February 2026 marked a strong return for the Canadian and MSCI ACWI ex-USA markets. The S&P/TSX increased by 7.7%, while the MSCI ACWI ex-USA increased by 4.9%. In contrast, the S&P 500 declined by 0.8%.
The 12-month performance metrics highlighted the S&P/TSX has outpaced the S&P 500 with a 38.8% annual gain, however lagged to the MSCI ACWI ex-USA’s 40.3%. Both indices continue to outperform the S&P 500, which recorded a 17% one-year return.
The NQICAT index outperformed the broader market, registering a monthly increase of 10.4% in February, however, underperformed in annual performance, registering an increase of 28.4%.
Sector-level analysis for February identified the best and worst performers. Materials, Energy, and Industrials led the gains, rising by 21.7%, 10.6%, and 10.6%, respectively. Conversely, Information Technology, Telecom and Financials experienced the lowest returns, registering -4.8%, 2.8%, and 2.7% respectively.
Within the NQICAT, the top three gains were found in K92 Mining (KNT.TO), which rose by +28.6%, while DPM Metals Inc (DPM.TO) and National Bank of Canada (NA.TO) gained +24.3% and +18.1%, respectively. On the other hand, goeasy ltd. (GSY.TO) experienced the lowest return with a decline of -14.2%, followed by Tourmaline Oil Corp (TOU.TO) at -0.6% and Constellation Software Inc (CSU.TO) at 0.3%.
