The S&P/TSX Composite sat around 35,000 points and represents roughly 70% of the exchange’s total market capitalization. As of this writing, the S&P/TSX Composite has a return of roughly 30%. Over the trailing five years it has compounded at roughly 8.8% annually. By comparison, the S&P 500 has historically outperformed the TSX over the long run, largely thanks to heavier exposure to technology and innovation-driven growth sectors. However, the relationship flips during commodity bull cycles, where the TSX tends to lead when oil, gold, or copper are rallying. Financials, Energy, and Materials together making up roughly 60–65% of the index. Financials alone accounting for about 31%, led by Royal Bank of Canada as the single largest weight. Shopify is also a notable top-10 constituent, representing the index’s primary tech exposure.
Many large TSX constituents (RBC, Shopify, TD, etc.) trade simultaneously on the TSX in CAD and on a U.S. exchange. If you buy any of the TSX-listed shares, then your trade is priced, settled, and quoted in CAD. But this doesn’t shield you from currency risk in any real sense: arbitrage between the two listings keeps the CAD and USD share prices tightly aligned via the prevailing CAD/USD exchange rate. The underlying economic value you hold moves with that exchange rate regardless of which listing you buy.
The Trailing Price to Earnings (P/E) ratio averaged across the S&P/TSX Composite is about 20.4. Contrast that with the S&P 500’s trailing P/E: of about 25.9x which happens to be the highest level since 2000, and 77% above its long-term trendline. That’s a meaningful long-term investor’s discount, and it’s not new. The TSX has historically traded at a lower multiple than the S&P 500. TSX’s sector concentration in Financials, Energy, and Materials, are cyclical, capital-intensive businesses. Markets traditionally value those at lower multiples than growth-oriented sectors. The S&P 500, by contrast, is anchored by mega-cap technology names like Apple, Microsoft, Nvidia. Those stocks command premium multiples based on earnings growth expectations. The TSX’s discount partly reflects genuinely lower expected earnings growth. Canadian banks and energy companies are mature, dividend-paying businesses ranging typically between 2 to 2.5%. Contrast that to the S&P 500’s dividend yield of 1.2 to 1.3%). This partially compensates for slower capital appreciation, so total return comparisons are more nuanced than index-level P/E alone suggests.
| SYMBOL | SECURITY NAME | LINK TO TREEMAP | MARKET CAP |
|---|---|---|---|
| RY.TO | Royal Bank of Canada | RY.TO | 394775000000 |
| TD.TO | Toronto Dominion Bank | TD.TO | 279742000000 |
| SHOP.TO | Shopify Inc | SHOP.TO | 199756000000 |
| BMO.TO | Bank of Montreal | BMO.TO | 169802000000 |
| ENB.TO | Enbridge Inc | ENB.TO | 169171000000 |
| BN.TO | Brookfield Corporation | BN.TO | 154203000000 |
| BNS.TO | Bank of Nova Scotia | BNS.TO | 151396000000 |
| CM.TO | Canadian Imperial Bank of Commerce | CM.TO | 146331000000 |
| CNQ.TO | CDN Natural Res | CNQ.TO | 122348000000 |
| AEM.TO | Agnico Eagle Mines Limited | AEM.TO | 115648000000 |
| CP.TO | Canadian Pacific Kansas City Limited | CP.TO | 107247000000 |
| BAM.TO | Brookfield Asset Management Ltd | BAM.TO | 106075000000 |
| TRP.TO | TC Energy Corp. | TRP.TO | 100353000000 |
| CNR.TO | Canadian National Railway Co. | CNR.TO | 96892000000 |
| MFC.TO | Manulife Fin | MFC.TO | 94993000000 |
| ABX.TO | Barrick Mining Corporation | ABX.TO | 94147000000 |
| SU.TO | Suncor Energy Inc. | SU.TO | 92476000000 |
| NA.TO | National Bank of Canada | NA.TO | 85378000000 |
| GWO.TO | Great West Lifeco Inc | GWO.TO | 79189000000 |
| IMO.TO | Imperial Oil | IMO.TO | 76504000000 |
| ATD.TO | Alimentation Couche Tard Inc | ATD.TO | 75635000000 |
| WPM.TO | Wheaton Precious Metals Corp | WPM.TO | 74813000000 |
| L.TO | Loblaw CO | L.TO | 74594000000 |
| CVE.TO | Cenovus Energy Inc. | CVE.TO | 66499000000 |
| CCO.TO | Cameco Corp | CCO.TO | 65796000000 |
| SLF.TO | Sun Life Financial Inc. | SLF.TO | 60657000000 |
| CLS.TO | Celestica Inc | CLS.TO | 60408000000 |
| CSU.TO | Constellation Software Inc. | CSU.TO | 58756000000 |
| FNV.TO | Franco Nevada Corporation | FNV.TO | 58690000000 |
| POW.TO | Power Corporation of Canada | POW.TO | 55666000000 |
| WCN.TO | Waste Connections Inc | WCN.TO | 55325000000 |
| DOL.TO | Dollarama Inc | DOL.TO | 50606000000 |
| TRI.TO | Thomson Reuters Corporation | TRI.TO | 49744000000 |
| IFC.TO | Intact Financial Corporation | IFC.TO | 49140000000 |
| FFH.TO | Fairfax Financial Holdings Ltd. | FFH.TO | 46196000000 |
| K.TO | Kinross Gold Corp. | K.TO | 44122000000 |
| TECK-B.TO | Teck Resources Limited | TECK-B.TO | 43537000000 |
| NTR.TO | Nutrien Ltd | NTR.TO | 42592000000 |
| FTS.TO | Fortis Inc | FTS.TO | 40293000000 |
| WN.TO | Weston George | WN.TO | 38210000000 |
| PPL.TO | Pembina Pipeline Corporation | PPL.TO | 38084000000 |
| QSR.TO | Restaurant Brands International Inc | QSR.TO | 36593000000 |
| FM.TO | First Quantum Minerals Ltd | FM.TO | 35620000000 |
| H.TO | Hydro One Limited | H.TO | 33605000000 |
| LUN.TO | Lundin Mining Corp. | LUN.TO | 31760000000 |
| BBD-B.TO | Bombardier Inc. Cl. B Sv | BBD-B.TO | 31020000000 |
| BCE.TO | BCE Inc. | BCE.TO | 30522000000 |
| RBA.TO | Rb Global Inc | RBA.TO | 29158000000 |
| PAAS.TO | Pan American Silver Corp | PAAS.TO | 29082000000 |
| RCI-B.TO | Rogers Communications Inc. Cl.B NV | RCI-B.TO | 28443000000 |
| T.TO | Telus Corporation | T.TO | 25497000000 |
| MG.TO | Magna International Inc | MG.TO | 25028000000 |
| BIP-UN.TO | Brookfield Infra Partners LP Units | BIP-UN.TO | 23971000000 |
| WSP.TO | WSP Global Inc | WSP.TO | 23822000000 |
| TOU.TO | Tourmaline Oil Corp | TOU.TO | 23566000000 |
| EMA.TO | Emera Incorporated | EMA.TO | 22407000000 |
| TIH.TO | Toromont Ind | TIH.TO | 19487000000 |
| MRU.TO | Metro Inc | MRU.TO | 19300000000 |
| LUG.TO | Lundin Gold Inc | LUG.TO | 18981000000 |
| WCP.TO | Whitecap Resources Inc | WCP.TO | 18888000000 |
| GIB-A.TO | CGI Inc | GIB-A.TO | 18770000000 |
| IGM.TO | Igm Financial Inc. | IGM.TO | 18720000000 |
| ATZ.TO | Aritzia Inc | ATZ.TO | 18693000000 |
| GFL.TO | Gfl Environmental Inc | GFL.TO | 17918000000 |
| AGI.TO | Alamos Gold Inc Cls A | AGI.TO | 17605000000 |
| IAG.TO | IA Financial Corporation | IAG.TO | 16907000000 |
| ARX.TO | Arc Resources Ltd. | ARX.TO | 16903000000 |
| ALA.TO | AltaGas Ltd. | ALA.TO | 16784000000 |
| TFII.TO | Tfi International Inc | TFII.TO | 16783000000 |
| IVN.TO | Ivanhoe Mines Ltd | IVN.TO | 16602000000 |
| SAP.TO | Saputo Inc. | SAP.TO | 16543000000 |
| KEY.TO | Keyera Corp | KEY.TO | 15931000000 |
| HBM.TO | Hudbay Minerals Inc. | HBM.TO | 15534000000 |
| QBR-B.TO | Quebecor Inc Class B Sv | QBR-B.TO | 15368000000 |
| CCL-B.TO | Ccl Industries Inc. Cl. B NV | CCL-B.TO | 15064000000 |
| BEP-UN.TO | Brookfield Renewable Partners LP | BEP-UN.TO | 14973000000 |
| ATRL.TO | Atkinsrealis Group Inc | ATRL.TO | 14111000000 |
| CU.TO | Canadian Utilities Ltd. Cl.A NV | CU.TO | 13970000000 |
| IMG.TO | Iamgold Corp | IMG.TO | 13733000000 |
| GIL.TO | Gildan Activewear Inc. | GIL.TO | 13490000000 |
| FTT.TO | Finning Intl | FTT.TO | 13183000000 |
| X.TO | TMX Group Limited | X.TO | 13100000000 |
| AG.TO | First Majestic Silver Corp | AG.TO | 12473000000 |
| CHP-UN.TO | Choice Properties REIT | CHP-UN.TO | 11820000000 |
| ELD.TO | Eldorado Gold Corporation | ELD.TO | 11675000000 |
| CPX.TO | Capital Power Corporation | CPX.TO | 11506000000 |
| EMP-A.TO | Empire Company Limited | EMP-A.TO | 11452000000 |
| EQX.TO | Equinox Gold Corp | EQX.TO | 11450000000 |
| CAE.TO | Cae Inc | CAE.TO | 11409000000 |
| CS.TO | Capstone Copper Corp | CS.TO | 11159000000 |
| EFN.TO | Element Fleet Management Corp | EFN.TO | 11151000000 |
| STN.TO | Stantec Inc | STN.TO | 10954000000 |
| SOBO.TO | South Bow Corporation | SOBO.TO | 10525000000 |
| DPM.TO | Dpm Metals Inc | DPM.TO | 10035000000 |
| NXE.TO | Nexgen Energy Ltd | NXE.TO | 9876000000 |
| CTC-A.TO | Canadian Tire Corporation Cl. A NV | CTC-A.TO | 9871000000 |
| GMIN.TO | G Mining Ventures Corp | GMIN.TO | 9790000000 |
| BBUC.TO | Brookfield Business Corporation | BBUC.TO | 9523000000 |
| SSRM.TO | Ssr Mining Inc | SSRM.TO | 9034000000 |
| OR.TO | OR Royalties Inc | OR.TO | 8902000000 |
| FSV.TO | Firstservice Corporation | FSV.TO | 8864000000 |
| SCR.TO | Strathcona Resources Ltd | SCR.TO | 8786000000 |
| DFY.TO | Definity Financial Corporation | DFY.TO | 8665000000 |
| TFPM.TO | Triple Flag Precious Metals Corp | TFPM.TO | 8646000000 |
| DSG.TO | Descartes Sys | DSG.TO | 8459000000 |
| ONEX.TO | Onex Corporation | ONEX.TO | 8347000000 |
| MDA.TO | Mda Space Ltd | MDA.TO | 8202000000 |
| OGC.TO | Oceanagold Corporation | OGC.TO | 8201000000 |
| BTO.TO | B2Gold Corp. | BTO.TO | 8048000000 |
| WFG.TO | West Fraser Timber CO Ltd | WFG.TO | 7624000000 |
| EIF.TO | Exchange Income Corporation | EIF.TO | 7526000000 |
| PSK.TO | Prairiesky Royalty Ltd | PSK.TO | 7421000000 |
| OTEX.TO | Open Text Corporation | OTEX.TO | 7151000000 |
| BB.TO | Blackberry Limited | BB.TO | 7062000000 |
| ACO-X.TO | Atco Ltd. Cl.I NV | ACO-X.TO | 7036000000 |
| CSH-UN.TO | Chartwell Retirement Residences | CSH-UN.TO | 6996000000 |
| DSV.TO | Discovery Silver Corp | DSV.TO | 6965000000 |
| AC.TO | Air Canada | AC.TO | 6761000000 |
| MAU.TO | Montage Gold Corp | MAU.TO | 6710000000 |
| CIGI.TO | Colliers International Group Inc | CIGI.TO | 6638000000 |
| REI-UN.TO | Riocan Real Est Un | REI-UN.TO | 6623000000 |
| AQN.TO | Algonquin Power and Utilities Corp. | AQN.TO | 6442000000 |
| DOO.TO | Brp Inc | DOO.TO | 6208000000 |
| TA.TO | Transalta Corporation | TA.TO | 6169000000 |
| LNR.TO | Linamar Corp | LNR.TO | 6067000000 |
| TVE.TO | Tamarack Valley Energy Ltd | TVE.TO | 6048000000 |
| NPI.TO | Northland Power Inc. | NPI.TO | 5936000000 |
| EFR.TO | Energy Fuels Inc. | EFR.TO | 5852000000 |
| MX.TO | Methanex Corp | MX.TO | 5846000000 |
| KNT.TO | K92 Mining Inc | KNT.TO | 5748000000 |
| GRT-UN.TO | Granite Real Estate Investment Trust | GRT-UN.TO | 5699000000 |
| NGEX.TO | Ngex Minerals Ltd | NGEX.TO | 5539000000 |
| TXG.TO | Torex Gold Resources Inc | TXG.TO | 5430000000 |
| CAR-UN.TO | CDN Apartment Un | CAR-UN.TO | 5301000000 |
| ATH.TO | Athabasca Oil Corp | ATH.TO | 5179000000 |
| SRU-UN.TO | Smartcentres REIT | SRU-UN.TO | 5163000000 |
| GEI.TO | Gibson Energy Inc | GEI.TO | 5098000000 |
| OLA.TO | Orla Mining Ltd | OLA.TO | 5048000000 |
| PEY.TO | Peyto Exploration and Dvlpmnt Corp. | PEY.TO | 5007000000 |
| FCR-UN.TO | First Capital REIT Units | FCR-UN.TO | 4940000000 |
| SKE.TO | Skeena Resources Limited | SKE.TO | 4932000000 |
| NG.TO | Novagold Res Inc. | NG.TO | 4892000000 |
| ARIS.TO | Aris Mining Corporation | ARIS.TO | 4706000000 |
| TPZ.TO | Topaz Energy Corp | TPZ.TO | 4667000000 |
| SES.TO | Secure Waste Infrastructure Corp | SES.TO | 4646000000 |
| CG.TO | Centerra Gold Inc. | CG.TO | 4578000000 |
| AAUC.TO | Allied Gold Corporation | AAUC.TO | 4564000000 |
| EQB.TO | EQB Inc | EQB.TO | 4471000000 |
| SEA.TO | Seabridge Gold Inc. | SEA.TO | 4469000000 |
| SJ.TO | Stella Jones Inc | SJ.TO | 4464000000 |
| PBH.TO | Premium Brands Holdings Corporation | PBH.TO | 4456000000 |
| ERO.TO | Ero Copper Corp | ERO.TO | 4416000000 |
| CRT-UN.TO | CT Real Estate Investment Trust | CRT-UN.TO | 4352000000 |
| DML.TO | Denison Mines Corp. | DML.TO | 4290000000 |
| EFX.TO | Enerflex Ltd | EFX.TO | 4286000000 |
| SII.TO | Sprott Inc. | SII.TO | 4274000000 |
| PPTA.TO | Perpetua Resources Corp | PPTA.TO | 4236000000 |
| BTE.TO | Baytex Energy Corp. | BTE.TO | 4131000000 |
| POU.TO | Paramount Resources Ltd. | POU.TO | 4065000000 |
| AYA.TO | Aya Gold and Silver Inc | AYA.TO | 4028000000 |
| DIR-UN.TO | Dream Industrial REIT | DIR-UN.TO | 4024000000 |
| KXS.TO | Kinaxis Inc | KXS.TO | 4001000000 |
| VNP.TO | 5N Plus Inc. | VNP.TO | 3946000000 |
| MFI.TO | Maple Leaf Foods | MFI.TO | 3925000000 |
| FVI.TO | Fortuna Mining Corp | FVI.TO | 3899000000 |
| ATS.TO | Ats Corporation | ATS.TO | 3809000000 |
| BLX.TO | Boralex Inc. | BLX.TO | 3758000000 |
| CURA.TO | Curaleaf Holdings Inc | CURA.TO | 3715000000 |
| TKO.TO | Taseko Mines Ltd. | TKO.TO | 3693000000 |
| IPCO.TO | International Petroleum Corporation | IPCO.TO | 3674000000 |
| WDO.TO | Wesdome Gold Mines Ltd. | WDO.TO | 3630000000 |
| EDR.TO | Endeavour Silver Corp. | EDR.TO | 3605000000 |
| BYD.TO | Boyd Group Services Inc | BYD.TO | 3583000000 |
| SVM.TO | Silvercorp Metals Inc. | SVM.TO | 3495000000 |
| RUS.TO | Russel Metals | RUS.TO | 3480000000 |
| BDT.TO | Bird Construction Inc. | BDT.TO | 3459000000 |
| BEI-UN.TO | Boardwalk Real Estate Investment Trust | BEI-UN.TO | 3352000000 |
| CRR-UN.TO | Crombie Real Estate Investment Trust | CRR-UN.TO | 3301000000 |
| CEU.TO | Ces Energy Solutions Corp | CEU.TO | 3249000000 |
| BDGI.TO | Badger Infrastructure Solutions Ltd | BDGI.TO | 3048000000 |
| ARE.TO | Aecon Group Inc | ARE.TO | 2993000000 |
| HR-UN.TO | Hr Real Estate Inv Trust | HR-UN.TO | 2947000000 |
| HWX.TO | Headwater Exploration Inc | HWX.TO | 2915000000 |
| NFI.TO | Nfi Group Inc | NFI.TO | 2703000000 |
| FRU.TO | Freehold Royalties Ltd. | FRU.TO | 2696000000 |
| CCA.TO | Cogeco Communications Inc | CCA.TO | 2683000000 |
| TVK.TO | Terravest Industries Inc | TVK.TO | 2648000000 |
| USA.TO | Americas Gold and Silver Corporation | USA.TO | 2559000000 |
| PXT.TO | Parex Resources Inc | PXT.TO | 2515000000 |
| BHC.TO | Bausch Health Companies Inc | BHC.TO | 2454000000 |
| PMZ-UN.TO | Primaris REIT Series A | PMZ-UN.TO | 2426000000 |
| WPK.TO | Winpak Ltd | WPK.TO | 2419000000 |
| NWC.TO | The North West Company Inc | NWC.TO | 2338000000 |
| KMP-UN.TO | Killam Apartment REIT | KMP-UN.TO | 2323000000 |
| SIA.TO | Sienna Senior Living Inc | SIA.TO | 2319000000 |
| ABRA.TO | Abrasilver Resource Corp | ABRA.TO | 2191000000 |
| LAC.TO | Lithium Americas Corp | LAC.TO | 2156000000 |
| VET.TO | Vermilion Energy Inc | VET.TO | 2149000000 |
| RCH.TO | Richelieu Hardware Ltd | RCH.TO | 2130000000 |
| MTL.TO | Mullen Group Ltd. | MTL.TO | 2089000000 |
| TSU.TO | Trisura Group Ltd | TSU.TO | 2004000000 |
| AP-UN.TO | Allied Properties Real Estate Inv Trust | AP-UN.TO | 2001000000 |
| IAU.TO | I 80 Gold Corp | IAU.TO | 1836000000 |
| LSPD.TO | Lightspeed Commerce Inc | LSPD.TO | 1831000000 |
| LIF.TO | Labrador Iron Ore Royalty Corporation | LIF.TO | 1815000000 |
| IIP-UN.TO | Interrent Real Estate Investment Trust | IIP-UN.TO | 1808000000 |
| LB.TO | Laurentian Bank | LB.TO | 1807000000 |
| KEL.TO | Kelt Exploration Ltd | KEL.TO | 1796000000 |
| BIR.TO | Birchcliff Energy Ltd. | BIR.TO | 1767000000 |
| SPB.TO | Superior Plus Corp. | SPB.TO | 1729000000 |
| VZLA.TO | Vizsla Silver Corp | VZLA.TO | 1720000000 |
| AAV.TO | Advantage Energy Ltd | AAV.TO | 1671000000 |
| ASM.TO | Avino Silver and Gold Mines Ltd | ASM.TO | 1602000000 |
| AIF.TO | Altus Group Limited | AIF.TO | 1593000000 |
| JWEL.TO | Jamieson Wellness Inc | JWEL.TO | 1513000000 |
| VITL-UN.TO | Vital Infrastructure Property Trust | VITL-UN.TO | 1308000000 |
| PET.TO | Pet Valu Holdings Ltd | PET.TO | 1231000000 |
| CJT.TO | Cargojet Inc. | CJT.TO | 1218000000 |
| GSY.TO | Goeasy Ltd | GSY.TO | 667000000 |
| TCL-A.TO | Transcontinental Inc. Cl A Sv | TCL-A.TO | 425000000 |