Seasonality
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Seasonality
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Monthly Returns Heatmap
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.44% | 6.48% | -3.87% | 12.15% | 3.96% | 11.13% | 0.65% | -3.16% | -0.34% | 1.60% | ||
| 2025 | 2.13% | -1.70% | -4.24% | 2.35% | 8.29% | 3.84% | 2.33% | 6.66% | 5.55% | 2.71% | 4.31% | 5.02% |
| 2024 | -1.84% | 1.74% | 5.91% | -4.06% | 2.70% | -3.46% | 6.76% | 3.98% | 6.08% | 0.89% | 5.38% | -1.10% |
| 2023 | 9.00% | -0.99% | -5.61% | 2.44% | -5.29% | 3.76% | 3.90% | -6.13% | -2.37% | -6.05% | 8.44% | 10.97% |
| 2022 | 6.06% | -0.29% | -2.20% | -6.49% | 3.04% | -10.17% | 3.13% | -3.34% | -1.36% | 3.76% | 4.55% | -6.16% |
| 2021 | 0.44% | 7.80% | 6.81% | 3.20% | 6.31% | 0.08% | -0.22% | 1.42% | -0.67% | 5.80% | -1.67% | 4.97% |
| 2020 | -5.60% | -18.24% | 0.85% | 2.03% | 3.77% | 1.47% | 9.84% | -4.78% | -0.24% | 14.81% | 2.18% | |
| Avg | 2.56% | 1.06% | -3.06% | 1.49% | 3.00% | 1.28% | 2.57% | 1.32% | 0.30% | 1.14% | 5.97% | 2.65% |
Nov is the seasonally strongest month over 5Y.
Nov averages +6.0% with a 83% win rate across 5 years of history.
Mar shows persistent seasonal weakness.
Mar averages -3.1% with only a 29% win rate across 5 years of history.
Q4 (Oct–Nov–Dec) is the seasonally strongest quarter.
The three months of Q4 combine for a +9.8% average return historically.
January Effect: Q1 historically opens the year positively.
Q1 (Jan–Mar) averages +0.6% historically, with January alone posting a 67% win rate.
2026 YTD is tracking above the 5Y seasonal average.
At day 204 of the year, the current YTD return is +21.1% vs the historical average for the same point.
ZEB.TO - Average returns for the respective month in the last 5 years
ZEB.TO Distribution of Daily Returns from 2021 to 2026
ZEB.TO Distribution of Daily % Changes
ZEB.TO - Average growth of $100 invested at start of year
5 years of data