Each month, we check in on the performance of the largest Canadian active exchange-traded funds.
While passive ETFs track 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 than traditional actively managed mutual funds.
When evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.
Out of the 10 largest Canadian active ETFs, the top performer last month was the C$17.8 billion Vanguard All-Equity ETF Portfolio VEQT, which gained 0.04%. The bottom performer was the C$13.2 billion Fidelity Canadian Large Cap Fund FCLC, which lost 3.22%.
Here’s more about the performance of the largest active ETFs.
PIMCO Monthly Income Fund (Canada) PMIF
- : GoldMorningstar Medalist Rating
- : Multi-Fixed IncomeMorningstar Category
The C$38.1 billion PIMCO Monthly Income Fund (Canada) fell 3.11% in September. The loss on the fund was worse than the 0.1% gain on the average fund in the multi-fixed income category, underperforming 94.0% of its peers. The fund fell further than its benchmark, the Bloomberg US Aggregate Bond Index, by 0.28 percentage points.
Over the past year, the PIMCO fund fell 1.17%, while the average fund in its category rose 2.56%. The fund, which launched in September 2017, has climbed 5.31% over the past three years annualized and gained 2.24% annualized over the past five years.
iShares Core Equity ETF Portfolio XEQT
- : SilverMorningstar Medalist Rating
- : Global EquityMorningstar Category
The C$23.4 billion iShares Core Equity ETF Portfolio fell 0.04% in September. The loss on the fund was worse than the 1.14% gain on the average fund in the global equity category, underperforming 66.00% of its peers. The fund edged out its benchmark, the S&P/TSX Capped Composite Index, by 2.58 percentage points.
Over the past year, the BlackRock fund rose 18.88%, while the average fund in its category rose 17.25%. The fund, launched in August 2019, has climbed 23.46% over the past three years annualized and 13.94% annualized over the past five.
Vanguard All-Equity ETF Portfolio VEQT
- : GoldMorningstar Medalist Rating
- : Global EquityMorningstar Category
The C$17.8 billion Vanguard All-Equity ETF Portfolio rose 0.04% in September. The gain on the fund was shy of the 1.14% gain on the average fund in the global equity category, underperforming 64.00% of its peers. The fund lagged its benchmark, the FTSE Global All Cap Index, by 0.91 percentage points.
Over the past year, the Vanguard fund rose 18.99%, while the average fund in its category rose 17.25%. The fund, launched in January 2019, has climbed 23.53% over the past three years annualized and 13.97% annualized over the past five.
Fidelity All-in-One Balanced ETF FBAL
- : GoldMorningstar Medalist Rating
- : Global Neutral BalancedMorningstar Category
The C$14.6 billion Fidelity All-in-One Balanced ETF fell 0.87% in September. The loss on the fund was worse than the 0.64% gain on the average fund in the global neutral balanced category, underperforming 73.00% of its peers. Over the past year, the Fidelity International fund rose 9.87%, while the average fund in its category rose 11.62%. The fund, launched in January 2021, has climbed 16.68% over the past three years annualized and 9.75% annualized over the past five.
Fidelity Canadian Large Cap Fund FCLC
- : SilverMorningstar Medalist Rating
- : Canadian Focused EquityMorningstar Category
In September, the Fidelity Canadian Large Cap Fund fell 3.22%, while the average Canadian focused equity fund gained 1.65%. The fund underperformed 94.0% of its peers and fell further than its benchmark, the S&P/TSX Composite Index, by 0.6 percentage points.
The C$13.2 billion fund has climbed 4.87% over the past year, underperforming the average fund in its category, which rose 21.00%. The Fidelity International fund, launched in May 2023, has gained 14.19% over the past three years annualized.
Fidelity Global Equity+ Fund FGEP
- : GoldMorningstar Medalist Rating
- : Global EquityMorningstar Category
The C$12.1 billion Fidelity Global Equity+ Fund fell 0.06% in September. The loss on the fund was worse than the 1.14% gain on the average fund in the global equity category, underperforming 66.00% of its peers. The fund lagged its benchmark, the MSCI ACWI-Enhanced Index, by 1.33 percentage points.
Over the past year, the Fidelity International fund rose 25.71%, while the average fund in its category rose 17.25%. The fund launched in May 2024.
RBC North American Value Fund RNAV
- : NeutralMorningstar Medalist Rating
- : Canadian Focused EquityMorningstar Category
The C$11.7 billion RBC North American Value Fund fell 1.97% in September. The loss on the fund was worse than the 1.65% gain on the average fund in the Canadian focused equity category, underperforming 63.00% of its peers. Over the past year, the RBC fund rose 14.75%, while the average fund in its category rose 21.00%. The fund, launched in March 2023, has gained 20.47% over the past three years annualized.
Fidelity Greater Canada Fund FCGC
- : GoldMorningstar Medalist Rating
- : Canadian Focused EquityMorningstar Category
The C$11.4 billion Fidelity Greater Canada Fund fell 2.33% in September. The loss on the fund was worse than the 1.65% gain on the average fund in the Canadian focused equity category, underperforming 74.00% of its peers. The fund edged out its benchmark, the S&P/TSX Composite Index, by 0.29 percentage points.
Over the past year, the Fidelity International fund rose 17.98%, while the average fund in its category rose 21.00%. The fund, launched in May 2023, has gained 16.79% over the past three years annualized.
Vanguard Growth ETF Portfolio VGRO
- : GoldMorningstar Medalist Rating
- : Global Equity BalancedMorningstar Category
The C$11 billion Vanguard Growth ETF Portfolio fell 0.26% in September. The loss on the fund was worse than the 0.9% gain on the average fund in the global equity balanced category, underperforming 51.0% of its peers. The fund fell further than its benchmark, the Bloomberg Global Aggregate Index, by 0.23 percentage points.
Over the past year, the Vanguard fund rose 14.79%, while the average fund in its category rose 15.16%. The fund, launched in January 2018, has climbed 19.47% over the past three years annualized and 11.05% annualized over the past five.
TD North American Dividend Fund TDNA
- : NoneMorningstar Medalist Rating
- : North American EquityMorningstar Category
The C$10.5 billion TD North American Dividend Fund fell 0.39% in September. Over the past year, the TD fund rose 12.88%. The fund launched in September 2025.
