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Close Edition. Tuesday, May 26, 2026

Curated market context for passive investors.

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$44.37
-0.87%

Headline

XEQT slips 0.87% as U.S. technology strength fails to offset broad global weakness.

XEQT closed at $44.37, giving back ground across three of four sleeves as the U.S., international developed, and Canadian markets all finished lower. The U.S. sleeve was the largest drag, contributing -0.36 percentage points despite a strong day for technology; part of that move reflects U.S. sleeve catch-up after the prior Memorial Day closure. Emerging markets were the lone bright spot, rising 0.97% and adding roughly 0.05 percentage points, though their small weight in the fund was not enough to offset weakness elsewhere.

How large is today's move?

Typical day · Today's -0.87% move is 1.2× the 20-day average move.

This scale measures size, not what to do. Larger moves are a normal part of holding a global all-equity fund.

The Regions

  • Canada

    25.28% of XEQT

    • XIC.TO
    -0.59% -0.15 pts from XEQT

    The Canadian sleeve fell 0.59%, contributing -0.15 percentage points to XEQT. Materials and information technology were the sharpest drags among tracked sectors, declining 0.88% and 1.33% respectively, while consumer staples slipped 1.69%. Industrials and energy provided partial offsets, but the gains were too modest to shift the sleeve's direction.

    Canada market region icon

  • United States

    45.29% of XEQT

    • XTOT.TO
    • ITOT
    -0.80% -0.36 pts from XEQT

    The U.S. sleeve declined 0.80%, its -0.36 pp contribution making it the session's largest weight on XEQT. Technology rose 2.63% among tracked sectors, a gain consistent with a sharp rally in semiconductor names following Asia's overnight advance. Energy fell 2.76% and health care dropped 0.92%, pulling the sleeve lower despite technology's outperformance. A notable gap opened between the CAD-listed U.S. component, down 1.88%, and the USD-listed equivalent, which gained 0.73% in local terms; the blended sleeve return of -0.80% reflects both currency translation effects and the first full U.S. session after the long weekend.

    United States market region icon

  • Intl Developed

    24.46% of XEQT

    • XEF.TO
    -0.70% -0.17 pts from XEQT

    XEF.TO fell 0.70%, subtracting 0.17 percentage points. Among the markets tracked, Japan, Germany, France, and Spain all posted gains of 1.4% to 2.3%, consistent with continued AI-related enthusiasm and broader equity strength in those markets. The sleeve's overall decline suggests meaningful losses in markets not covered by the tracked instruments, including areas that had already rallied earlier in the week.

    Intl Developed market region icon

  • Emerging Mrkts

    4.86% of XEQT

    • XEC.TO
    +0.97% +0.05 pts to XEQT

    The emerging markets sleeve rose 0.97%, adding 0.05 percentage points, the only positive sleeve contribution of the session. South Korea and Taiwan were the dominant forces among tracked exposures, rising 10.23% and 5.47% respectively, driven in part by the global rally in semiconductor and technology names. Taiwan's chip-sector rally also corresponded with news that the island's stock market surpassed India to become the world's fifth-largest by market capitalization.

    Emerging Markets market region icon

Colored bars represent biggest contributors to XEQT's move today (threshold = ±0.1 percentage points). Returns are daily ETF price moves for tracked regional or sector categories and may differ slightly from raw index movements.

The Hold Line

Three sleeves declined and one advanced, yet the fund's net loss of 0.87% sits comfortably within the recent average daily swing of 0.74%. The session illustrates how a single sector's strength, however striking, can be absorbed and offset when weight and breadth do not align. Emerging markets delivered the only positive contribution, but at less than 5% of the fund, even a near-1% gain there moves the needle by only a few basis points. XEQT remains 1.40% below its 52-week high, and the rolling-month return of nearly 6% provides the more useful frame for assessing where the fund actually stands.

Signals

  • 01

    XTOT vs ITOT gap: currency split widens

    The CAD-listed U.S. component fell 1.88% while the USD-listed equivalent gained 0.73% in local terms, a gap of 2.68 percentage points after currency translation, well above the threshold that typically signals a meaningful FX-driven divergence inside the sleeve. For a Canadian investor holding XEQT, the Canadian dollar's relative strength against the U.S. dollar during the session reduced the translated value of U.S. equity gains, a reminder that currency moves can quietly reshape sleeve returns even on days when underlying markets advance.

  • 02

    WTI crude drops 3%, U.S. energy leads sector losses

    WTI crude oil, a benchmark for global energy prices, fell 3.08% to $93.62, consistent with market expectations that a U.S.-Iran deal could reopen the Strait of Hormuz and ease supply constraints. U.S. energy was the weakest tracked sector in the U.S. sleeve, falling 2.76%, while Canadian energy managed only a thin 0.15% gain; for XEQT holders, the energy sector's drag was concentrated in the U.S. sleeve and partially explains why robust technology gains did not lift the sleeve into positive territory.

  • 03

    South Korea and Taiwan dominate EM sleeve

    South Korea surged 10.23% and Taiwan rose 5.47% among the emerging market exposures tracked, together accounting for the overwhelming majority of the EM sleeve's 0.97% gain and reflecting a sharp global bid for semiconductor and chip-related equities. The concentration is worth noting: when two countries within a roughly 5% sleeve move this sharply, the contribution to XEQT is still modest at 0.05 percentage points, illustrating how the fund's structural underweight to emerging markets limits both the upside on strong EM days and the downside when those same markets correct.

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Event Window

Key events from the last 20 days

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Apr 28 to May 26 · $42.10 → $44.37

+5.39%