61+0.33near the usual relationship
2026-06-29161.75187.56+0.26near the usual relationship
2026-06-26160.93187.24+0.18near the usual relationship
2026-06-25161.49189.68-0.04near the usual relationship
2026-06-24159.32187.24-0.05near the usual relationship
2026-06-23161.36192.11-0.35near the usual relationship
2026-06-22162.31191.00-0.08near the usual relationship
2026-06-18162.55187.34+0.39near the usual relationship
2026-06-17161.32190.52-0.17near the usual relationship
2026-06-16159.77188.40-0.14near the usual relationship
2026-06-15158.05185.86-0.07near the usual relationship
2026-06-12156.87187.79-0.49near the usual relationship
2026-06-11154.45185.33-0.54BNY ahead
2026-06-10152.33182.27-0.48near the usual relationship
2026-06-09152.60186.84-1.01BNY ahead
2026-06-08151.16184.92-1.00BNY ahead
2026-06-05150.47185.72-1.22BNY ahead
2026-06-04152.02187.84-1.25BNY ahead
2026-06-03149.91183.34-1.02BNY ahead
2026-06-02150.62184.27-1.03BNY ahead
2026-06-01146.82185.98-1.86BNY ahead
2026-05-29149.51181.86-0.92BNY ahead
2026-05-28149.03183.33-1.19BNY ahead
2026-05-27150.69182.26-0.79BNY ahead
2026-05-26150.17183.97-1.10BNY ahead
2026-05-22149.01181.49-0.96BNY ahead
2026-05-21148.36181.27-1.04BNY ahead
2026-05-20147.46178.90-0.87BNY ahead
2026-05-19144.32177.80-1.23BNY ahead
2026-05-18144.30178.14-1.28BNY ahead
2026-05-15143.97176.11-1.07BNY ahead
2026-05-14144.43177.36-1.16BNY ahead
2026-05-13142.79176.07-1.27BNY ahead
2026-05-12144.38174.04-0.73BNY ahead
2026-05-11143.89172.81-0.64BNY ahead
2026-05-08144.81170.21-0.13near the usual relationship
2026-05-07145.85170.46+0.00near the usual relationship
2026-05-06146.53174.31-0.42near the usual relationship
2026-05-05143.20172.64-0.74BNY ahead
2026-05-04143.01172.01-0.69BNY ahead
2026-05-01145.69174.49-0.60BNY ahead
2026-04-30145.31175.26-0.77BNY ahead
2026-04-29141.30172.52-1.07BNY ahead
2026-04-28143.28174.18-0.97BNY ahead
2026-04-27142.68175.39-1.25BNY ahead
2026-04-24141.41174.84-1.40BNY ahead
2026-04-23140.01176.63-1.90BNY ahead
2026-04-22140.34177.23-1.94BNY ahead
2026-04-21141.71179.89-2.09BNY ahead
2026-04-20143.41176.56-1.37BNY ahead
2026-04-17143.00176.21-1.40BNY ahead
2026-04-16140.08175.87-1.87BNY ahead
2026-04-15140.75172.11-1.23BNY ahead
2026-04-14139.11170.22-1.26BNY ahead
2026-04-13137.69168.45-1.26BNY ahead
2026-04-10136.18166.38-1.24BNY ahead
2026-04-09134.82167.71-1.70BNY ahead
2026-04-08133.25166.87-1.88BNY ahead
2026-04-07130.56162.54-1.75BNY ahead
2026-04-06131.25161.25-1.42BNY ahead
2026-04-02130.97159.29-1.16BNY ahead
2026-04-01131.10157.78-0.89BNY ahead
2026-03-31129.45154.73-0.72BNY ahead
2026-03-30125.87150.23-0.68BNY ahead
2026-03-27126.47149.55-0.44near the usual relationship
2026-03-26128.07152.15-0.55BNY ahead
2026-03-25130.65153.89-0.34near the usual relationship
2026-03-24129.60153.78-0.52BNY ahead
2026-03-23129.36151.77-0.23near the usual relationship
2026-03-20127.27149.92-0.33near the usual relationship
2026-03-19128.39149.86-0.10near the usual relationship
2026-03-18130.35149.55+0.32near the usual relationship
2026-03-17131.25151.45+0.18near the usual relationship
2026-03-16130.78150.49+0.25near the usual relationship
2026-03-13128.41151.52-0.36near the usual relationship
2026-03-12130.56152.76-0.15near the usual relationship
2026-03-11133.19152.76+0.34near the usual relationship
2026-03-10133.62150.54+0.78BNS ahead
2026-03-09132.37150.12+0.63BNS ahead
2026-03-06134.63150.29+1.02BNS ahead
2026-03-05136.22152.22+1.00BNS ahead
2026-03-04138.92154.42+1.14BNS ahead
2026-03-03137.21153.84+0.93BNS ahead
2026-03-02141.13155.82+1.31BNS ahead
2026-02-27141.48155.34+1.46BNS ahead
2026-02-26143.39158.61+1.29BNS ahead
2026-02-25141.80156.92+1.29BNS ahead
2026-02-24140.79152.02+1.91BNS ahead
2026-02-23141.74150.70+2.31BNS ahead
2026-02-20144.36154.15+2.24BNS ahead
2026-02-19142.32154.12+1.91BNS ahead
2026-02-18141.86155.85+1.57BNS ahead
2026-02-17142.36154.95+1.82BNS ahead
2026-02-13141.39153.57+1.90BNS ahead
2026-02-12141.65149.88+2.60BNS ahead
2026-02-11144.17158.73+1.60BNS ahead
2026-02-10145.27164.93+0.82BNS ahead
2026-02-09144.99166.44+0.54BNS ahead
2026-02-06142.58162.15+0.78BNS ahead
2026-02-05140.64157.18+1.24BNS ahead
2026-02-04139.52158.24+0.87BNS ahead
2026-02-03140.75155.63+1.54BNS ahead
2026-02-02140.46158.61+0.99BNS ahead
2026-01-30139.56156.41+1.20BNS ahead
2026-01-29142.73158.46+1.45BNS ahead
2026-01-28140.57155.08+1.63BNS ahead
2026-01-27142.40155.04+2.00BNS ahead
2026-01-26140.25155.24+1.57BNS ahead
2026-01-23139.84153.40+1.82BNS ahead
2026-01-22138.96156.75+1.08BNS ahead
2026-01-21137.84156.20+0.96BNS ahead
2026-01-20136.87157.40+0.56BNS ahead
2026-01-16137.22158.25+0.48near the usual relationship
2026-01-15137.37161.69-0.08near the usual relationship
2026-01-14136.35162.50-0.41near the usual relationship
2026-01-13135.73160.34-0.19near the usual relationship
2026-01-12135.15157.38+0.16near the usual relationship
2026-01-09135.02155.26+0.45near the usual relationship
2026-01-08136.16156.58+0.43near the usual relationship
2026-01-07134.53157.10+0.05near the usual relationship
2026-01-06134.89158.22-0.07near the usual relationship
2026-01-05139.56157.87+0.72BNS ahead
2026-01-02139.20152.65+1.37BNS ahead
2025-12-31137.64151.42+1.28BNS ahead
2025-12-30138.16152.43+1.19BNS ahead
2025-12-29138.06153.22+1.05BNS ahead
2025-12-26138.53153.22+1.09BNS ahead
2025-12-24138.36154.19+0.92BNS ahead
2025-12-23137.69152.89+0.96BNS ahead
2025-12-22136.37152.94+0.74BNS ahead
2025-12-19135.49151.09+0.83BNS ahead
2025-12-18134.55149.28+0.91BNS ahead
2025-12-17133.51148.12+0.89BNS ahead
2025-12-16136.03149.15+1.09BNS ahead
2025-12-15136.37152.55+0.70BNS ahead
2025-12-12135.92152.64+0.61BNS ahead
2025-12-11136.20154.79+0.39near the usual relationship
2025-12-10135.69154.40+0.35near the usual relationship
2025-12-09134.72151.21+0.58BNS ahead
2025-12-08133.92149.26+0.69BNS ahead
2025-12-05133.92148.72+0.74BNS ahead
2025-12-04131.66148.62+0.45near the usual relationship
2025-12-03131.32147.50+0.52BNS ahead
2025-12-02131.77146.18+0.71BNS ahead
2025-12-01128.07145.83+0.27near the usual relationship
2025-11-28129.42146.21+0.39near the usual relationship
2025-11-26128.82145.28+0.40near the usual relationship
2025-11-25126.73142.34+0.45near the usual relationship
2025-11-24124.37140.95+0.30near the usual relationship
2025-11-21124.54138.82+0.54BNS ahead
2025-11-20123.96138.85+0.45near the usual relationship
2025-11-19124.86140.22+0.40near the usual relationship
2025-11-18126.63140.21+0.61BNS ahead
2025-11-17125.78139.26+0.60BNS ahead
2025-11-14125.98144.10+0.11near the usual relationship
2025-11-13125.64144.83-0.01near the usual relationship
2025-11-12126.69146.92-0.11near the usual relationship
2025-11-11124.69145.10-0.16near the usual relationship
2025-11-10125.57144.72-0.03near the usual relationship
2025-11-07124.58143.00+0.02near the usual relationship
2025-11-06123.01141.41-0.01near the usual relationship
2025-11-05122.34141.76-0.13near the usual relationship
2025-11-04122.81140.86+0.00near the usual relationship
2025-11-03122.69140.94-0.02near the usual relationship
2025-10-31122.53140.77-0.03near the usual relationship
2025-10-30122.64140.76-0.02near the usual relationship
2025-10-29121.95139.62+0.00near the usual relationship
2025-10-28123.14141.45-0.05near the usual relationship
2025-10-27121.83140.32-0.09near the usual relationship
2025-10-24120.99140.85-0.24near the usual relationship
2025-10-23120.41139.14-0.15near the usual relationship
2025-10-22119.87139.60-0.26near the usual relationship
2025-10-21120.17139.56-0.23near the usual relationship
2025-10-20119.65141.52-0.47near the usual relationship
2025-10-17119.07138.23-0.23near the usual relationship
2025-10-16119.50139.19-0.28near the usual relationship
2025-10-15120.49142.08-0.45near the usual relationship
2025-10-14119.80139.70-0.31near the usual relationship
2025-10-13119.33138.65-0.27near the usual relationship
2025-10-10118.47136.35-0.16near the usual relationship
2025-10-09118.70139.32-0.41near the usual relationship
2025-10-08118.25138.27-0.37near the usual relationship
2025-10-07119.87139.47-0.32near the usual relationship
2025-10-06122.10138.82-0.04near the usual relationship
2025-10-03121.87139.04-0.09near the usual relationship
2025-10-02121.52138.75-0.11near the usual relationship
2025-10-01120.64139.34-0.26near the usual relationship
2025-09-30120.75142.12-0.48near the usual relationship
2025-09-29120.97143.15-0.55BNY ahead
2025-09-26120.27142.86-0.60BNY ahead
2025-09-25120.23142.27-0.56BNY ahead
2025-09-24119.69141.01-0.52BNY ahead
2025-09-23120.23141.72-0.53BNY ahead
2025-09-22120.36142.77-0.61BNY ahead
2025-09-19121.27141.79-0.45near the usual relationship
2025-09-18120.73141.54-0.49near the usual relationship
2025-09-17120.73139.57-0.35near the usual relationship
2025-09-16121.03137.59-0.17near the usual relationship
2025-09-15119.54138.80-0.40near the usual relationship
2025-09-12118.38138.88-0.52BNY ahead
2025-09-11120.06137.73-0.29near the usual relationship
2025-09-10119.31135.65-0.20near the usual relationship
2025-09-09119.14136.65-0.30near the usual relationship
2025-09-08119.44135.67-0.21near the usual relationship
2025-09-05118.49135.24-0.26near the usual relationship
2025-09-04118.70137.68-0.43near the usual relationship
2025-09-03117.39136.53-0.47near the usual relationship
2025-09-02116.01136.56-0.59BNY ahead
2025-08-29116.66137.73-0.63BNY ahead
2025-08-28116.53138.39-0.69BNY ahead
2025-08-27115.30136.99-0.71BNY ahead
2025-08-26114.70136.42-0.72BNY ahead
2025-08-25107.06134.50-1.27BNY ahead
2025-08-22107.64133.74-1.17BNY ahead
2025-08-21105.73132.75-1.29BNY ahead
2025-08-20105.92132.06-1.23BNY ahead
2025-08-19105.83131.84-1.23BNY ahead
2025-08-18106.20132.70-1.27BNY ahead
2025-08-15106.07131.73-1.22BNY ahead
2025-08-14105.79134.80-1.48BNY ahead
2025-08-13105.83132.92-1.35BNY ahead
2025-08-12105.36135.14-1.57BNY ahead
2025-08-11104.71134.69-1.62BNY ahead
2025-08-08104.59134.46-1.63BNY ahead
2025-08-07104.15133.31-1.60BNY ahead
2025-08-06103.81133.42-1.65BNY ahead
2025-08-05103.90131.29-1.50BNY ahead
2025-08-04104.58132.27-1.52BNY ahead
2025-08-01103.55130.18-1.47BNY ahead
2025-07-31103.87132.32-1.62BNY ahead
2025-07-30104.59133.43-1.65BNY ahead
2025-07-29104.50132.87-1.63BNY ahead
2025-07-28105.06131.25-1.47BNY ahead
2025-07-25105.75131.63-1.44BNY ahead
2025-07-24105.92130.39-1.34BNY ahead
2025-07-23106.14129.95-1.29BNY ahead
2025-07-22105.30128.99-1.31BNY ahead
2025-07-21103.77128.60-1.44BNY ahead
2025-07-18103.08128.92-1.55BNY ahead
2025-07-17102.82127.72-1.49BNY ahead
2025-07-16102.86124.55-1.24BNY ahead
2025-07-15101.79124.12-1.32BNY ahead
2025-07-14101.94124.23-1.32BNY ahead
2025-07-11101.89122.24-1.17BNY ahead
2025-07-10102.93122.16-1.07BNY ahead
2025-07-09102.33121.36-1.07BNY ahead
2025-07-08102.45120.89-1.03BNY ahead
2025-07-07102.43121.63-1.10BNY ahead
2025-07-03103.38120.56-0.92BNY ahead
2025-07-02102.97120.11-0.93BNY ahead
2025-07-01103.98118.23-0.68BNY ahead
2025-06-30103.23118.83-0.81BNY ahead
2025-06-27102.43118.93-0.91BNY ahead
2025-06-26102.91117.44-0.74BNY ahead
2025-06-25101.34117.39-0.89BNY ahead
2025-06-24101.51118.95-1.02BNY ahead
2025-06-23101.14116.90-0.89BNY ahead
2025-06-20101.18119.50-1.11BNY ahead
2025-06-18101.42119.47-1.09BNY ahead
2025-06-17101.61117.09-0.88BNY ahead
2025-06-16102.48118.03-0.88BNY ahead
2025-06-13101.44115.56-0.78BNY ahead
2025-06-12101.44117.01-0.91BNY ahead
2025-06-11100.58116.81-0.98BNY ahead
2025-06-10101.06117.39-0.99BNY ahead
2025-06-09100.99117.40-1.00BNY ahead
2025-06-06100.67117.80-1.07BNY ahead
2025-06-05100.17115.53-0.94BNY ahead
2025-06-0499.79115.21-0.96BNY ahead
2025-06-0399.59116.50-1.09BNY ahead
2025-06-0299.93116.06-1.03BNY ahead
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2024-10-18100.00100.00-1.73BNY ahead

One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Jan 15, 2025 (BNS +1.0%, BNY +8.0%); Apr 3, 2025 (BNS +1.8%, BNY -5.1%); Apr 7, 2025 (BNS -4.6%, BNY +1.1%); Aug 25, 2026 (BNS +7.2%, BNY +0.9%).

Paired trades

The shared paper book and the replay, kept apart

Forward paper record

No paper position on this pair yet.

Historical simulation (a diagnostic, same rules)

No simulated trade through Oct 20, 2026: the pair rarely passed every test while 2 standard deviations apart.

Per $10,000 a leg. A replay on today's companies cannot prove an edge.

The companies

BNS and BNY at a glance

BNS Bank Nova Scotia Halifax Pfd 3

Listing
NYSE · SEC CIK 9631
Industry
Major Banks · SIC 6022 State Commercial Banks
Market value
$111.8B
Price history
2,521 daily closes, Oct 12, 2016 to Oct 22, 2026

BNY The Bank of New York Mellon Corporation

Listing
NYSE · SEC CIK 1390777
Industry
Major Banks · SIC 6022 State Commercial Banks
Market value
$96.6B
Price history
2,521 daily closes, Oct 12, 2016 to Oct 22, 2026

Daily prices: Nasdaq.com. Filings and industry codes: SEC EDGAR. Earnings dates: Nasdaq earnings calendar.

Related
All pairs →
PairStatusAhead nowIndustry
BNS / DBWatchlistBNS by 2.33 sdSIC 6022 State Commercial Banks
BNY / DBWatchlistBNY by 1.41 sdSIC 6022 State Commercial Banks

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Explore the private beta

Paper only: hypothetical paired positions with modelled costs. No broker, no orders, no real money. A historical simulation is a diagnostic, not proof of an edge. Not investment advice.