Quant Picks performance
Results as of September 30, 2026. The returns below are those of an equal-weight portfolio of our Quant Picks, rebalanced monthly since the launch of the strategy in January 2023.
They show what an investor would have obtained by systematically following each recommendation and executing all trades at the market open after each update, assuming no transaction costs. They are provided for informational purposes only. Past performance is not indicative of future results.
U.S. equities
Returns annualized for periods longer than one year
| 1 month | 3 months | YTD | 1 year | 3 years | Since 2023 |
|---|
| Quant Picks | 0.09% | 4.85% | 29.57% | 33.81% | 35.49% | 31.73% |
|---|
| S&P 500 | −0.63% | 2.38% | 12.71% | 15.71% | 22.76% | 21.75% |
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| Outperformance | +0.72% | +2.47% | +16.86% | +18.10% | +12.73% | +9.98% |
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Calendar year returns
| YTD | 2025 | 2024 | 2023 |
|---|
| Quant Picks | 29.57% | 26.27% | 35.70% | 31.43% |
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| S&P 500 | 12.71% | 17.72% | 24.89% | 26.19% |
|---|
| Outperformance | +16.86% | +8.55% | +10.82% | +5.24% |
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Risk metrics (3 years)
| Standard deviation | Sharpe ratio | Upside capture | Downside capture |
|---|
| Quant Picks | 14.50% | 2.21 | 132% | 88% |
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| S&P 500 | 12.43% | 1.55 | 100% | 100% |
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Canadian equities
Returns annualized for periods longer than one year
| 1 month | 3 months | YTD | 1 year | 3 years | Since 2023 |
|---|
| Quant Picks | −1.70% | 3.53% | 18.96% | 30.68% | 36.57% | 28.46% |
|---|
| S&P/TSX | −3.38% | 1.59% | 12.92% | 19.90% | 24.95% | 20.57% |
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| Outperformance | +1.68% | +1.95% | +6.04% | +10.78% | +11.62% | +7.89% |
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Calendar year returns
| YTD | 2025 | 2024 | 2023 |
|---|
| Quant Picks | 18.96% | 37.86% | 40.89% | 14.76% |
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| S&P/TSX | 12.92% | 31.53% | 21.49% | 11.73% |
|---|
| Outperformance | +6.04% | +6.33% | +19.40% | +3.02% |
|---|
Risk metrics (3 years)
| Standard deviation | Sharpe ratio | Upside capture | Downside capture |
|---|
| Quant Picks | 9.64% | 3.48 | 106% | 68% |
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| S&P/TSX | 10.53% | 2.08 | 100% | 100% |
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Longer-term backtest, since 2008
For investors looking for data prior to the launch of the Quant Picks in 2023, we present the simulated performance of a portfolio applying the same methodology and machine-learning process since 2008.
Backtesting comes with inherent limitations and biases. Although we take great care to minimize them, backtest returns may still contain biases and are not indicative of future performance.
How we limit backtest bias
Survivorship bias. We sample the S&P 500 Index and the S&P/TSX Composite Index as they were composed each month since 2008, including companies that later left the index.
Lookahead bias. We apply our machine-learning process from 2008 using only the historical data available at the time. Our stock selection is not based on today's knowledge of which factors performed well in subsequent years: factor selection and weightings are determined exclusively from data available at each decision date.
With the amount of data available today, it is easy, in hindsight, to design a strategy that would have performed well over the past decade. Our process is fundamentally different: each month, the algorithm recalculates the historical relationships between stock fundamentals and future excess returns, always using only the information available at that point in time. The backtest replicates this same process from 2008.
U.S. equities, backtest
Returns annualized for periods longer than one year
| 1 month | 3 months | YTD | 1 year | 3 years | 5 years | 10 years | Since 2008 |
|---|
| Quant Picks | 0.09% | 4.85% | 29.57% | 33.81% | 35.49% | 23.79% | 21.05% | 15.36% |
|---|
| S&P 500 | −0.63% | 2.38% | 12.71% | 15.71% | 22.76% | 13.70% | 15.24% | 11.22% |
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Calendar year returns
| YTD | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|
| Quant Picks | 29.57% | 26.27% | 35.70% | 31.43% | −11.93% | 35.41% | 15.00% | 34.51% | −4.49% | 26.29% |
|---|
| S&P 500 | 12.71% | 17.72% | 24.89% | 26.19% | −18.17% | 28.75% | 18.37% | 31.22% | −4.56% | 21.70% |
|---|
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|
| Quant Picks | 10.83% | 0.44% | 14.99% | 38.04% | 15.26% | 10.16% | 11.68% | 30.39% | −31.17% |
|---|
| S&P 500 | 12.00% | 1.25% | 13.46% | 32.31% | 15.99% | 1.89% | 15.06% | 26.37% | −36.81% |
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Risk metrics (10 years)
| Standard deviation | Sharpe ratio | Upside capture | Downside capture |
|---|
| Quant Picks | 17.07% | 1.03 | 116% | 97% |
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| S&P 500 | 15.33% | 0.77 | 100% | 100% |
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Canadian equities, backtest
Returns annualized for periods longer than one year
| 1 month | 3 months | YTD | 1 year | 3 years | 5 years | 10 years | Since 2008 |
|---|
| Quant Picks | −1.70% | 3.53% | 18.96% | 30.68% | 36.57% | 21.28% | 16.65% | 13.01% |
|---|
| S&P/TSX | −3.38% | 1.59% | 12.92% | 19.90% | 24.95% | 15.11% | 12.33% | 8.14% |
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Calendar year returns
| YTD | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|
| Quant Picks | 18.96% | 37.86% | 40.89% | 14.76% | −4.25% | 24.70% | 16.27% | 25.36% | −11.75% | 6.79% |
|---|
| S&P/TSX | 12.92% | 31.53% | 21.49% | 11.73% | −5.82% | 25.05% | 5.58% | 22.77% | −8.71% | 8.98% |
|---|
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|
| Quant Picks | 23.57% | 0.80% | 10.46% | 20.57% | 12.79% | −3.86% | 25.49% | 50.61% | −32.95% |
|---|
| S&P/TSX | 21.00% | −8.62% | 10.95% | 12.46% | 7.01% | −8.79% | 17.44% | 34.55% | −33.34% |
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Risk metrics (10 years)
| Standard deviation | Sharpe ratio | Upside capture | Downside capture |
|---|
| Quant Picks | 14.86% | 0.92 | 112% | 88% |
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| S&P/TSX | 13.08% | 0.71 | 100% | 100% |
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Backtest returns as of September 30, 2026. The returns shown are the result of a backtest simulation of our quantitative strategy. Although we take great care to minimize potential biases, backtest returns may present some biases and are not indicative of future performance.