Why would you want to update one table with information that is easily available in another? Seems like you are just guaranteeing that you are going to have to run this query every single time you perform an update, insert or delete against the camsnav table. Otherwise how are you going to keep them in sync?
Also, if you cannot guarantee that the sub-query will return exactly one row, it is probably safer to use the SQL Server-specific and proprietary update format:
UPDATE f SET nav = n.nav
FROM camsfolio AS f
INNER JOIN camsnav AS n
ON f.schcode = n.schcode;