Since the first publication of the S&P Indices Versus Active (SPIVA) U.S. Scorecard in 2002, S&P Dow Jones Indices has been the de facto scorekeeper of the ongoing active versus passive debate.
The SPIVA Canada Scorecard measures the performance of Canadian actively managed funds against appropriate benchmarks over various time horizons, covering large-, mid- and small-cap segments, as well as international and global equity funds.
Mid-Year 2026 Highlights
In H1 2026, a high fund ranking versus peers was no guarantee of success, as the top-quartile threshold still trailed the benchmark in five out of seven categories. While margins of top-quartile excess returns were mostly negative, the underperformance of funds at the bottom-quartile threshold was even greater, with funds trailing benchmarks by an average of 7.3% across categories and as much as 10.7% and 12.8% in Canadian Focused Equity and International Equity, respectively.
- Canadian Equity Funds: The S&P/TSX Composite Index increased 11.2% in H1 2026, while Canadian Equity funds returned 8.8% on both an equal- and asset-weighted basis. Underperformance rates hit 87.0% over the six-month period, rising to 93.3%, 92.2%, 96.0% and 98.8% over the 1-, 3-, 5- and 10-year horizons, respectively.
- Canadian Focused Equity Funds: The blended benchmark of 50% S&P/TSX Composite Index + 25% S&P 500® + 25% S&P EPAC LargeMidCap climbed 14.4% in H1 2026, outperforming 85.7% of Canadian Focused Equity funds. Underperformance rates were 89.1%, 93.0%, 95.4% and 100.0% over the 1-, 3-, 5- and 10-year horizons, respectively.
- Canadian Dividend & Income Equity Funds: The S&P/TSX Canadian Dividend Aristocrats® Index rose 14.9% during H1 2026, while Canadian Dividend & Income Equity funds gained 11.9% and 13.3% on equal- and asset-weighted bases, respectively. Underperformance rates hit 81.6% over the six-month period and reached 64.0%, 89.5%, 85.0% and 96.9% over the 1-, 3-, 5- and 10-year horizons, respectively.
- Canadian Small-/Mid-Cap Equity Funds: S&P/TSX Completion Index gained 9.6% in H1 2026, while 57.1% of Canadian Small-/Mid-Cap Equity funds underperformed the index. Funds in this category gained 8.5% and 8.3% on equal- and asset-weighted bases, respectively, over the six-month period. .
- U.S. Equity Funds: The S&P 500 increased 14.1% in H1 2026, and 79.0% of U.S. Equity funds underperformed the index. Few funds in the U.S. Equity category beat the benchmark over the long term, with 85.7%, 89.5%, 97.3% and 94.3% underperforming over 1-, 3-, 5- and 10-year horizons, respectively.
- International Equity Funds: 100.0% of International Equity funds underperformed the S&P EPAC LargeMidCap in H1 2026, and 98.7%, 98.7%, 97.3% and 100.0% trailed the benchmark over the 1-, 3-, 5- and 10-year periods, respectively.
- Global Equity Funds: The S&P World Index gained 13.2% in H1 2026 and Global Equity funds returned 10.9% and 14.9% on equal- and asset-weighted bases, respectively. During the six-month period, 69.2% of funds in the category trailed the benchmark. Over the 1-, 3-, 5- and 10-year periods, 81.6%, 91.9%, 98.1% and 98.3% of funds underperformed, respectively.
- Fund Survivorship: Merger or liquidation rates for active funds in all categories were in the single digits for the first half of 2026. However, over the 10-year period, 43.9% of Canadian Equity funds failed to survive and 37.5% of funds disappeared across all categories.
