November 2025 marked a continued period of gain for the Canadian and US markets. The S&P/TSX increased by 3.9%, while the S&P 500 increased only by 0.2%. In contrast, the MSCI ACWI ex-USA saw no gain.
The 12-month performance metrics highlighted the S&P/TSX has now outpaced the S&P 500 with a 25.7% annual gain. The MSCI ACWI ex-USA’s has the highest annual gain among the three with a 26.7%. Both indices continue to outperform the S&P 500, which recorded a 15.0% one-year return.
The NQICAT index outperformed the broader market, registering a monthly increase of 4.7% in November, however, underperformed annually with a 7.9% annual performance.
Sector-level analysis for November identified the best and worst performers. Materials, Consumer Staples, and Energy led the gains, rising by 14.6%, 9.1%, and 8.5%, respectively. Conversely, IT, Healthcare, and Industrials experienced the lowest returns, falling by -5.5%, -5.3%, and -1.3% respectively.
Within the NQICAT, the top three gains were found in Dundee Precious Metals Inc. (DPM.TO), which rose by +30.0%, while Mineros S.A. (MSA.TO) and Quebecor Inc. (QBR.B.TO) gained +18.2% and +17.7%, respectively. On the other hand, Hammond Power Solutions Inc. (HPS-A.TO) experienced the lowest return with a decline of -19.0%, followed by goeasy Ltd. (GSY.TO) at -17.0% and Constellation Software Inc. (CSU.TO) at -8.4%.
