Seasonality
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Seasonality
Sign in to unlock 10Y & 20Y views
Monthly Returns Heatmap
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -1.51% | -3.62% | -5.60% | 8.83% | 2.38% | -3.51% | -1.54% | -4.20% | -8.87% | 2.41% | ||
| 2025 | 7.55% | -5.78% | -9.88% | -1.66% | 7.01% | 6.51% | 10.12% | -2.74% | 5.92% | 1.46% | 2.15% | -4.36% |
| 2024 | 0.40% | 4.95% | 1.41% | -2.58% | 7.48% | -3.94% | 18.33% | 0.70% | 6.12% | 2.78% | 16.54% | -3.84% |
| 2023 | 16.25% | -8.09% | -3.02% | -0.16% | -7.05% | 9.39% | 3.21% | 0.40% | -7.91% | -4.87% | 18.70% | 11.05% |
| 2022 | -8.37% | -0.78% | 2.04% | -9.34% | 0.10% | -10.48% | 10.97% | -0.28% | -10.56% | -4.53% | 17.92% | -16.95% |
| 2021 | -5.83% | 4.04% | 8.75% | 0.23% | 7.40% | 5.36% | 6.50% | 4.46% | -3.31% | 10.09% | -4.31% | 7.08% |
| 2020 | -0.59% | -22.29% | 13.11% | -7.76% | 3.35% | -3.18% | 2.11% | 0.09% | -10.15% | 32.88% | 0.32% | |
| Avg | 1.42% | -1.41% | -4.08% | 1.21% | 1.37% | 0.96% | 6.34% | 0.06% | -2.65% | -0.87% | 13.98% | -1.12% |
Nov is the seasonally strongest month over 5Y.
Nov averages +14.0% with a 83% win rate across 5 years of history.
Mar shows persistent seasonal weakness.
Mar averages -4.1% with only a 43% win rate across 5 years of history.
Q4 (Oct–Nov–Dec) is the seasonally strongest quarter.
The three months of Q4 combine for a +12.0% average return historically.
Q1 historically shows a slow seasonal start.
Q1 (Jan–Mar) averages -4.1% historically, with January alone posting a 50% win rate.
2026 YTD is tracking below the 5Y seasonal average.
At day 204 of the year, the current YTD return is -27.7% vs the historical average for the same point.
BN.TO - Average returns for the respective month in the last 5 years
BN.TO - Average growth of $100 invested at start of year
5 years of data
BN.TO Distribution of Daily Returns from 2021 to 2026
BN.TO Distribution of Daily % Changes