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 | -7.86% | -6.23% | -26.05% | 4.73% | -9.26% | 9.70% | 3.17% | -2.86% | -2.71% | 12.79% | ||
| 2025 | -3.76% | 9.45% | -19.64% | 13.70% | 13.19% | 10.65% | 17.30% | -2.22% | -2.27% | -30.39% | -5.00% | 16.14% |
| 2024 | 1.25% | 16.87% | -9.51% | -18.29% | -8.21% | 1.04% | -16.05% | -2.75% | -3.46% | -14.50% | 39.24% | -12.72% |
| 2023 | -0.99% | -12.79% | -0.51% | -16.03% | 9.62% | 15.04% | 43.58% | -1.43% | -12.66% | -5.19% | 1.86% | -2.64% |
| 2022 | -37.09% | -6.36% | 4.01% | -20.28% | -25.56% | -16.33% | 14.74% | 4.17% | 0.83% | -6.28% | 25.57% | 27.53% |
| 2021 | -0.30% | |||||||||||
| Avg | -9.69% | 0.19% | -10.34% | -7.23% | -4.04% | 4.02% | 12.55% | -1.02% | -4.05% | -14.09% | 15.42% | 5.60% |
Nov is the seasonally strongest month over 5Y.
Nov averages +15.4% with a 75% win rate across 5 years of history.
Oct shows persistent seasonal weakness.
Oct averages -14.1% with only a 0% win rate across 5 years of history.
Q3 (Jul–Aug–Sep) is the seasonally strongest quarter.
The three months of Q3 combine for a +7.5% average return historically.
Q1 historically shows a slow seasonal start.
Q1 (Jan–Mar) averages -19.8% historically, with January alone posting a 20% win rate.
2026 YTD is tracking below the 5Y seasonal average.
At day 204 of the year, the current YTD return is -15.1% vs the historical average for the same point.
CVO.TO - Average returns for the respective month in the last 5 years
CVO.TO - Average growth of $100 invested at start of year
5 years of data
CVO.TO Distribution of Daily Returns from 2021 to 2026
CVO.TO Distribution of Daily % Changes