Canada’s relative underperformance against US markets comes down to each country’s weighting of two specific sectors: tech and finance. Sheluk explains that US markets are tech-heavy, and include some of the world’s largest tech companies which have disproportionately contributed to equity growth this year. Canada, conversely, is overweight financials. Though Canadian banks didn’t have the same full-blown crisis that American banks did earlier in 2023, they have struggled with higher deposit costs and slowing loan growth resulting from interest rate increases. On a very high level, US markets have been dragged up by tech while Canadian markets have been held back by financials. Canada’s o
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