ETFs are low-cost investing alternatives due to their diversification and low fees.
With all-in-one ETFs, you will access more diversification and low fees as you hold different ETFs in one portfolio.
While there are 33 ETF providers in Canada at the moment, all-in-one ETF providers are not many. The few ones include Vanguard, BMO, iShares and Horizons.
However, the few all-in-one ETF providers differ considerably, making it essential to choose the perfect one.
In this article, I discuss the best all-in-one ETFs in Canada as offered by Vanguard, BMO, iShares and Horizons.
The Best All-in-One ETFs in Canada [y]
There are currently four top companies that offer all-in-one ETFs in Canada – Vanguard, BMO, iShares and Horizons.
In what follows, I present all the current all-in-one ETFs in Canada of each of these companies with a general summary of their pros and cons.
Note: Data are valid as of the time of update (February 14, 2024). Visit each of the ETF’s page for real-time information.
Vanguard All-in-one ETFs in Canada
Vanguard is a leading multinational investment institution that offers all-in-one ETFs managed by Vanguard Investments Canada Inc.
The following are the current Vanguard all-in-one ETFs in Canada that are traded on the Toronto Stock Exchange:
- Vanguard Balanced ETF Portfolio (VBAL)
- Vanguard Growth ETF Portfolio (VGRO)
- Vanguard All-Equity ETF Portfolio (VEQT)
- Vanguard Conservative Income ETF Portfolio (VCIP)
- Vanguard Conservative ETF Portfolio (VCNS)
- Vanguard Retirement Income ETF Portfolio (VRIF)
Let’s take an overview of each of the all-in-one ETFs of Vanguard.
1. Vanguard Balanced ETF Portfolio (VBAL)
| Name | Vanguard Balanced ETF Portfolio |
| Ticker | VBAL |
| Inception date | January 25, 2018 |
| Assets allocation | Stocks = 60.18%, bonds = 39.79%, short-term reserves = 0.03% |
| Minimum investment | $29.53 |
| Management fee | 0.22% |
| MER | 0.24% |
| Number of underlying holdings | 32,499 |
| Top market capitalization | US |
| Dividend yield | 3.06% |
| Distribution frequency | Quarterly |
| Return since inception | 5.05% |
| Risk level | Low to medium |
This portfolio invests in equity and fixed income security with the aim to provide long-term capital growth with a moderate level of income.
2. Vanguard Growth ETF Portfolio (VGRO)
| Name | Vanguard Growth ETF Portfolio |
| Ticker | VGRO |
| Inception date | January 25, 2018 |
| Assets allocation | Stocks = 80.21%, bonds = 19.74%, short-term reserves = 0.05% |
| Minimum investment | $32.24 |
| Management fee | 0.22% |
| MER | 0.24% |
| Number of underlying holdings | 32,499 |
| Top market capitalization | US |
| Dividend yield | 2.61% |
| Distribution frequency | Quarterly |
| Return since inception | +6.44% |
| Risk level | Low to medium |
VGRO portfolio invests in equity and fixed income securities with the aim of providing long-term capital growth.
3. Vanguard All-Equity ETF Portfolio (VEQT)
| Name | Vanguard All-Equity ETF Portfolio |
| Ticker | VEQT |
| Inception date | January 29, 2019 |
| Assets allocation | Stocks = 99.99%, short-term reserves = 0.01% |
| Minimum investment | $37.59 |
| Management fee | 0.22% |
| MER | 0.24% |
| Number of underlying holdings | 13,508 |
| Top market capitalization | US |
| Dividend yield | 1.86% |
| Distribution frequency | Annually |
| Return since inception | +10.08 |
| Risk level | Medium |
VEQT invests primarily in equity securities in order to provide long-term capital growth.
4. Vanguard Conservative Income ETF Portfolio (VCIP)
| Name | Vanguard Conservative Income ETF Portfolio |
| Ticker | VCIP |
| Inception date | January 29, 2019 |
| Assets allocation | Stocks = 20.15%, bonds = 79.79%, short-term reserves = 0.06% |
| Minimum investment | $24.81 |
| Management fee | 0.22% |
| MER | 0.24% |
| Number of underlying holdings | 32,499 |
| Top market capitalization | US |
| Dividend yield | 3.90% |
| Distribution frequency | Quarterly |
| Return since inception | +2.34% |
| Risk level | Low |
This portfolio invests in equity and fixed income securities in order to provide a mix of income and long-term capital growth.
5. Vanguard Conservative ETF Portfolio (VCNS)
| Name | Vanguard Conservative ETF Portfolio |
| Ticker | VCNS |
| Inception date | January 25, 2018 |
| Assets allocation | Stocks = 40.19%, bonds = 59.77%, short-term reserves = 0.04% |
| Minimum investment | $26.95 |
| Management fee | 0.22% |
| MER | 0.24% |
| Number of underlying holdings | 32,499 |
| Top market capitalization | US |
| Dividend yield | 3.50% |
| Distribution frequency | Quarterly |
| Return since inception | +3.60% |
| Risk level | Low |
VCNS invests in equity and fixed income securities in order to provide a mix of income and moderate long-term capital growth.
6. Vanguard Retirement Income ETF Portfolio (VRIF)
| Name | Vanguard Retirement Income ETF Portfolio |
| Ticker | VRIF |
| Inception date | September 09, 2020 |
| Assets allocation | Stocks = 30.82%, bonds = 69.10%, short-term reserves = 0.08% |
| Minimum investment | $23.52 |
| Management fee | 0.29% |
| MER | 0.32% |
| Number of underlying holdings | 33,204 |
| Top market capitalization | US |
| Dividend yield | 4.13% |
| Distribution frequency | Monthly |
| Return since inception | +2.76% |
| Risk level | Low to medium |
This is a retirement-based portfolio that invests in equity and fixed income securities in order to provide consistent income and capital appreciation.
Learn more: Best Vanguard Canada ETFs
Pros and Cons of Vanguard All-in-One ETF Portfolios in Canada
Based on the above review, the following are the top pros and cons of the Vanguard all-in-one ETF portfolios in Canada.
Pros
- Multiple underlying holdings
- Competitive returns
- Low minimum investment
Cons
- High management fee and MER
- Low dividend yield
- Not eligible for registered accounts
BMO All-in-One ETFs in Canada
The Bank of Montreal (BMO) all-in-one ETFs in Canada are also traded on the Toronto Stock Exchange.
As of the time of writing, BMO offers the following all-in-one ETFs in Canada.
- BMO Balanced ETF (ZBAL)
- BMO Balanced ESG ETF (ZESG)
- BMO All-equity ETF Portfolio (ZEQT)
- BMO Growth ETF (ZGRO)
- BMO Monthly Income ETF (ZMI)
- BMO Conservative ETF (ZCON)
Below is an overview of each of the BMO all-in-one ETFs in Canada.
1. BMO Balanced ETF (ZBAL)
| Name | BMO Balanced ETF |
| Ticker | (ZBAL) |
| Inception date | February 15, 2019 |
| Assets allocation | Stock =62.12%, fixed income = 37.87%, cash and cash equivalents = 0.01% |
| Minimum investment | $35.72 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of holdings | 11 |
| Top market capitalization | Canada |
| Dividend yield | 2.47% |
| Distribution frequency | Quarterly |
| Return since inception | 6.11% |
| Risk level | Low to medium |
ZBAL is a Canadian-weighted all-in-one ETF portfolio that invests in equity and fixed income ETFs in order to provide long-term capital appreciation and income.
2. BMO Balanced ESG ETF (ZESG)
| Name | BMO Balanced ESG ETF |
| Ticker | ZESG |
| Inception date | January 16, 2020 |
| Assets allocation | Stock = 60.36%, fixed income = 39.64% and cash and cash equivalents = 0.00% |
| Minimum investment | $32.82 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of holdings | 7 |
| Top market capitalization | Canada |
| Dividend yield | 2.25% |
| Distribution frequency | Quarterly |
| Return since inception | 4.20% |
| Risk level | Low to medium |
This portfolio invests in equity and fixed income ETFs with the aim of providing moderate long-term capital appreciation and income.
3. BMO All-Equity ETF Portfolio (ZEQT)
| Name | BMO All-Equity ETF |
| Ticker | ZEQT |
| Inception date | January 17, 2022 |
| Assets allocation | Stock = 100.02%, cash and cash equivalents = -0.02% |
| Minimum investment | $43.36 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of holdings | 7 |
| Top market capitalization | US |
| Dividend yield | 2.24% |
| Distribution frequency | Quarterly |
| Return since inception | 5.88% |
| Risk level | Medium |
ZEQT is a new all-equity ETF portfolio that invests in global equity ETFs in order to provide equity growth and long-term capital appreciation.
LEARN MORE: ZEQT Review
4. BMO Growth ETF (ZGRO)
| Name | BMO Growth ETF |
| Ticker | ZGRO |
| Inception date | February 15, 2019 |
| Assets allocation | Stock = 81.35%, fixed income = 18.65%, cash and cash equivalents = 0.00% |
| Minimum investment | $39.41 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of holdings | 9 |
| Top market capitalization | Canada |
| Dividend yield | 2.25% |
| Distribution frequency | Quarterly |
| Return since inception | 7.96% |
| Risk level | Low to medium |
This portfolio invests in global equity and fixed income ETFs in order to provide long-term capital appreciation.
LEARN MORE: ZGRO Review
5. BMO Monthly Income ETF (ZMI)
| Name | BMO Monthly Income ETF |
| Ticker | ZMI |
| Inception date | January 28, 2011 |
| Assets allocation | Stock = 60.63%, fixed Income = 39.30%, cash and cash equivalents = 0.07% |
| Minimum investment | $16.08 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of holdings | 9 |
| Top market capitalization | US |
| Dividend yield | 5.20% |
| Distribution frequency | Monthly |
| Return since inception | 5.14% |
| Risk level | Low to medium |
With 5.14% return since inception, competitive dividend yield and low investment amount, the ZMI portfolio invests in stocks and fixed income securities in order to provide monthly cash distributions and modest long-term capital appreciation.
6. BMO Conservative ETF (ZCON)
| Name | BMO Conservative ETF |
| Ticker | ZCON |
| Inception date | February 15, 2019 |
| Assets allocation | Fixed income = 57.97%, stock = 41.91%, cash and cash equivalents = 0.12% |
| Minimum investment | $32.32 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of holdings | 9 |
| Top market capitalization | Canada |
| Dividend yield | 2.71% |
| Distribution frequency | Quarterly |
| Return since inception | 4.24% |
| Risk level | Low |
ZCON invests in global equity and fixed income ETFs in order to provide income and moderate long-term capital appreciation.
Pros and Cons of BMO All-in-One ETF Portfolios in Canada
Based on the above review, the following are the top pros and cons of the BMO all-in-one ETF portfolios in Canada.
Pros
- Low management fee and MER
- Low minimum investment
- Competitive dividend yield
- Competitive returns since inception
- Eligibility for registered accounts
Cons
- Limited underlying holdings
iShares/BlackRock All-in-One ETFs in Canada
Like the Vanguard and BMO all-in-one ETFs, the iShares or BlackRock all-in-one ETFs are also traded on the Toronto Stock Exchange.
Below are the current iShares all-in-one ETFs in Canada:
- iShares Core Balanced ETF Portfolio (XBAL)
- iShares Core Growth ETF Portfolio (XGRO)
- iShares All-Equity ETF Portfolio (XEQT)
- iShares Core Conservative Balanced ETF Portfolio (XCNS)
Let’s take a closer look at each of the iShares all-in-one ETFs in Canada.
1. iShares Core Balanced ETF Portfolio (XBAL)
| Name | iShares Core Balanced ETF Portfolio |
| Ticker | XBAL |
| Inception date | June 21, 2007 |
| Assets allocation | Equity = 60.75%, fixed income = 39.08%, cash and/or derivatives = 0.16% |
| Minimum investment | $26.81 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of underlying holdings | 20,954 |
| Top market capitalization | US on equities and Canada on bonds |
| Dividend yield | 3.47% |
| Distribution frequency | Quarterly |
| Return since inception | 5.02% |
| Risk level | Low to medium |
With competitive returns since its inception, XBAL invests in equity and fixed income securities in order to provide investors with long-term capital growth and income.
2. iShares Core Growth ETF Portfolio (XGRO)
| Name | iShares Core Growth ETF Portfolio |
| Ticker | XGRO |
| Inception date | June 21, 2007 |
| Assets allocation | Equity = 81.45, fixed income = 18.38%, cash and/or derivatives = 0.17% |
| Minimum investment | $26.19 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of underlying holdings | 20,954 |
| Top market capitalization | US on equities and Canada on bonds |
| Dividend yield | 2.97% |
| Distribution frequency | Quarterly |
| Return since inception | 4.33% |
| Risk level | Low to medium |
This portfolio also invests in equity and fixed income securities with the aim of providing long-term capital growth. As you can see from the above table, XGRO has provided high returns since its inception.
3. iShares All-Equity ETF Portfolio (XEQT)
| Name | iShares Core Equity ETF Portfolio |
| Ticker | XEQT |
| Inception date | August 7, 2019 |
| Assets allocation | Equity = 99.79%, cash and/or derivatives = 0.21% |
| Minimum investment | $28.32 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of underlying holdings | 9,055 |
| Top market capitalization | US |
| Dividend yield | 2.80% |
| Distribution frequency | Quarterly |
| Return since inception | 9.99% |
| Risk level | Low to medium |
XEQT invests primarily in equity securities in order to provide long-term capital growth.
4. iShares Core Conservative Balanced ETF Portfolio (XCNS)
| Name | iShares Core Conservative Balanced ETF Portfolio |
| Ticker | XCNS |
| Inception date | August 7, 2019 |
| Assets allocation | Fixed income = 58.65%, equity = 41.19%, cash and/or derivatives = 0.16% |
| Minimum investment | $21.46 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of underlying holdings | 20,954 |
| Top market capitalization | Canada on bonds and US on equities |
| Dividend yield | 2.86% |
| Distribution frequency | Quarterly |
| Return since inception | 3.94% |
| Risk level | Low |
With a low market price, XCNS invests in fixed income and equity securities in order to provide long-term capital growth and income.
Pros and Cons of iShares All-in-One ETF Portfolios in Canada
Based on the above review, the following are the pros and cons of the iShares all-in-one ETF portfolios in Canada.
Pros
- Multiple underlying holdings
- Low management fees and MERs
- Eligible for registered accounts
- Competitive returns since inception
- Relatively low pricing
Cons
- Low dividend yield
Horizons All-in-One ETFs in Canada
Horizons all-in-one ETFs are also traded on the Toronto Stock Exchange and are managed by the Horizons ETFs Management (Canada) Inc.
The current all-in-one ETFs of Horizons are highlighted below.
- Horizons Balanced Tri ETF Portfolio (HBAL)
- Horizons All-Equity Asset Allocation ETF (HEQT)
- Horizons Conservative Tri ETF Portfolio (HCON)
Let’s take an overview of each of the Horizons’ all-in-one ETF portfolios in Canada.
1. Horizons Balanced Tri ETF Portfolio (HBAL)
| Name | Horizons Balanced Tri ETF Portfolio |
| Ticker | HBAL |
| Inception date | August 01, 2018 |
| Assets allocation | Targets a minimum of 70% equity allocation and 30% fixed income allocation |
| Minimum investment | $13.95 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of holdings | 8 |
| Top market capitalization | US |
| Dividend yield | 2.58% |
| Distribution frequency | Monthly |
| Return since inception | 6.55% |
| Risk level | Low to medium |
HBAL invests in approximately 70% equity allocation and 30% fixed income in order to provide long-term capital growth.
2. Horizons All-Equity Asset Allocation ETF (HEQT)
| Name | Horizons Growth Tri ETF Portfolio |
| Ticker | HGRO |
| Inception date | September 13, 2019 |
| Assets allocation | Targets a minimum of 99% equity allocation |
| Minimum investment | $15.18 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of holdings | 6 |
| Top market capitalization | US |
| Dividend yield | 1.98% |
| Distribution frequency | Monthly |
| Return since inception | 10.36% |
| Risk level | Medium |
Formerly known as Horizons Growth Tri ETF Portfolio (HGRO), Horizons All-Equity Asset Allocation ETF (HEQT), invests in approximately 99% equity in order to provide investors with long-term capital growth.
3. Horizons Conservative Tri ETF Portfolio (HCON)
| Name | Horizons Conservative Tri ETF Portfolio |
| Ticker | HCON |
| Inception date | August 01, 2018 |
| Assets allocation | Targets a minimum of 50% equity allocation and 50% fixed income allocation |
| Minimum investment | $12.62 |
| Management fee | 0.18% |
| MER | 0.20% |
| Number of holdings | 7 |
| Top market capitalization | US |
| Dividend yield | 2.85% |
| Distribution frequency | Monthly |
| Return since inception | 4.87% |
| Risk level | Low to medium |
With a low price and low MER, this portfolio invests in approximately 50% stocks and 50% fixed income in order to provide moderate long-term capital growth.
Pros and Cons of Horizons All-in-One ETF Portfolios in Canada
Based on the above review, the following are the top pros and cons of Horizons’ all-in-one ETF portfolios in Canada.
Pros
- Low investment amount
- Eligible for registered plans
- Average fees
- Monthly distributions
Cons
- Relatively low dividend yield
- No information on underlying holdings
- Limited information on assets allocation and market capitalization
How the Best All-in-One ETFs in Canada Compare
Below is a highlight of how the above all-in-one Canadian ETFs compare in terms of balanced portfolios, growth portfolios, conservative portfolios and equity portfolios as of February 14, 2024.
VBAL vs XBAL vs HBAL vs ZBAL
The following is a highlight of how the four all-in-one ETF providers compare in their balanced portfolios.
| ETF Facts | VBAL | XBAL | HBAL | ZBAL |
| Management fee | 0.22% | 0.18% | 0.18% | 0.18% |
| MER | 0.24% | 0.20% | 0.20% | 0.20% |
| Minimum investment | $29.53 | $26.81 | $13.95 | $35.72 |
| Top market capitalization | US | US on equities and Canada on bonds | US | Canada |
| Return since inception | 5.05% | 5.02% | 6.55% | 6.11% |
VGRO vs XGRO vs ZGROย
Below is a highlight of how the four all-in-one ETF providers compare in their growth portfolios (excluding Horizons).
| ETF Facts | VGRO | XGRO | ZGRO |
| Management fee | 0.22% | 0.18% | 0.18% |
| MER | 0.24% | 0.20% | 0.20% |
| Minimum investment | $32.24 | $26.19 | $39.41 |
| Top market capitalization | US | US on equities and Canada on bonds | Canada |
| Return since inception | +6.44% | 4.33% | 7.96% |
VCNS vs XCNS vs HCON vs ZCON
The following is a highlight of how the four all-in-one ETF providers compare in their conservative portfolios.
| ETF Facts | VCNS | XCNS | HCON | ZCON |
| Management fee | 0.22% | $20.92 | Variable | 0.18% |
| MER | 0.24% | 0.20% | 0.15% | 0.20% |
| Minimum investment | $26.95 | $21.46 | $12.62 | $32.32 |
| Top market capitalization | US | Canada on bonds and US on equities | US | Canada |
| Return since inception | +3.50% | 3.94% | 4.87% | 4.24% |
VEQT vs XEQT vs HEQT vs ZEQT
Below is a highlight of how the above all-in-one ETF providers compare on their equity portfolios.
| ETF Facts | VEQT | XEQT | HEQT | ZEQT |
| Management fee | 0.22% | 0.18% | 0.18% | 0.18% |
| MER | 0.24% | 0.20% | 0.20% | 0.20% |
| Minimum investment | $37.59 | $28.32 | $15.18 | $43.36 |
| Top market capitalization | US | US | US | US |
| Return since inception | +10.08% | 9.99% | 10.36% | 5.88% |
What is the Overall Best All-in-One ETF in Canada?
If you ask me, I will say the iShares all-in-one ETFs are the overall best in Canada based on their:
- Low pricing
- Multiple underlying holdings
- Low management fees and MERs
- Competitive returns since inception
- Eligibility for registered accounts
That’s just my taste! You may have a different taste as our risk levels and investment objectives vary.
If iShares is not up to your taste, then you need to choose from the other three providers (BMO, Horizons or Vanguard).
When narrowing down your selection of the best all-in-one ETF in Canada, consider the following factors,
- Allocations and risk level: Some ETF providers tend to tag their portfolios with low risk. But you can easily understand the real risk level of an ETF by looking at its asset allocations.
- Current market price: Depending on your budget, you may want to consider a low-price ETF portfolio since the pricing doesn’t affect performance.
- Fees: The higher the management fees and MER, the more costly your investment would be.
- Number of underlying holdings: Generally, the higher the underlying holdings, the more diversified the ETF portfolio.
- Cumulative returns since inception: While past returns don’t guarantee future returns, it gives you insight into your possible investment gains.
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How All-in-One ETFs Work
An all-in-one ETF simply refers to a basket of ETF funds. Instead of buying individual ETFs, you can hold multiple ETFs through an all-in-one ETF, helping you enjoy greater diversification at low costs.
With an all-in-one ETF, you will also save yourself the stress of rebalancing multiple portfolios as you can do so in one place.
All you need is to invest in an all-in-one ETF that suits your investment objective and risk tolerance and get access to multiple underlying ETFs.
As a result, all-in-one ETFs help limit your investment risks and costs as you can invest in the portfolio with a fraction of the amount you would invest in individual ETF portfolios.
Since all-in-one ETFs are designed to achieve a particular investment objective, you can expect a great deal of variations in terms of assets, allocations, risk levels and portfolio performance.
It is based on these variations that you can determine which all-in-one ETF provider in Canada is perfect for you.
How to Buy an All-in-One ETF in Canadaย
Knowing the best all-in-one ETFs in Canada is one thing, buying them is another. When it comes to buying all-in-one ETFs, you have two different options to choose from. These are:
- Self-directed brokerage: This involves doing it yourself (DIY) through one of the best self-directed brokerages in Canada (e.g Wealthsimple Trade). With DIY, you will be in charge of the entire investing process.
- Financial advisor: If you have a complex situation or are looking for more human intervention, you can buy all-in-one ETFs through a financial advisor. You can easily find a licensed financial advisor through the Industry Regulatory Organization of Canada or ask for recommendations from friends or colleagues.
Verdict on the Best All-in-One ETFs in Canada [y]
No matter what angle you look at it, all-in-one ETFs are alternative investment assets compared to mutual funds and other assets.
The above are the current best all-in-one Canadian ETFs that stand out from the crowd with their competitive characteristics.
While you can’t make the wrong choice with any of the above all-in-one ETFs, selecting the one that suits your taste will give you the perfect result.
Which of the all-in-one ETFs are you going with? Please let me know in the comment section.
If you like this review, kindly share it with your friends and read our other relevant articles to learn more about the best investment deals in Canada.
FAQs on Best All-in-One Canadian ETFs [y]
Is Vanguard or iShares better?
iShares all-in-one ETFs are better than Vanguard’s all-in-one ETFs in terms of low pricing, low fees, competitive returns and eligibility for registered accounts.
What is the best growth ETF Canada?
The iShares Core Growth ETF Portfolio (XGRO) is currently the best growth ETF in Canada due to its competitive returns, low pricing, low fees and multiple underlying holdings.ย
Which Canadian ETF has the highest return?
Currently, the Horizons All-Equity Asset Allocation ETF (HEQT), has the highest return in Canada as it has provided 10.36% returns since inception as of January 31, 2024.
What Canadian ETF pays the highest dividend?
The BMO Monthly Income ETF (ZMI) portfolio has provided 5.20% as of January 31, 2024. This makes it the current best Canadian all-in-one ETF that pays the highest dividend.ย
If you have more questions about the best all-in-one ETFs in Canada, kindly drop them in the comment section.
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