SLAM Exploration Ltd. (TSXV: SXL)
‘Exploring for critical elements and precious metals in New Brunswick, Canada.’
Canadian household net worth reached $18.6 trillion in 2025, with growth coming almost entirely from financial assets, particularly equity markets. However, the Bank of Canada warned in its 2026 Financial Stability Report that the global backdrop remains unsettled, with financial markets facing periods of increased volatility and reduced liquidity — especially in the energy sector — while equity valuations remain elevated and credit spreads are tight.
For investors, volatility is both a risk and an opportunity. Here are three Canadian stocks that may build long-term returns amid market turbulence.
Brookfield (TSX: BN): A Counter-Cyclical Hunter with a Complex Structure
Brookfield is a capital management company built for volatility, with operations spanning infrastructure, renewable power, real estate, credit, insurance, and private equity. In the first quarter of 2026, the company reported distributable earnings of US$1.6 billion. As of the end of the quarter, it had repurchased more than US$1 billion of BN and Brookfield Asset Management shares year-to-date.
Brookfield’s current stock price remains below its 52-week high, with a P/E ratio of approximately 33x. However, its value lies not in dividends (yielding only about 0.65%), but in its unique ability to acquire assets at depressed prices by capitalizing on market panic. The risk is its complexity: higher interest rates can weigh on asset values and financing costs. It is suited for patient, long-term investors who can tolerate complexity.
Shopify (TSX: SHOP): A High-Growth, High-Valuation, High-Volatility Play
Shopify is the highest-growth name among the three. In the first quarter of 2026, the company generated US$3.2 billion in revenue, up 34% year-over-year. Gross merchandise volume (GMV) surpassed US$100 billion in a single quarter for the first time, while free cash flow reached US$476 million and the free cash flow margin held at 15%.
After the stock came under pressure in 2026, the company expanded its share-buyback authorization by US$3 billion, bringing the total program to US$5 billion. However, Shopify currently trades at a staggering 119 times trailing earnings, meaning even a minor earnings disappointment could trigger sharp selloffs. Long-term investors need to see the company continue gaining merchant share, expanding free cash flow, and proving that AI tools make its platform more valuable. High volatility is an inherent part of this growth story.
Canadian Natural Resources (TSX: CNQ): The Dividend Moat of an Energy Giant
CNQ offers a completely different volatility dynamic. Oil and gas stocks swing wildly with crude prices, geopolitics, and pipeline policy, but Canada’s energy role remains solid — the country exported 4.3 million barrels per day of crude oil in 2025, worth C$140 billion.
CNQ is one of Canada’s largest oil and gas producers. In the first quarter of 2026, it produced approximately 1.6 million barrels of oil equivalent per day, up 4% year-over-year. It generated adjusted funds flow of roughly C$4.4 billion and returned about C$1.5 billion to shareholders through dividends and buybacks. The company raised its annualized dividend to C$2.50 per share in 2026, marking its 26th consecutive year of dividend increases, with a current yield of approximately 4.4% and a P/E ratio of just 11.7x.
The Bottom Line
These three stocks operate in vastly different industries with distinct risk profiles, yet they share a common logic: for investors with a multi-year holding horizon, volatility is not a reason to exit — it is a window to enter. Brookfield bets on counter-cyclical acquisition capability, Shopify bets on the long-term penetration of e-commerce and AI, and CNQ bets on the stable return of energy cash flows. At a time when the Bank of Canada warns of “tightening liquidity,” what ties them together is that their business models become more valuable precisely in times of volatility.
