Medalist Ratings for Canada-Domiciled Mutual Funds & ETFs | Event Study 

The effectiveness of Morningstar's forward-looking ratings for Canadian funds and ETFs are further exemplified when comparing ex-post (i.e. after the fact) annualized returns relative to funds' category averages. On aggregate, gold/silver/bronze rated funds have outperformed their category, while neutral and negative funds seem to underperform the category in periods after receiving these ratings.