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How the Largest ETFs in Canada Performed in 2025

BMO S&P/TSX Capped Composite Index ETF led stock ETF returns in 2025 while Vanguard US Total Market Index ETF lagged.

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Illustration de collage du mot "ETF" avec une horloge et des formes en arrière-plan.

This article mentions funds that have an issuer-initiated rating and/or track a Morningstar Index. For full disclosure information, please refer to the specific funds, which are demarcated with a * symbol, listed below.

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

The Morningstar Canada Index rose 1.35% during December, while the Morningstar Canada Core Bond Index lost 1.41%. Over the past year, the Canadian stock market is up 32.26%, while the bond market has risen 2.29%. The Morningstar US Market Index fell 1.70% during December and is up 11.84% over the past year. The Morningstar US Core Bond Index fell 1.94% last month and is up 2.09% over the past year.

In the global markets, stocks lost 0.62% during December, as measured by the Morningstar Global Markets Index. Bonds fell 1.55%, as measured by the Morningstar Global Core Bond Index. Over the past year, global stocks are up 16.88% and global bonds are up 2.76%.

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.

Largest Canadian Stock ETF Performance

Out of the 10 largest Canadian stock ETFs, the top performer last year was the C$13.9 billion BMO S&P/TSX Capped Composite Index ETF ZCN, which gained 31.61%. The bottom performer was the C$14.8 billion Vanguard US Total Market Index ETF VUN

, which gained 11.45%.

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

Vanguard S&P 500 Index ETF

The Vanguard S&P 500 Index ETF lost 1.73% in December, underperforming the average fund in the US equity category, which rose 0.20%. The C$28.2 billion fund has gained 12.23% over the past 12 months, while the average fund in its category is up 9.60%. The Vanguard fund, launched in November 2012, has climbed 23.21% over the past three years annualized and 15.83% annualized over the past five years.

BMO S&P 500 Index ETF

In December, the BMO S&P 500 Index ETF fell 1.50%, while the average US equity fund gained 0.20%. The fund placed in the 50th percentile for performance. The C$25.1 billion fund has climbed 12.55% over the past 12 months, outperforming the average fund in its category, which rose 9.60%. The BMO fund, launched in November 2012, has climbed 23.28% over the past three years annualized and 15.86% annualized over the past five years.

iShares Core S&P/TSX Capped Composite Index ETF

The C$22.4 billion iShares Core S&P/TSX Capped Composite Index ETF rose 1.31% in December. The gain on the fund was shy of the 3.15% gain on the average fund in the Canadian equity category, leaving it in the 51st percentile for performance. Over the past 12 months, the iShares fund rose 31.59%, while the average fund in its category rose 20.04%. The fund, launched in February 2001, has climbed 21.32% over the past three years annualized and 16.03% annualized over the past five years.

iShares S&P/TSX 60 Index ETF

The C$20.5 billion iShares S&P/TSX 60 Index ETF rose 1.26% in December. The gain on the fund was shy of the 3.15% gain on the average fund in the Canadian equity category, leaving it in the 60th percentile for performance. Over the past 12 months, the iShares fund rose 28.89%, while the average fund in its category rose 20.04%. The fund, launched in September 1999, has climbed 20.29% over the past three years annualized and 15.83% annualized over the past five years.

iShares Core MSCI EAFE IMI Index ETF

The C$17 billion iShares Core MSCI EAFE IMI Index ETF rose 0.97% in December. The gain on the fund beat the 0.09% gain on the average fund in the international equity category, leaving it in the 35th percentile for performance. Over the past 12 months, the iShares fund rose 25.36%, while the average fund in its category rose 18.43%. The fund, launched in April 2013, has climbed 17.30% over the past three years annualized and 10.01% annualized 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$35.3 billion PIMCO Monthly Income Fund (Canada) PMIF, which gained 9.24%. The bottom performer was the C$6.6 billion Vanguard Canadian Aggregate Bond Index ETF VAB, which gained 2.41%.

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

PIMCO Monthly Income Fund (Canada)

The PIMCO Monthly Income Fund (Canada) gained 0.29% in December, outperforming the average fund in the multi-fixed income category, which rose 0.25%. The fund placed in the 1st percentile for performance and beat its benchmark, the Bloomberg US Aggregate Bond Index, by 0.60 percentage points.

The C$35.3 billion fund has gained 9.24% over the past 12 months, while the average fund in its category is up 5.10%. The PIMCO fund, launched in September 2017, has climbed 7.39% over the past three years annualized and 3.27% annualized over the past five years.

BMO Aggregate Bond Index ETF

The C$12.2 billion BMO Aggregate Bond Index ETF fell 1.29% in December. The loss on the fund was worse than the 0.23% gain on the average fund in the Canadian fixed income category, leaving it in the 63rd percentile for performance. Over the past 12 months, the BMO fund rose 2.56%, while the average fund in its category rose 3.16%. The fund, launched in January 2010, has climbed 4.44% over the past three years annualized and lost 0.43% annualized over the past five years.

iShares Core Canadian Universe Bond Index ETF

In December, the iShares Core Canadian Universe Bond Index ETF fell 1.29%, while the average Canadian fixed income fund gained 0.23%. The fund placed in the 63rd percentile for performance. The C$9.1 billion fund has climbed 2.57% over the past 12 months, underperforming the average fund in its category, which rose 3.16%. The iShares fund, launched in November 2000, has climbed 4.42% over the past three years annualized and lost 0.45% annualized over the past five years.

Vanguard Canadian Aggregate Bond Index ETF

The Vanguard Canadian Aggregate Bond Index ETF lost 1.30% in December, underperforming the average fund in the Canadian fixed income category, which rose 0.23%. The C$6.6 billion fund has gained 2.41% over the past 12 months, while the average fund in its category is up 3.16%. The Vanguard fund, launched in November 2011, has climbed 4.32% over the past three years annualized and lost 0.50% annualized over the past five years.

RBC Core Bond Pool

The RBC Core Bond Pool lost 0.43% in December, underperforming the average fund in the global core plus fixed income category, which rose 0.17%. The fund placed in the 47th percentile for performance and edged out its benchmark, the FTSE Canada Universe_CA Index, by 0.84 percentage points.

The C$6.6 billion fund has gained 4.48% over the past 12 months, while the average fund in its category is up 3.92%. The RBC fund launched in March 2024.

Largest Canadian Active ETF Performance

While passive ETFs have portfolios where holdings are designed to track the performance of an index, active ETFs are managed by portfolio managers who make the decisions about 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.

Out of the 10 largest Canadian active ETFs, the top performer last year was the C$12.7 billion iShares Core Equity ETF Portfolio XEQT, which gained 20.45%. The bottom performer was the C$6.8 billion BMO Money Market Fund ZMMK, which gained 2.86%.

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

iShares Core Equity ETF Portfolio

The iShares Core Equity ETF Portfolio lost 0.21% in December, falling further than the average fund in the global equity category, which fell 0.09%. The fund placed in the 25th percentile for performance and lagged its benchmark, the S&P/TSX Capped Composite Index, by 1.53 percentage points.

The C$12.7 billion fund has gained 20.45% over the past 12 months, while the average fund in its category is up 12.43%. The iShares fund, launched in August 2019, has climbed 20.68% over the past three years annualized and 13.36% annualized over the past five years.

Fidelity Canadian Large Cap Fund

The Fidelity Canadian Large Cap Fund lost 1.42% in December, underperforming the average fund in the Canadian focused equity category, which rose 1.93%. The fund placed in the 100th percentile for performance and lagged its benchmark, the S&P/TSX Composite Index, by 2.74 percentage points.

The C$12.2 billion fund has gained 18.34% over the past 12 months, while the average fund in its category is up 14.33%. The Fidelity International fund launched in May 2023.

Vanguard All-Equity ETF Portfolio

The Vanguard All-Equity ETF Portfolio lost 0.21% in December, falling further than the average fund in the global equity category, which fell 0.09%. The fund placed in the 25th percentile for performance and edged out its benchmark, the FTSE Global All Cap Index, by 0.45 percentage points.

The C$10.6 billion fund has gained 20.44% over the past 12 months, while the average fund in its category is up 12.43%. The Vanguard fund, launched in January 2019, has climbed 20.72% over the past three years annualized and 13.40% annualized over the past five years.

RBC North American Value Fund

The C$9.6 billion RBC North American Value Fund rose 0.28% in December. The gain on the fund was shy of the 1.93% gain on the average fund in the Canadian focused equity category, leaving it in the 55th percentile for performance. Over the past 12 months, the RBC fund rose 19.80%, while the average fund in its category rose 14.33%. The fund launched in March 2023.

Fidelity Greater Canada Fund

The C$9 billion Fidelity Greater Canada Fund rose 2.46% in December. The gain on the fund beat the 1.93% gain on the average fund in the Canadian focused equity category, leaving it in the first percentile for performance. The fund beat its benchmark, the S&P/TSX Composite Index, by 1.14 percentage points.

Over the past 12 months, the Fidelity International fund rose 13.02%, while the average fund in its category rose 14.33%. The fund launched in May 2023.

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.

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