Performance of Canada’s Largest ETFs in 2024

Each month, we check in on the performance of the largest Canadian stock, bond, and active exchange-traded funds.

The Morningstar US Market Index fell 0.30% during December and is up 35.35% over the past year. The Morningstar US Core Bond Index rose 1.08% last month and is up 10.55% over the past year.

In the global markets, stocks gained 0.06% during December, as measured by the Morningstar Global Markets Index. Bonds rose 0.49%, as measured by the Morningstar Global Core Bond Index. Over the past year, global stocks are up 27.41% and global bonds are up 7.04%.

Largest Canadian Stock ETF Performance

Out of the 10 largest Canadian stock ETFs, the top performer last year was the C$22.5 billion BMO S&P 500 Index ETF, which gained 35.25%. The bottom performer was the C$9.3 billion iShares Core MSCI EAFE IMI Index ETF, which gained 12.58%.

Here’s more about the performance of the largest Canadian stock ETFs.

BMO S&P 500 Index ETF

In December, the BMO S&P 500 Index ETF rose 0.20%, while the average US equity fund gained 6.26%. The fund placed in the 26th percentile for performance. The C$22.5 billion fund has climbed 35.25% over the past 12 months, outperforming the average fund in its category, which rose 33.04%. The fund, which launched in November 2012, has climbed 13.30% over the past three years and 16.50% over the past five.

Vanguard S&P 500 Index ETF

The C$21.1 billion Vanguard S&P 500 Index ETF rose 0.21% in December. The gain on the fund was shy of the 6.26% gain on the average fund in the US equity category, leaving it in the 25th percentile for performance. Over the past 12 months, the Vanguard fund rose 35.23%, while the average fund in its category rose 33.04%. The fund, which launched in November 2012, has climbed 13.32% over the past three years and gained 16.51% over the past five years.

iShares S&P/TSX 60 Index ETF

In December, the iShares S&P/TSX 60 Index ETF fell 3.35%, while the average Canadian equity fund gained 5.53%. The fund placed in the 80th percentile for performance. The C$16.3 billion fund has climbed 20.77% over the past 12 months, underperforming the average fund in its category, which rose 27.38%. The iShares fund, which launched in September 1999, has climbed 8.14% over the past three years and 11.27% over the past five.

iShares Core S&P/TSX Capped Composite Index ETF

In December, the iShares Core S&P/TSX Capped Composite Index ETF fell 3.27%, while the average Canadian equity fund gained 5.53%. The fund placed in the 76th percentile for performance. The C$14.7 billion fund has climbed 21.52% over the past 12 months, underperforming the average fund in its category, which rose 27.38%. The iShares fund, which launched in February 2001, has climbed 8.51% over the past three years and gained 11.04% over the past five years.

iShares Core S&P 500 Index ETF (CAD-Hedged)

The C$11.5 billion iShares Core S&P 500 Index ETF (CAD-Hedged) fell 2.59% in December. The loss on the fund was worse than the 6.26% gain on the average fund in the US equity category, leaving it in the 71st percentile for performance. Over the past 12 months, the iShares fund rose 23.40%, while the average fund in its category rose 33.04%. The fund, which launched in May 2001, has climbed 7.36% over the past three years and gained 12.77% over the past five years.

Largest Canadian Bond ETF Performance

Out of the 10 largest Canadian bond ETFs, the top performer last year was the C$3.1 billion BMO Mid-Term US IG Corporate Bond Index ETF, which gained 11.5%. The bottom performer was the C$3.7 billion BMO Long Federal Bond Index ETF, which lost 2.04%.

Here’s more about the performance of the largest Canadian bond ETFs.

PIMCO Monthly Income Fund (Canada)

The PIMCO Monthly Income Fund (Canada) lost 0.81% in December, underperforming the average fund in the multi-fixed income category, which rose 1.13%. The fund placed in the 56th percentile for performance and edged out its benchmark, the Bloomberg US Aggregate Bond Index, by 1 percentage point.

The C$27.7 billion fund has gained 5.06% over the past 12 months, while the average fund in its category is up 8.97%. The PIMCO fund, which launched in September 2017, has climbed 1.92% over the past three years and 2.30% over the past five.

BMO Aggregate Bond Index ETF

The C$9.6 billion BMO Aggregate Bond Index ETF fell 0.71% in December. The loss on the fund was worse than the 1.58% gain on the average fund in the Canadian fixed income category, leaving it in the 55th percentile for performance. Over the past 12 months, the fund rose 4.15%, while the average fund in its category rose 8.72%. The fund, launched in January 2010, has dropped 0.68% over the past three years and gained 0.70% over the past five.

iShares Core Canadian Universe Bond Index ETF

The C$8.2 billion iShares Core Canadian Universe Bond Index ETF fell 0.71% in December. The loss on the fund was worse than the 1.58% gain on the average fund in the Canadian fixed income category, leaving it in the 54th percentile for performance. Over the past 12 months, the iShares fund rose 4.12%, while the average fund in its category rose 8.72%. The fund, which launched in November 2000, has dropped 0.69% over the past three years and gained 0.69% over the past five.

Vanguard Canadian Aggregate Bond Index ETF

In December, the Vanguard Canadian Aggregate Bond Index ETF fell 0.70%, while the average Canadian fixed income fund gained 1.58%. The fund placed in the 51st percentile for performance. The C$5.4 billion fund has climbed 4.03% over the past 12 months, underperforming the average fund in its category, which rose 8.72%. The Vanguard fund, which launched in November 2011, has dropped 0.72% over the past three years and gained 0.66% over the past five.

BMO Long Federal Bond Index ETF

The BMO Long Federal Bond Index ETF lost 3.46% in December, underperforming the average fund in the Canadian long term fixed income category, which rose 3.33%. The C$3.7 billion fund has lost 2.04% over the past 12 months, while the average fund in its category is up 9.39%. The BMO fund, which launched in May 2010, has dropped 7.23% over the past three years and 3.54% over the past five.

Largest Canadian Active ETF Performance

While passive ETFs have portfolios with holdings designed to track the performance of an index, active ETFs have managers who decide which investments to own. Like index-tracking ETFs, active ETFs trade on an exchange and are typically lower-cost and more tax-efficient than traditional actively managed mutual funds.

Out of the 10 largest Canadian active ETFs, the top performer last year was the C$6 billion Vanguard All-Equity ETF Portfolio, which gained 24.88%. The bottom performer was the C$6.4 billion CI High Interest Savings ETF, which gained 4.46%.

Here’s more about the performance of the largest Canadian active ETFs.

Fidelity Canadian Large Cap Fund

The C$8.6 billion Fidelity Canadian Large Cap Fund fell 1.23% in December. The loss on the fund was worse than the 5.40% gain on the average fund in the Canadian focused equity category, leaving it in the 24th percentile for performance. Over the past 12 months, the Fidelity International fund rose 16.10%, while the average fund in its category rose 26.97%. The fund launched in May 2023.

Fidelity Greater Canada Fund

The Fidelity Greater Canada Fund lost 4.20% in December, underperforming the average fund in the Canadian focused equity category, which rose 5.40%. The C$7.5 billion fund has gained 11.30% over the past 12 months, while the average fund in its category is up 26.97%. The Fidelity International fund launched in May 2023.

RBC North American Value Fund

In December, the RBC North American Value Fund fell 2.49%, while the average Canadian focused equity fund gained 5.40%. The fund placed in the 63rd percentile for performance. The C$6.9 billion fund has climbed 21.76% over the past 12 months, underperforming the average fund in its category, which rose 26.97%. The RBC fund was launched in March 2023.

CI High Interest Savings ETF

The CI High Interest Savings ETF gained 0.28% in December, outperforming the average fund in the Canadian money market category, which rose 0.26%. The C$6.4 billion fund has gained 4.46% over the past 12 months, while the average fund in its category is up 4.24%. The CI Investments fund, which launched in May 2019, has climbed 3.91% over the past three years and gained 2.63% over the past five years.

Vanguard Growth ETF Portfolio

The C$6.4 billion Vanguard Growth ETF Portfolio fell 1.38% in December. The loss on the fund was worse than the 3.43% gain on the average fund in the global equity balanced category, leaving it in the 65th percentile for performance. The fund lagged its benchmark, the Bloomberg Global Aggregate Index, by 1.89 percentage points.

Over the past 12 months, the Vanguard fund rose 20.26%, while the average fund in its category rose 20.89%. The fund, which launched in January 2018, has climbed 7.03% over the past three years and gained 9.33% over the past five.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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