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Exchange-traded funds, or ETFs, are often low-cost instruments for investors to track popular indexes or leverage experienced manager choices in an attempt to beat the market. The best ones serve as building blocks for a portfolio, and unlike open-end mutual funds, all ETFs are traded throughout the day on an exchange.
In April 2025, the top-performing ETFs included precious metals equity funds BMO Junior Gold Index ETF ZJG and BMO Equal Weight Global Gold Index ETF ZGD. Data in this article is sourced from Morningstar Direct.
Screening for the Best-Performing ETFs
We screened equity, allocation, and fixed income-funds that trade within Canada for those that have at least C$10 million in total assets. We narrowed the list to ETFs with parent pillars for their Morningstar Medalist Ratings of average or above, meaning our analysts believe they’re backed by industry-standard asset management companies. We also excluded exchange traded notes. Within our list, four funds fell into the precious metals equity category, where the average name rose 14.87% in April.
The 10 Best-Performing ETFs for April 2025
BMO Junior Gold Index ETF ZJG BMO Equal Weight Global Gold Index ETF ZGD Harvest Global Gold Giants Index ETF HGGG Guardian i3 US Quality Growth Fund GIQU Evolve Future Leadership Fund LEAD TD Q Canadian Low Volatility ETF TCLV iShares S&P/TSX Global Gold Index ETF XGD BMO Low Volatility International Equity Hedged to CAD ETF ZLD CIBC Qx International Low Volatility Dividend ETF CQLI BMO Low Volatility Canadian Equity ETF ZLB
Best-Performing Canadian ETFs
Source: Morningstar Direct. Data as of April 30, 2025.
Metrics for the Best-Performing ETFs
BMO Junior Gold Index ETF
The C$118 million BMO Junior Gold Index ETF was the best-performing ETF in April, with a 6.28% return. The passively managed BMO ETF fell short of the 14.87% gain on the average fund in Morningstar’s precious metals equity category for the month. Over the last 12 months, the BMO Junior Gold Index ETF has returned 71.11%, outperforming the 61.17% gain on the average fund in its category, leaving the ETF in the 8th percentile.
The BMO Junior Gold Index ETF has a Morningstar Medalist Rating of Neutral. It launched in January 2010.
BMO Equal Weight Global Gold Index ETF
Morningstar Rating: 4 stars Expense Ratio: 0.60% Morningstar Category: Precious Metals Equity
The second-best-performing ETF in April was the C$148 million BMO Equal Weight Global Gold Index ETF. The passively managed BMO ETF returned 5.06%, underperforming the average precious metals equity fund, which gained 14.87%. Looking back over the last year, the BMO Equal Weight Global Gold Index ETF has returned 68.10%, outperforming the 61.17% return on the average fund in its category, leaving the ETF in the 15th percentile.
The Neutral-rated BMO Equal Weight Global Gold Index ETF launched in November 2012.
Harvest Global Gold Giants Index ETF
Morningstar Rating: 3 stars Expense Ratio: 0.68% Morningstar Category: Precious Metals Equity
The C$22 million Harvest Global Gold Giants Index ETF ranked third for the month, returning 4.72%. The Harvest Portfolios ETF, which is passively managed, fell short of the 14.87% average return on funds in the precious metals equity category for April. Over the last 12 months, the Harvest Portfolios ETF has returned 64.93%, ahead of the 61.17% gain on the average fund in its category, leaving the ETF in the 20th percentile.
The Harvest Global Gold Giants Index ETF, launched in January 2019, has a Morningstar Medalist Rating of Neutral.
Guardian i3 US Quality Growth Fund
Morningstar Rating: 1 star Expense Ratio: 0.71% Morningstar Category: US Equity
With a 4.10% return, the C$18 million Guardian i3 US Quality Growth Fund ranked fourth in April. The actively managed Guardian Capital ETF outperformed the 5.83% loss on the average US equity fund. Over the last year, the fund has gained 13.29%, ahead of the 9.61% return on funds in its category, placing it in the 12th percentile for the period.
The Guardian i3 US Quality Growth Fund has a Neutral Morningstar Medalist Rating. It launched in August 2020.
Evolve Future Leadership Fund
Morningstar Rating: 2 stars Expense Ratio: 0.85% Morningstar Category: Global Equity
The fifth-best-performing ETF was the C$18 million Evolve Future Leadership Fund, which gained 4.05% in April. This actively managed Evolve Funds ETF beat the 4.25% average loss on funds in the global equity category. Over the past 12 months, the Evolve Future Leadership Fund rose 23.58%, outperforming the 9.24% return on the average fund in its category and placing it in the 1st percentile.
The Evolve Future Leadership Fund, launched in September 2020, has a Morningstar Medalist Rating of Neutral.
TD Q Canadian Low Volatility ETF
Morningstar Rating: 3 stars Expense Ratio: 0.33% Morningstar Category: Canadian Equity
The C$45 million TD Q Canadian Low Volatility ETF was the sixth-best-performing Canadian ETF in April, with a 3.93% return. The return on the actively managed TD ETF topped the 1.63% decline on the average fund in Morningstar’s Canadian equity category. Looking back over the last year, the TD Q Canadian Low Volatility ETF has returned 26.87%, outperforming the 13.07% return on the average fund in its category, leaving the ETF in the 1st percentile.
The Bronze-rated TD Q Canadian Low Volatility ETF launched in May 2020.
iShares S&P/TSX Global Gold Index ETF
Morningstar Rating: 3 stars Expense Ratio: 0.61% Morningstar Category: Precious Metals Equity
The seventh-best-performing ETF in April was the C$2.2 billion iShares S&P/TSX Global Gold Index ETF. The passively managed iShares ETF returned 3.49%, underperforming the average precious metals equity fund, which gained 14.87%. Looking back over the last 12 months, the iShares S&P/TSX Global Gold Index ETF has returned 54.35%, underperforming the 61.17% return on the average fund in its category, leaving the ETF in the 68th percentile.
The iShares S&P/TSX Global Gold Index ETF has a Morningstar Medalist Rating of Neutral. It launched in March 2001.
BMO Low Volatility International Equity Hedged to CAD ETF
Morningstar Rating: 3 stars Expense Ratio: 0.45% Morningstar Category: International Equity
The C$29 million BMO Low Volatility International Equity Hedged to CAD ETF ranked eighth for the month, returning 3.04%. The BMO ETF, which is actively managed, topped the 1.15% average loss on funds in the international equity category. Over the last year, the BMO ETF has returned 16.16%, ahead of the 9.39% return on the average fund in its category, leaving it in the 14th percentile for performance.
The BMO Low Volatility International Equity Hedged to CAD ETF has a Negative Morningstar Medalist Rating, meaning our analysts expect it to be one of the worst performers within its category and think it is unlikely to deliver positive returns after fees.
CIBC Qx International Low Volatility Dividend ETF
Morningstar Rating: 4 stars Expense Ratio: 0.45% Morningstar Category: International Equity
With a 2.95% gain, the C$538 million CIBC Qx International Low Volatility Dividend ETF ranked ninth in April. The actively managed CIBC ETF outperformed the 1.15% loss on the average international equity fund. Over the last 12 months, the fund has returned 28.99%, ahead of the 9.39% return on funds in its category, placing it in the 1st percentile.
The CIBC Qx International Low Volatility Dividend ETF, launched in November 2021, has a Morningstar Medalist Rating of Neutral.
BMO Low Volatility Canadian Equity ETF
Morningstar Rating: 4 stars Expense Ratio: 0.39% Morningstar Category: Canadian Equity
The tenth-best-performing ETF was the C$4.6 billion BMO Low Volatility Canadian Equity ETF, which gained 2.94% in April. The actively managed BMO ETF beat the 1.63% average loss on funds in the Canadian equity category. Over the past year, the BMO Low Volatility Canadian Equity ETF rose 22.84%, outperforming the 13.07% return on the average fund in its category and placing it in the 6th percentile.
The BMO Low Volatility Canadian Equity ETF has a Morningstar Medalist Rating of Bronze. It was launched in October 2011.
What Are ETFs?
Exchange-traded funds are investments that trade throughout the day on stock exchanges, much like individual stocks. They differ from traditional mutual funds – known as open-end funds – which can only be bought or sold at a single price each day. Historically, ETFs have tracked indexes, but in recent years, more ETFs have been actively managed. ETFs cover a range of asset classes, including stocks, bonds, commodities, and most recently cryptocurrency.
The Best ETFs: More Ideas to Consider
Investors who would like to find more of the top-performing or cheapest ETFs can do the following:
Use the ETF Screener tool to find the best ETFs according to your specific criteria. You can search for funds based on their fees, Morningstar Medalist Ratings, manager tenures, and more. Find ideas specific to your needs, or learn more about ETFs, on our ETF Insights page. Compare funds and ETFs side by side and easily follow their valuations, ratings, and fees.
This article was compiled by Bella Albrecht, edited by Lauren Solberg, and reviewed by Tom Lauricella.
This article was generated with the help of automation and reviewed by Morningstar editors. Learn more about Morningstar’s use of automation.
The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.
