5 Top TSX Stocks Up Over 20% After the First 4 Months of 2025

As Donald Trump entered the White House, markets braced for policy shocks, geopolitical volatility, and stimulus-fueled inflation. Canadian stocks responded with a mix of defensive strength and commodity-driven rallies. Overall, it has been a lackluster year thus far for the S&P/TSX Composite Index, with its returns at less than 1%.

However, some TSX stocks have been doing far better than that. Here’s a closer look at the five top-performing TSX stocks during the first four months of the year, ranked from lowest to highest year-to-date returns (as of the close of April 30). All the stocks listed here are up over 20%.

#5. Dollarama (TSX:DOL) – Up 21% YTD

Up 21% this year, Dollarama has proven that steady retail execution could shine even amid political disruption. The Canadian discount chain has benefited from increased consumer caution and a shift toward value shopping. As concerns have grown over U.S. trade tensions and global instability, Canadian investors have been turning to businesses with limited foreign exposure, predictable cash flow, and recession-resistant appeal. Dollarama has checked off all those boxes.

The company reported strong same-store sales growth during its most recent period, driven by higher average transaction sizes. Its ability to manage costs through direct sourcing and tight inventory control helped preserve gross margins, even as it expanded product variety. Unlike many North American retailers, Dollarama faces minimal threat from e-commerce disruption due to its low-price, convenience-driven model. With a well-telegraphed growth plan of opening 60–70 new stores annually and a long runway for market penetration, Dollarama offered defensive growth in a retail landscape under pressure.

This continually is one of the country’s best growth stocks but with its valuation elevated and the stock trading at 41 times earnings, it’s not the cheapest option out there. But there’s no doubt it’s a growth machine. Over the past three fiscal years, Dollarama has grown its revenue from $4.3 billion to $6.4 billion, an increase of nearly 50%. It also offers a light dividend that yields just 0.25%.

#4: Nutrien (TSX:NTR) – Up 22% YTD

Nutrien has been performing well to start 2025, with gains of over 22% through the first four months, as investor sentiment has turned bullish on commodities and global agriculture. The company, created from the merger of PotashCorp and Agrium in 2018, is the largest potash producer in the world. Potash is used in fertilizers, helping with plant growth and improving their yields.  

Trump’s proposed infrastructure spending and trade reshuffling have been viewed as net positives for global commodities, adding momentum to Nutrien’s outlook. Operationally, the company’s scale and global distribution network positions it strongly to meet rising demand. As a vertically integrated agricultural giant, Nutrien provides investors with both a cyclical recovery play and a strategic exposure to long-term food security trends.

It reported $674 million in profit last year on revenue totaling $26 billion. It trades at around 42 times its trailing earnings but that drops to a multiple of 15 when based on analyst estimates of profits for the year ahead. Nutrien stock also can be a good dividend option as its yield is at 3.9% today, far higher than what you’ll get with most other stocks.

#3: Maple Leaf Foods (TSX:MFI) – Up 24% YTD

Maple Leaf Foods is up 24% this year as it has been benefiting from investor interest in both traditional staples and emerging food trends. The company’s transformation strategy, which includes a bold move into plant-based protein, positions it at the intersection of stability and innovation. While its core meat operations continue to perform well, cost discipline and modernization initiatives—such as automating processing facilities—have driven margin improvements and operational efficiency.

Early enthusiasm for Maple Leaf’s plant protein segment, supported by acquisitions like Lightlife and Field Roast, attracted growth-focused investors. Even though these units contribute a small portion of overall revenue, their potential has aligned with shifting consumer preferences away from animal products and toward sustainable, health-conscious options. At the same time, MFI’s traditional segments offer strong recurring revenue, making the stock attractive to those seeking a balanced, lower-volatility consumer play. During a time of heightened market unpredictability, Maple Leaf Foods presents a compelling case for defensible, future-oriented growth.

The company’s operations are relatively stable, with its revenue falling within a range of $4.5 billion and $4.9 billion over the past four years. At 32 times trailing earnings, the stock is a pricey option for a slow-growing business but investors may be willing to look past that given its stability and the fact that it offers a dividend yield of 3.9%.

#2: Wheaton Precious Metals (TSX:WPM) – Up 42% YTD

Wheaton Precious Metals has soared by over 42% this year, as of the end of April. The company’s streaming business model—buying rights to purchase a portion of metal production from mines in exchange for upfront payments—has provided investors with leveraged exposure to rising gold and silver prices without the capital intensity and operational risks faced by traditional miners.

Wheaton’s asset base includes long-term streaming agreements tied to high-quality mines operated by partners like Vale, Glencore, and Barrick. As precious metals surged in response to global uncertainty and rising inflation expectations, Wheaton’s fixed-cost contracts allowed it to benefit from price upside while maintaining high margins. The company also offers geographic diversification and consistent production forecasts, reinforcing investor confidence.

Unlike pure-play miners, Wheaton’s predictable cash flows and low capital requirements make it a compelling option for both growth and income investors. In an environment favoring defensive hard assets, Wheaton has stood out as a capital-efficient way to play the commodity rally without the operational volatility that often comes with gold mining.

The company has a solid balance sheet with debt of just $5 million versus current assets totaling $828 million. Last year, it generated more than $369 million in free cash flow. However, due to its rising valuation, it is the most expensive stock on this list, as it trades at just under 70 times its earnings. It does pay a dividend but the yield is a bit underwhelming at just under 1%.

#1: Agnico Eagle Mines (TSX:AEM) – Up 44% YTD

Agnico Eagle Mines has been one of the clearest beneficiaries of the surge in gold prices during Trump’s early presidency, having risen 44% thus far in 2025. Investors have piled into gold as a hedge against inflation, policy uncertainty, and geopolitical risk—concerns amplified by Trump’s unpredictable rhetoric and aggressive policy positioning. Agnico’s appeal stems not just from gold’s momentum, but from its own track record of operational consistency and jurisdictional safety.

With core assets in Canada, Finland, and Mexico, Agnico offers geographic diversification without the exposure to high-risk regions that plagues many gold miners. Its Canadian operations, particularly in Nunavut, demonstrate scalable potential and production reliability. Moreover, the company has maintained one of the better balance sheets in the sector and focused on cost control. As risk appetite shifted, investors sought high-quality gold producers with proven reserves and strong management.

The company has just $1.3 billion in debt and $2.9 billion in current assets. Meanwhile, its operations have grown significantly, with revenue rising from $3.9 billion in 2021 to $8.3 billion this past year. At 24 times its trailing earnings, it’s the cheapest stocks on this list. It also pays a dividend that yields 1.5%.