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Our benchmarks

How we measure our investment performance

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We measure our investment performance on an actual basis and against a range of benchmarks. Benchmarking allows board members, plan members and employees to evaluate the effectiveness of our investment strategies and activities relative to the risks taken.

On a total-fund basis and for each asset group, we work to surpass the relevant benchmarks and when we do, we describe that as “value-added” performance.

As long-term investors, the most relevant measure of our performance is over several years. So, in addition to providing one-year returns, we also track four-, five- and 10-year net returns along with net returns since 1990 – when we began our investment program – all on an actual basis and against the benchmark

Investment performance

 202220215-year10-yearSince Inception
Total-fund net return4.
Benchmark return2.
Return above or (below) benchmark1.

Investment Asset Class Benchmarks

Asset Class
Composite Benchmark - 2022
EquityS&P/TSX 60
 S&P 500
 MSCI All Country World ex Tobacco
 MSCI All Country Asia
 MSCI Euro (EMU)
 MSCI Europe
 MSCI Asia ex Japan
 MSCI Frontier
 MSCI LATAM ex Brazil
 MSCI Country Indices (except New Zealand, Taiwan, Hong Kong and Brazil)
 Local Country Indices (New Zealand, Taiwan, Hong Kong and Brazil)
 Custom Global Long-term Equity
 Custom Global Equity Benchmark1
Fixed IncomeCustom Canada Bond Universe (Short, Mid)1
 Custom Provincial Long Bond1
 Custom U.S. Treasury Index1
 Custom Canada Real Return Bond1
 Custom Global Fixed Income Benchmark1
Real AssetsIPD Canada Annual Property Total Return Index
 Custom Real Estate Debt Benchmark1
 Local CPI plus 3% plus country risk premium (Infrastructure & Real Estate ex Canada)
 Custom Real Assets Benchmark1
 Custom Credit Benchmark
Inflation SensitiveGoldman Sachs Commodities Index
 Goldman Sachs Commodities Index 3 Month Forward
 NCREIF Timberland Index (U.S. Timber) 
 Local CPI plus 4% plus country risk premium (Natural Resources and Non-U.S. Timber)
 Custom Gold Benchmark1
 Custom Commodities Benchmark1
 Custom Inflation Sensitive Benchmark1
CreditMarkit iBoxx USD Liquid Investment Grade Index
 Markit iBoxx High Yield Index (USD, GBP, EUR)
 Markit iBoxx USD Liquid Leveraged Loans Index
 S&P European Leveraged Loan Index
 JP Morgan Emerging Markets Bond Index Global Diversified
 Custom China Sovereign Debt1
 Custom Credit Benchmark1
InnovationCustom Innovation Benchmark2
Absolute Return Strategy, Money Market, OverlayCustom Canadian CDOR Index
 Custom Alternative Reference Rates Index (USD, EUR, GBP, CHF, AUD, JPY)
 Custom Equity Hedge1
 Custom Currency Overlay1
 Custom Funding Benchmark1


1 Benchmarked to itself for total fund portfolios

2 The Innovation asset class was established in 2020, considered an active program and is benchmarked to itself during the initial 3-to-5-year incubation period.