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Close Edition. Thursday, July 23, 2026

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$44.46
-1.11%

Headline

XEQT falls 1.11% as surging oil and Middle East tensions pull all four sleeves lower

XEQT closed down 1.11%, with all four sleeves finishing in negative territory as a surge in oil past $100 per barrel, triggered by attacks on Saudi tankers in the Red Sea and escalating Middle East tensions, drove a broad risk-off move. The U.S. sleeve bore the largest absolute burden, contributing roughly 0.55 percentage points of the decline, pulled lower by steep losses in consumer discretionary and communication services. International developed markets were the second-largest drag, off 1.34%, as European and Japanese equities fell in sympathy with rising energy costs and bond yields. Canada's energy sector, up 2.21%, provided a partial offset within the Canadian sleeve, limiting its loss to 0.78%.

How large is today's move?

Notable day · Today's -1.11% move is 2.3× 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

    25.41% of XEQT

    • XIC.TO
    -0.78% -0.20 pts from XEQT

    The Canadian sleeve fell 0.78%, with financials, materials, and information technology all registering losses of more than 1%. Energy was the clear counterweight: Canadian energy rose 2.21% as WTI crude surged above $90 and Brent topped $100 on the tanker attack news, contributing roughly 0.38 percentage points in the positive direction within the sleeve. Without that energy offset, Canada's decline would have been considerably steeper.

    Canada market region icon

  • United States

    45.21% of XEQT

    • XTOT.TO
    • ITOT
    -1.21% -0.55 pts from XEQT

    The U.S. sleeve declined 1.21%, with consumer discretionary off 4.61% and communication services down 3.50% among the sectors tracked, together accounting for the bulk of the sleeve's drag. Technology fell a more modest 1.01% within tracked exposures. Industrials and health care bucked the trend, each rising more than 1%, but their combined contribution was not enough to offset losses in the larger growth-oriented sectors.

    United States market region icon

  • Intl Developed

    24.38% of XEQT

    • XEF.TO
    -1.34% -0.33 pts from XEQT

    International developed markets were the second-largest contributor to XEQT's decline, with the sleeve off 1.34%. France fell 1.82% and Germany dropped 1.74% among the markets tracked, weighed by weak chip-related equities and rising oil costs, with Spain's Ibex also losing more than 1.5% as Brent pushed above $100. France faced an additional headwind as its 10-year borrowing rate crossed 4% for the first time since 2009, adding sovereign debt concern to the session's pressure. Japan and the UK each declined roughly 1.1% to 1.2% within tracked exposures.

    Intl Developed market region icon

  • Emerging Mrkts

    4.76% of XEQT

    • XEC.TO
    -0.65% -0.03 pts from XEQT

    Emerging markets posted the smallest decline among the four sleeves, falling 0.65% and contributing just 0.03 percentage points to XEQT's loss. South Korea rose 2.01% within tracked exposures, providing the sleeve's main offset. Taiwan's local market closed up fractionally on the day, though the ETF tracking that market finished lower, and South Africa fell sharply at 4.05% among the areas tracked, reflecting the uneven character of the session across the emerging world.

    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

A decline of 1.11% across all four sleeves is notable but not unusual given the backdrop. Today's move ran at roughly 2.3 times the recent daily average, yet the fund remains up more than 11% year-to-date. The breadth of the decline, Canada, the U.S., developed, and emerging markets all lower together, reflects a genuine risk-off session rather than any structural flaw in the portfolio. Sessions like this are part of the return profile a long-term holder has already accepted.

Signals

  • 01

    Oil surge splits sector outcomes

    WTI crude oil, a benchmark for global energy prices, surged 6.2% to close above $92 a barrel after attacks on Saudi oil tankers in the Red Sea raised supply disruption fears. Canadian energy rose 2.21% in response, adding meaningful support within the Canada sleeve, while the same price spike acted as a cost headwind for energy-importing economies across Europe and parts of Asia.

  • 02

    VIX rises above 18 on risk-off

    The VIX, a measure of expected near-term volatility in U.S. equities derived from options pricing, rose 12.4% to 18.70, signalling a broad shift toward defensive positioning that touched all four sleeves simultaneously. For an XEQT holder, a VIX reading at this level is elevated but not extreme; the uniform sleeve-level weakness is consistent with a risk-off episode rather than a structural repricing.

  • 03

    Discretionary and comms drag U.S. sleeve

    U.S. consumer discretionary fell 4.61% among tracked sectors, the sharpest single-sector move in the U.S. sleeve, with Tesla and Alphabet cited as specific drags on Wall Street. Communication services added a further 3.50% decline within the tracked U.S. exposures, meaning two high-multiple consumer-facing sectors accounted for the largest share of the U.S. sleeve's damage even as industrials and health care advanced.

Keeping Perspective

XEQT has been here before

Today's dip may feel worrying, but XEQT is a globally diversified fund designed to be held for the long term. Comparable declines have happened before. The examples below are the closest prior moves in XEQT's own history and show what followed.

Hover or drag across a chart to explore its recovery timeline.

Comparable days

  • -1.11% on Oct 18, 2023

    Recovered in 12 days

    Day of drop Oct 17 to Oct 18

    $26.27 $25.97 -1.11%

  • -1.11% on Dec 28, 2022

    Recovered in 6 days

    Day of drop Dec 23 to Dec 28

    $24.61 $24.34 -1.11%

  • -1.12% on Mar 17, 2023

    Recovered in 2 days

    Day of drop Mar 16 to Mar 17

    $25.25 $24.96 -1.12%

Bigger market moments

Recovery durations represent day counts from first drop. Red represents path to lowest point in a plot. Green represents the recovery from it.

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Event Window

Key events from the last 20 days

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Jun 25 to Jul 23 · $44.65 → $44.46

-0.43%