We already exited this trade, either as a spread or BNS long only. Patience is not our strongest suit. Had you waited the results would be even better today, as BNS trades at a higher price than RY, by almost a dollar!
Both are now either at or above the 200 day moving average. BNS clearly caught up with the RY. Things could still get a little better but we certainly do not recommend sticking around. The pairs trade would have earned about 7/8% and the BNS long only well over 20%, in absolute terms, not per annum!