January 2026 started the year with gain for the Canadian and US markets. The S&P/TSX increased by 0.8%, while the S&P 500 increased by 1.5%. MSCI ACWI ex-USA increased the most by 6%.
The 12-month performance metrics highlighted the S&P/TSX continue to outpace the S&P 500 with a 28.3% annual gain, compared to the S&P 500’s 16.3%. MSCI ACWI ex-USA outperformed both indices, which recorded a 35.6% one-year return.
The NQICAT index underperformed the broader market, registering a monthly return of 0.6% in January and a 13.2% annual performance.
Sector-level analysis for January identified the best and worst performers. Energy, Materials, and Telecom led the gains, rising by 11.2%, 8.9%, and 3.7%, respectively. Conversely, IT, Healthcare, and Consumer Discretionary experienced the lowest returns, falling by -15.8%, -6.3%, and -4.4% respectively.
Within the NQICAT, the top three gains were found in Mineros S.A. (MSA.TO), which rose by +20.5%, while Imperial Oil (IMO.TO) and K92 Mining Inc. (KNT.TO) gained +16.6% and +12.6%, respectively. On the other hand, Constellation Software Inc (CSU.TO) experienced the lowest return with a decline of -23.8%, followed by Fairfax Holdings Ltd. (FFH.TO) at -14.1% and Intact Financial Corporation (IFC.TO) at -6.5%.
