NorthStarCanada–U.S. macro intelligence

Data refreshed Sep 25, 2026, 10:49 a.m. ET

How is capital rotating across sectors in Canada and the U.S.?

Over the past 12 months, Energy led in Canada (+35 points vs the TSX 60) and Energy led in the U.S. (+26 vs the S&P 500); Tech lagged most in Canada (−28).

Canada · S&P/TSX 60, 12-month return
+28.4%
XIU.TO
U.S. · S&P 500, 12-month return
+20.2%
SPY
Canada · Strongest sector, 12 months
Energy
+35.3 pts vs benchmark
U.S. · Strongest sector, 12 months
Energy
+25.7 pts vs benchmark
Widest cross-border gap, 12 months
Tech
Canada −42.6 pts vs U.S.

Canada: 12-month relative strength by sector

Sector return minus the S&P/TSX 60 return, in percentage points. Green beats the benchmark; red trails it.
12m relative strength vs the S&P/TSX 60, percentage points, by sector and month
SectorSepDecMarJunSepDecMarJunAugLatest
Energy+35.3
Materials+29.5
Financials+10.2
Utilities−10.4
Staples−21.4
Tech−28.1

U.S.: 12-month relative strength by sector

Sector return minus the S&P 500 return, in percentage points. Green beats the benchmark; red trails it.
12m relative strength vs the S&P 500, percentage points, by sector and month
SectorSepDecMarJunSepDecMarJunAugLatest
Energy+25.7
Tech+22.6
HealthCare+6.0
Industrials−3.5
Materials−4.0
Financials−11.7
Staples−12.1
Utilities−17.3

Sector leaderboard, 12-month

Canada sector ETFsU.S. sector ETFs

Sorted by average relative strength across the markets shown.

Rotation quadrant

Canada sector ETFsU.S. sector ETFs

Across: 12-month relative strength (trend). Up: 3-month relative strength (momentum). Sectors tend to rotate clockwise: improving, leading, weakening, lagging.

One sector across the border: 12-month relative strength

Canadian ETFs are priced in Canadian dollars and U.S. ETFs in U.S. dollars, so cross-border gaps include currency effects.