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 | 1.00% | 7.13% | -9.27% | 3.83% | -17.51% | 1.38% | -1.80% | -4.54% | -11.13% | -0.38% | ||
| 2025 | 0.52% | 2.68% | 4.43% | 4.34% | 3.20% | 2.78% | 6.64% | 0.92% | -3.45% | 1.42% | -2.46% | 4.24% |
| 2024 | -0.49% | -1.32% | -2.81% | -2.26% | -0.23% | -1.14% | 2.04% | -3.63% | 3.75% | 0.43% | 1.89% | -1.37% |
| 2023 | 4.04% | -1.34% | -0.12% | 1.55% | 3.68% | 3.73% | 1.99% | -2.04% | -5.14% | -3.87% | 7.70% | 4.58% |
| 2022 | -1.82% | 7.63% | 12.69% | -3.57% | -3.06% | -6.38% | 11.60% | -1.95% | -3.43% | 0.70% | 6.31% | 2.39% |
| 2021 | 3.29% | 4.50% | 6.37% | 4.38% | -0.41% | 1.82% | 6.32% | -1.49% | 0.61% | 5.00% | -2.14% | 5.69% |
| 2020 | -6.28% | -17.46% | 18.54% | 1.84% | -4.98% | 4.32% | 2.19% | -4.45% | 0.24% | 9.78% | 1.92% | |
| Avg | 1.09% | 1.86% | -0.88% | 3.83% | -1.79% | -0.40% | 4.45% | -1.50% | -3.32% | 0.65% | 3.51% | 2.91% |
Jul is the seasonally strongest month over 5Y.
Jul averages +4.4% with a 86% win rate across 5 years of history.
Sep shows persistent seasonal weakness.
Sep averages -3.3% 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 +7.1% average return historically.
January Effect: Q1 historically opens the year positively.
Q1 (Jan–Mar) averages +2.1% historically, with January alone posting a 67% win rate.
2026 YTD is tracking below the 5Y seasonal average.
At day 204 of the year, the current YTD return is -43.8% vs the historical average for the same point.
PZA.TO - Average returns for the respective month in the last 5 years
PZA.TO - Average growth of $100 invested at start of year
5 years of data
PZA.TO Distribution of Daily Returns from 2021 to 2026
PZA.TO Distribution of Daily % Changes