December 2025 the S&P/TSX exhibited a positive return 1.3%, which was greater than the S&P 500’s slightly positive return of 0.1%. The MSCI ACWI ex-USA increased by 3%.
The 12-month performance metrics revealed more pronounced variations: the MSCI ACWI ex-USA led with an exceptional 33.1% growth, while the S&P/TSX and S&P 500 recorded 31.7% and 17.9%, respectively.
The NQICAT index remained flat for December, registering a monthly increase of 0.1% and had a 13.2% gain in annual performance.
Sector-level analysis for December identified the best and worst performers. Financials, Materials, and Healthcare led the gains, rising by 4.4%, 2.7%, and 2.0%, respectively. Conversely, IT, Utilities, and Energy experienced the lowest returns, falling by -4.8%, -2.4%, and -2.4% respectively.
Within the NQICAT, the few gains were seen in TFI International Inc. (+16.4%), DPM Metals Inc. (+8.8%), and Fairfax Financial Holdings Ltd. (+8.7%). Conversely, the biggest declines were in Imperial Oil Limited (-15.1%), Hammond Power Solutions Inc. (-7.9%, and Restaurant Brands International Inc. (-7.8%).
