Bank of N.T Butterfield & Son (NTB)
Market Price (12/26/2025): $50.66 | Market Cap: $2.1 BilSector: Financials | Industry: Diversified Banks
Bank of N.T Butterfield & Son (NTB)
Market Price (12/26/2025): $50.66Market Cap: $2.1 BilSector: FinancialsIndustry: Diversified Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.9%, FCF Yield is 13% | Trading close to highsDist 52W High is -2.2%, Dist 3Y High is -2.2% | Key risksNTB key risks include [1] heavy real estate loan exposure concentrated in its Bermuda and Cayman Islands markets and [2] navigating the complex regulatory environment across its multiple international jurisdictions. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -228% | ||
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 48% | ||
| Low stock price volatilityVol 12M is 23% | ||
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Wealth Management Technology. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.9%, FCF Yield is 13% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -228% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 48% |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Wealth Management Technology. |
| Trading close to highsDist 52W High is -2.2%, Dist 3Y High is -2.2% |
| Key risksNTB key risks include [1] heavy real estate loan exposure concentrated in its Bermuda and Cayman Islands markets and [2] navigating the complex regulatory environment across its multiple international jurisdictions. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
The Bank of N.T. Butterfield & Son (NTB) stock experienced an upward movement during the approximate period from August 31, 2025, to December 26, 2025, attributed to several key factors. Based on available data, the stock closed at approximately $42.43 on September 29, 2025, and reached around $50.66 by December 24, 2025. The following points highlight the primary reasons for this positive trend:1. Strong Third Quarter 2025 Financial Results: The company reported robust third-quarter 2025 earnings, significantly surpassing analyst estimates. Bank of N.T. Butterfield & Son announced quarterly earnings of $1.51 per share, beating the Zacks Consensus Estimate of $1.30 per share by 16.15%. Revenues also exceeded expectations, coming in at $153.9 million against an estimate of $148.8 million, an increase of 3.64%. Net income for the quarter rose to $61.1 million, or $1.46 per diluted common share, up from $53.3 million ($1.25 per share) in the prior quarter and $52.7 million ($1.16 per share) in the third quarter of 2024.
2. Improved Profitability Metrics and Efficiency: Key profitability indicators demonstrated strength in Q3 2025. The core net income reached $63.3 million, or $1.51 per share. The return on average common equity improved to 22.5%, and the core return on average tangible common equity stood at 25.5%. Furthermore, the net interest margin increased to 2.73%, a 9-basis point improvement from the previous quarter, with the cost of deposits decreasing to 1.47%. The efficiency ratio also improved to 57.7% from 61.3% in the prior quarter.
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Stock Movement Drivers
Fundamental Drivers
The 15.9% change in NTB stock from 9/25/2025 to 12/25/2025 was primarily driven by a 15.9% change in the company's P/E Multiple.| 9252025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 43.72 | 50.66 | 15.88% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 590.70 | 590.70 | 0.00% |
| Net Income Margin (%) | 37.14% | 37.14% | 0.00% |
| P/E Multiple | 8.30 | 9.61 | 15.88% |
| Shares Outstanding (Mil) | 41.64 | 41.64 | 0.00% |
| Cumulative Contribution | 15.88% |
Market Drivers
9/25/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| NTB | 15.9% | |
| Market (SPY) | 4.9% | 20.1% |
| Sector (XLF) | 4.2% | 24.5% |
Fundamental Drivers
The 15.3% change in NTB stock from 6/26/2025 to 12/25/2025 was primarily driven by a 11.4% change in the company's P/E Multiple.| 6262025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 43.93 | 50.66 | 15.33% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 587.36 | 590.70 | 0.57% |
| Net Income Margin (%) | 36.89% | 37.14% | 0.69% |
| P/E Multiple | 8.63 | 9.61 | 11.45% |
| Shares Outstanding (Mil) | 42.55 | 41.64 | 2.15% |
| Cumulative Contribution | 15.28% |
Market Drivers
6/26/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| NTB | 15.3% | |
| Market (SPY) | 13.1% | 31.5% |
| Sector (XLF) | 8.0% | 41.2% |
Fundamental Drivers
The 42.6% change in NTB stock from 12/25/2024 to 12/25/2025 was primarily driven by a 27.4% change in the company's P/E Multiple.| 12252024 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 35.52 | 50.66 | 42.61% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 576.38 | 590.70 | 2.48% |
| Net Income Margin (%) | 36.48% | 37.14% | 1.80% |
| P/E Multiple | 7.55 | 9.61 | 27.41% |
| Shares Outstanding (Mil) | 44.67 | 41.64 | 6.79% |
| Cumulative Contribution | 41.95% |
Market Drivers
12/25/2024 to 12/25/2025| Return | Correlation | |
|---|---|---|
| NTB | 42.6% | |
| Market (SPY) | 15.8% | 46.7% |
| Sector (XLF) | 14.9% | 52.9% |
Fundamental Drivers
The 98.0% change in NTB stock from 12/26/2022 to 12/25/2025 was primarily driven by a 45.9% change in the company's P/E Multiple.| 12262022 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 25.58 | 50.66 | 98.05% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 527.19 | 590.70 | 12.05% |
| Net Income Margin (%) | 36.54% | 37.14% | 1.65% |
| P/E Multiple | 6.59 | 9.61 | 45.86% |
| Shares Outstanding (Mil) | 49.63 | 41.64 | 16.11% |
| Cumulative Contribution | 92.90% |
Market Drivers
12/26/2023 to 12/25/2025| Return | Correlation | |
|---|---|---|
| NTB | 68.7% | |
| Market (SPY) | 48.3% | 45.5% |
| Sector (XLF) | 52.6% | 59.4% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NTB Return | -10% | 28% | -16% | 14% | 20% | 45% | 93% |
| Peers Return | -12% | 23% | -3% | -6% | 17% | 11% | 27% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 115% |
Monthly Win Rates [3] | |||||||
| NTB Win Rate | 42% | 67% | 42% | 50% | 58% | 92% | |
| Peers Win Rate | 47% | 62% | 52% | 40% | 52% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| NTB Max Drawdown | -59% | -2% | -22% | -21% | -9% | -4% | |
| Peers Max Drawdown | -45% | -1% | -19% | -39% | -11% | -17% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: FHB, BOH, NTRS, ASB, CBSH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)
How Low Can It Go
| Event | NTB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -43.8% | -25.4% |
| % Gain to Breakeven | 77.9% | 34.1% |
| Time to Breakeven | 650 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -59.8% | -33.9% |
| % Gain to Breakeven | 149.0% | 51.3% |
| Time to Breakeven | 346 days | 148 days |
| 2018 Correction | ||
| % Loss | -50.5% | -19.8% |
| % Gain to Breakeven | 102.1% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to C, JPM, BAC, WFC, RY
In The Past
Bank of N.T Butterfield & Son's stock fell -43.8% during the 2022 Inflation Shock from a high on 2/16/2022. A -43.8% loss requires a 77.9% gain to breakeven.
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AI Analysis | Feedback
- A JPMorgan Chase tailored for offshore banking and wealth management.
- Think of it as Northern Trust combined with a regional bank like PNC, serving offshore financial centers.
AI Analysis | Feedback
- Retail Banking Services: Provides personal deposit accounts, residential mortgages, and consumer loans to individuals.
- Commercial Banking Services: Offers business deposit accounts, commercial loans, and treasury management solutions to companies and institutions.
- Private Banking & Wealth Management: Delivers comprehensive financial planning, investment advisory, and trust administration services for high-net-worth clients.
- Asset Management: Manages investment portfolios and offers bespoke investment solutions for both institutional and individual investors.
- Custody Services: Provides safekeeping, settlement, and administration of financial assets on behalf of corporate and institutional clients.
AI Analysis | Feedback
Bank of N.T. Butterfield & Son (NTB) serves a diverse client base across its various jurisdictions, including individuals, businesses, and institutional clients. However, given its strong emphasis on private banking, wealth management, and retail banking in its core offshore markets, it primarily serves individuals and their associated entities. It is not feasible to identify specific "major customer companies" as banks typically do not disclose individual client names, especially for corporate lending or institutional services, unless they represent a material concentration which is rare for diversified banks.
The company primarily sells to individuals, and its customer base can be categorized as follows:
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High Net Worth (HNW) and Ultra High Net Worth (UHNW) Individuals and Families: These clients utilize Butterfield's private banking, wealth management, trust, and fiduciary services. They often have sophisticated financial planning, asset protection, and multi-jurisdictional needs, seeking expertise in offshore financial centers like Bermuda, the Cayman Islands, and the Channel Islands.
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Local Residents: Individuals residing in Butterfield's core operating jurisdictions (Bermuda, the Cayman Islands, Guernsey, and Jersey) form a significant part of its retail banking customer base. These clients use the bank for everyday financial needs, including current accounts, savings, mortgages, and consumer loans.
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International Expatriates and Global Investors: This category includes individuals living and working in Butterfield's operating jurisdictions, as well as those from abroad who choose to establish banking or investment relationships in these well-regulated offshore financial centers. They seek services for wealth preservation, international transactions, or specific investment opportunities facilitated by the bank's international presence.
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Michael Collins, Chairman and Chief Executive Officer
Michael Collins has served as Chairman of The Bank of N.T. Butterfield & Son Limited since 2017 and as Chief Executive Officer since 2015. He joined Butterfield in 2009 and has over 30 years of experience in financial services. Prior to joining Butterfield, Mr. Collins held progressively senior positions at Morgan Guaranty Trust Company in New York, Bank of Bermuda, and HSBC in Bermuda, where he was Chief Operating Officer at HSBC Bank Bermuda. He holds a BA in Economics from Brown University.
Michael Schrum, President and Group Chief Financial Officer
Michael Schrum was reappointed Group Chief Financial Officer in September 2025, a position he previously held from 2015 to 2022. He also served as President and Group Chief Risk Officer from 2022. Mr. Schrum oversaw the Bank's U.S. IPO and NYSE listing. With over 25 years of financial services experience, primarily in banking, insurance, and tax, he previously served as Chief Financial Officer at HSBC Bank Bermuda. Mr. Schrum holds a Master's degree in Economics from the University of London and an undergraduate degree from the University of Southern Denmark. He also serves as a Director for Bermuda Electric Light Co. Ltd., Bermuda Institute of Ocean Sciences, and Pathways Bermuda, and as Treasurer for the Bermuda Community Foundation.
Bri Hidalgo, Group Chief Risk Officer
Bri Hidalgo was appointed Group Chief Risk Officer in September 2025. She brings over 25 years of international banking experience and most recently served as Group Head of Compliance and Operational Risk at Butterfield. Prior to joining Butterfield, Ms. Hidalgo spent 14 years with Wells Fargo Bank in compliance and risk management roles, including Chief Risk Officer, Wealth & Investment Management. She also worked in senior risk management and compliance roles at Wachovia Securities and First State Investments.
Michael Neff, Group Chief Operating Officer
Michael Neff has been Butterfield's Group Chief Operating Officer since January 2024. He has over 30 years of experience in financial services, having held senior roles in wealth management, commercial banking, and financial risk management. His previous roles at Butterfield include Managing Director of Bermuda and International Wealth, and Group Head of Wealth Management. Mr. Neff began his career at Chemical Bank's Private Banking Group and also worked with Citibank's Private Banking Group and Risk Metrics Group.
Kevin Dallas, Group Chief Experience Officer and Group Head of Marketing & Communications
Kevin Dallas has served as Group Chief Experience Officer of Butterfield since January 2024, and as Group Head of Marketing and Communications since 2020. Prior to joining Butterfield, Mr. Dallas was the Chief Product and Marketing Officer at Worldpay plc.
AI Analysis | Feedback
The Bank of N.T. Butterfield & Son Limited (NTB) faces several key risks inherent in its business model as an international financial institution. The most significant risks include: 1. Heavy Real Estate Loan Exposure: A substantial portion of Butterfield Bank's loan portfolio consists of real estate loans, particularly residential mortgages. This exposure, especially in its primary markets of Bermuda and the Cayman Islands, makes the bank vulnerable to downturns or instability in these real estate sectors. Adverse changes in property values or economic conditions could lead to increased loan defaults and credit losses. 2. International Regulatory Complexity: Operating across multiple international jurisdictions, including Bermuda, the Cayman Islands, the Channel Islands, and the UK, exposes Butterfield to a complex and evolving web of regulations. Changes in regulatory frameworks, increased compliance costs, or failure to comply with diverse local and international financial regulations could result in significant fines, operational disruptions, and reputational damage. 3. Interest Rate and Currency Fluctuations: As a banking institution, Butterfield is susceptible to market risks, predominantly from interest rate volatility and currency fluctuations. Changes in interest rates can negatively impact the bank's net interest income and the fair value of its investment securities. For instance, the bank experienced significant net unrealized losses in its investment portfolio during 2022 and 2023 due to rapidly rising long-term market interest rates. Furthermore, its international operations expose it to risks associated with exchange rate movements.AI Analysis | Feedback
The increasing sophistication and market penetration of digital wealth management platforms and hybrid advisory models, which leverage technology to offer potentially more cost-effective, convenient, and scalable solutions for wealth management and investment services, challenging traditional relationship-based banking models.
AI Analysis | Feedback
The Bank of N.T. Butterfield & Son Limited (NTB) is a leading financial institution headquartered in Hamilton, Bermuda, with operations in key offshore financial centers including the Cayman Islands, Guernsey, Jersey, and the United Kingdom, as well as specialized financial services in the Bahamas, Switzerland, and Singapore. The company's main products and services primarily fall under wealth management, private banking, and trust and fiduciary services, alongside personal and corporate banking. While specific market sizes for these services within NTB's exact operating regions (such as Bermuda, Cayman Islands, Guernsey, and Jersey) are not readily available, the addressable markets at a global level for its core offerings are substantial. Below are the estimated market sizes for NTB's main products and services: * **Wealth Management:** The global wealth management market was valued at approximately USD 1.68 trillion in 2023 and is projected to reach USD 3.62 trillion by 2032, growing at a compound annual growth rate (CAGR) of 14.0% during the forecast period (2025-2032). Other estimates place the global market value at USD 1.8 trillion in 2023, with a forecast to grow to USD 2.5 trillion in 2028 and USD 3.5 trillion in 2033. The market was valued at around USD 1636.83 billion in 2024 and is expected to surpass USD 4893.17 billion by 2034. * **Private Banking:** The global private banking market was valued at USD 477.3 billion in 2023 and is estimated to reach USD 1.09 trillion by 2032, exhibiting a CAGR of over 10% between 2024 and 2032. Another assessment indicates the market size was USD 520 billion in 2024 and is forecasted to reach USD 910 billion by 2033, with a CAGR of 6.5%. The private banking market size was approximately USD 461.07 billion in 2024 and is projected to grow to USD 673.9 billion in 2029. North America accounted for approximately 38% of the global private banking market share in 2024. * **Trust and Corporate Services:** The global trust and corporate service market size was valued at USD 11.5 billion in 2023 and is poised to grow to USD 20.97 billion by 2032, at a CAGR of 6.9% during the forecast period (2025-2032). Another report forecasts this market to increase by USD 1.79 billion, at a CAGR of 3.9% between 2024 and 2029.AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Bank of N.T. Butterfield & Son (NTB) over the next 2-3 years:
- Net Interest Margin (NIM) Stability and Expansion: Butterfield Bank anticipates stable net interest margins, with potential for expansion driven by declines in deposit costs and strategic asset repricing. Management commentary suggests an ongoing focus on managing deposit costs and reinvesting investment maturities to optimize yields.
- Growth in Fee-Based Income: The company is focused on expanding its non-interest revenue, which includes banking fees, increased card volumes, foreign exchange services, and trust income. Recent results have shown improvements in these areas, indicating a strategic emphasis on diversifying revenue streams beyond traditional lending.
- Operational Efficiency and Cost Management: Ongoing initiatives to improve operational efficiency and cost discipline are expected to contribute to net revenue growth by optimizing expenses. The bank has undertaken measures such as consolidating premises and aims for an efficiency ratio around 60%.
- Strategic Expansion in Wealth Management and Trust Services: Butterfield has historically pursued acquisitions to expand its wealth management and trust service offerings in its key markets, including the Channel Islands, Cayman Islands, and Bermuda. This strategic approach to grow its client base and service mandates in these specialized areas is expected to continue.
- Leveraging Economic Growth in Core Jurisdictions: Anticipated near-term economic growth in its core island jurisdictions, such as Bermuda and the Cayman Islands, is expected to support sustained growth across various sectors including tourism, real estate, and international business, which in turn benefits the bank's operations and revenue.
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Share Repurchases
- The Board of Directors approved a new $100 million ordinary share repurchase program on December 9, 2024, authorizing the purchase of up to 2.7 million of its ordinary shares through December 31, 2025. This program became effective on January 1, 2025, succeeding a prior 2.1 million share repurchase program announced on July 22, 2024.
- In the third quarter of 2025, the company repurchased 0.7 million shares for $30.3 million.
- The company's outstanding common shares decreased from approximately 49.6 million at the end of fiscal year 2022 to 43.5 million at the end of 2024, representing a reduction of 12.3% in the share count over two years.
Outbound Investments
- In the fourth quarter of 2023, Butterfield completed the acquisition of trust assets from Credit Suisse.
- During 2024, the Bank restructured its operations in Jersey, transferring the business operations and substantially all assets and liabilities of Butterfield Bank (Jersey) Limited to the newly established Butterfield Bank (Guernsey) Limited, Jersey branch. Butterfield Bank (Jersey) Limited was subsequently dissolved in October 2024.
Capital Expenditures
- The Bank completed several strategic projects during 2023, including upgrading its core banking system in Bermuda and Cayman.
- Future capital expenditures are expected to focus on technology upgrades and back-office consolidation, with an expense run rate projected around $90 million in the near to medium term.
Latest Trefis Analyses
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Trade Ideas
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| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.6% | 7.6% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.2% | -11.2% | -12.1% |
Research & Analysis
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Peer Comparisons for Bank of N.T Butterfield & Son
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.84 |
| Mkt Cap | 3.8 |
| Rev LTM | 981 |
| Op Inc LTM | - |
| FCF LTM | 295 |
| FCF 3Y Avg | 363 |
| CFO LTM | 328 |
| CFO 3Y Avg | 408 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.3% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | 6.8% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 38.5% |
| CFO/Rev 3Y Avg | 40.6% |
| FCF/Rev LTM | 34.3% |
| FCF/Rev 3Y Avg | 36.9% |
Price Behavior
| Market Price | $50.66 | |
| Market Cap ($ Bil) | 2.1 | |
| First Trading Date | 09/16/2016 | |
| Distance from 52W High | -2.2% | |
| 50 Days | 200 Days | |
| DMA Price | $46.38 | $42.85 |
| DMA Trend | up | up |
| Distance from DMA | 9.2% | 18.2% |
| 3M | 1YR | |
| Volatility | 21.0% | 23.4% |
| Downside Capture | 8.37 | 52.94 |
| Upside Capture | 75.41 | 80.22 |
| Correlation (SPY) | 21.3% | 46.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.62 | 0.41 | 0.50 | 0.75 | 0.59 | 0.89 |
| Up Beta | 0.33 | -0.09 | 0.39 | 1.06 | 0.39 | 0.83 |
| Down Beta | -0.55 | 0.44 | 0.28 | 0.56 | 0.74 | 0.89 |
| Up Capture | 111% | 81% | 61% | 70% | 68% | 78% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 10 | 22 | 30 | 64 | 128 | 387 |
| Down Capture | 72% | 31% | 63% | 74% | 71% | 99% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 10 | 20 | 33 | 62 | 118 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of NTB With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| NTB | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 47.2% | 18.3% | 19.2% | 71.9% | 8.9% | 6.0% | -10.1% |
| Annualized Volatility | 23.3% | 19.0% | 19.5% | 19.3% | 15.3% | 17.1% | 35.0% |
| Sharpe Ratio | 1.59 | 0.75 | 0.78 | 2.69 | 0.36 | 0.18 | -0.12 |
| Correlation With Other Assets | 53.1% | 47.0% | -0.8% | 15.7% | 41.5% | 12.8% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of NTB With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| NTB | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 16.9% | 16.3% | 14.9% | 18.7% | 11.7% | 4.8% | 32.7% |
| Annualized Volatility | 29.8% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | 0.56 | 0.72 | 0.70 | 0.97 | 0.51 | 0.17 | 0.60 |
| Correlation With Other Assets | 64.3% | 48.5% | -1.6% | 10.2% | 42.3% | 20.7% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of NTB With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| NTB | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 13.6% | 13.0% | 14.7% | 14.9% | 6.9% | 5.2% | 69.3% |
| Annualized Volatility | 35.3% | 22.3% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.46 | 0.54 | 0.70 | 0.83 | 0.31 | 0.22 | 0.90 |
| Correlation With Other Assets | 69.7% | 56.6% | -4.5% | 20.8% | 46.4% | 14.5% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10282025 | 6-K 9/30/2025 |
| 6302025 | 7282025 | 6-K 6/30/2025 |
| 3312025 | 4232025 | 6-K 3/31/2025 |
| 12312024 | 2192025 | 20-F 12/31/2024 |
| 9302024 | 10222024 | 6-K 9/30/2024 |
| 6302024 | 7222024 | 6-K 6/30/2024 |
| 3312024 | 4232024 | 6-K 3/31/2024 |
| 12312023 | 2212024 | 20-F 12/31/2023 |
| 9302023 | 10242023 | 6-K 9/30/2023 |
| 6302023 | 7312023 | 6-K 6/30/2023 |
| 3312023 | 4242023 | 6-K 3/31/2023 |
| 12312022 | 2222023 | 20-F 12/31/2022 |
| 9302022 | 10312022 | 6-K 9/30/2022 |
| 6302022 | 7252022 | 6-K 6/30/2022 |
| 3312022 | 5022022 | 6-K 3/31/2022 |
| 12312021 | 2232022 | 20-F 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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