Photo: Randolph Croft / Wikimedia Commons, CC BY 2.0, cropped
Best All-in-One ETFs in Canada (October 2026): XEQT vs VEQT vs ZEQT and 14 More, Ranked by Fees and Returns
As of October 9, 2026, the five all-equity all-in-one ETFs in Canada returned between 18.1% and 18.8% over one year and charge 0.21% to 0.27%. XEQT is the largest at $23.5 billion with a 0.21% fee. ZEQT matches that fee and had a slightly higher return (18.72%). VEQT charges 0.24% and holds more Canadian stocks. For a lower-risk mix, XGRO, VGRO and ZGRO (about 80% stocks) returned about 14.2%, and XBAL, VBAL and ZBAL (60% stocks) returned about 10.2%. The brand matters much less than choosing the right stock-to-bond mix.
What is an all-in-one ETF?
An all-in-one ETF is a single fund that holds a complete, diversified portfolio. It's also called an asset allocation ETF.
Buy one and you own:
- Thousands of stocks in Canada, the US, Europe, Asia and emerging markets
- Bonds too, if you choose a mix that includes them
- Automatic rebalancing, so the mix stays on target
You pick the stock-to-bond mix once. The fund does everything else.
How we ranked them
All data was pulled on October 9, 2026.
- Fee is the expense ratio shown by StockAnalysis.
- 1-year return is total return including distributions.
- Assets show how much money is in the fund. Bigger funds trade more easily.
- We grouped funds by stock-to-bond mix, because comparing a 100% stock fund with a 40% stock fund tells you nothing.
100% stocks: the all-equity funds
For investors with a long time horizon who can sit through big drops.
| Rank | ETF | Fee | 1-year return | Assets | Yield | Pays |
|---|---|---|---|---|---|---|
| 1 | XEQT iShares Core Equity | 0.21% | +18.27% | $23.46B | 1.57% | Quarterly |
| 2 | ZEQT BMO All-Equity | 0.21% | +18.72% | $1.15B | 1.25% | Quarterly |
| 3 | VEQT Vanguard All-Equity | 0.24% | +18.13% | $17.90B | 1.21% | Yearly |
| 4 | HEQT Global X All-Equity | 0.24% | +18.84% | $423M | 1.65% | Monthly |
| 5 | TEQT TD All-Equity | 0.27% | +18.17% | $110M | 1.18% | Quarterly |
Source: StockAnalysis, October 9, 2026. Ranked by fee, then size.
What stands out: the best and worst one-year returns are 0.7 of a percentage point apart. These are close to the same product from five companies.
XEQT vs VEQT vs ZEQT
| XEQT | VEQT | ZEQT | |
|---|---|---|---|
| Company | iShares (BlackRock) | Vanguard | BMO |
| Fee | 0.21% | 0.24% | 0.21% |
| Canadian stocks | About 25% | About 30% | About 25% |
| Started | August 2019 | January 2019 | January 2022 |
| Average yearly return since launch | 14.63% | 14.02% | 15.02% |
The since-launch figures cover different periods, so don't compare them directly.
XEQT's holdings on October 9 show how these funds are built: about 46% US stocks, 25% Canadian, 24% other developed countries and about 5% emerging markets.
How to choose among the three: if you want the lowest fee, XEQT or ZEQT. If you want more Canada, VEQT. If your broker's app makes one easier to buy, pick that one. It's hard to go wrong.
About 80% stocks: the growth funds
A cushion of bonds for a slightly smoother ride.
| Rank | ETF | Fee | 1-year return | Assets | Yield |
|---|---|---|---|---|---|
| 1 | ZGRO BMO Growth | 0.20% | +14.20% | $832M | 1.37% |
| 2 | XGRO iShares Core Growth | 0.21% | +14.17% | $5.29B | 1.90% |
| 3 | VGRO Vanguard Growth | 0.22% | +14.21% | $11.03B | 1.74% |
| 4 | TGRO TD Growth | 0.22% | +15.07% | $462M | 1.66% |
Source: StockAnalysis, October 9, 2026.
XGRO, VGRO and ZGRO hold about 80% stocks and 20% bonds, and their returns are within 0.04 of a point of each other. TGRO holds about 90% stocks, which explains its higher return.
60% stocks: the balanced funds
The classic 60/40 mix.
| Rank | ETF | Fee | 1-year return | Assets | Yield |
|---|---|---|---|---|---|
| 1 | XBAL iShares Core Balanced | 0.20% | +10.26% | $3.53B | 2.23% |
| 2 | ZBAL BMO Balanced | 0.20% | +10.10% | $688M | 1.55% |
| 3 | VBAL Vanguard Balanced | 0.25% | +10.33% | $5.98B | 2.13% |
40% stocks and less: the conservative funds
For money you'll need sooner, or investors who can't stomach large swings.
| ETF | Stocks / bonds | Fee | 1-year return | Assets | Yield |
|---|---|---|---|---|---|
| XCNS iShares Core Conservative | 40 / 60 | 0.20% | +6.84% | $439M | 2.66% |
| ZCON BMO Conservative | 40 / 60 | 0.21% | +6.19% | $126M | 1.77% |
| VCNS Vanguard Conservative | 40 / 60 | 0.25% | +6.13% | $975M | 2.55% |
| XINC iShares Core Income Balanced | 20 / 80 | 0.19% | +2.66% | $128M | 3.42% |
| VCIP Vanguard Conservative Income | 20 / 80 | 0.25% | +2.27% | $257M | 3.04% |
Source for both tables: StockAnalysis, October 9, 2026.
The pattern that matters
Line up one fund family and the lesson is obvious.
| iShares fund | Stocks | 1-year return |
|---|---|---|
| XEQT | 100% | +18.27% |
| XGRO | 80% | +14.17% |
| XBAL | 60% | +10.26% |
| XCNS | 40% | +6.84% |
| XINC | 20% | +2.66% |
Moving between brands changed returns by a fraction of a point. Moving between mixes changed them by more than 15 points.
It was a strong year for stocks and a weak one for bonds, because interest rates rose. In a bad year for stocks, this table flips. The funds with more bonds lose less.
So choose the mix first. The brand barely matters.
How to pick your mix
A simple starting point:
- Won't touch the money for 15 years or more, and won't panic in a 30% drop: 100% stocks (XEQT, VEQT, ZEQT).
- Long horizon but want some cushion: 80% stocks (XGRO, VGRO, ZGRO).
- Within about 10 years of needing the money: 60% stocks (XBAL, VBAL, ZBAL).
- Need it within a few years: 40% stocks or less, or GICs and savings.
Be honest about the panic test. A fund you can hold through a crash beats a "better" one you sell at the bottom.
What the fee costs
| Fee | Cost per year on $10,000 | On $100,000 |
|---|---|---|
| 0.20% | $20 | $200 |
| 0.24% | $24 | $240 |
| 0.27% | $27 | $270 |
The gap between the cheapest and most expensive fund here is $7 a year per $10,000. A typical Canadian mutual fund charges about 2%, or $200. More in what an expense ratio really costs.
Where to hold one
All-in-one ETFs work in every account:
- TFSA: tax-free growth. See how to open a TFSA.
- RRSP: tax-deferred growth and a deduction today. See how to open an RRSP.
- FHSA: for a first home, though 100% stocks is risky if you're buying within a few years.
Most Canadian brokers now charge $0 to buy ETFs, so you can add small amounts every payday.
The bottom line
Pick the stock-to-bond mix that lets you sleep. Within that mix, choose the lowest fee from a brand your broker offers, and keep adding to it. XEQT and ZEQT are the cheapest all-equity funds at 0.21%. ZGRO, XBAL and ZBAL lead their groups at 0.20%. The differences from there are small enough to ignore.
Frequently asked questions
What is the best all-in-one ETF in Canada?
There is no single best one, because the main funds are nearly identical in cost and results. Among all-equity funds, XEQT is the largest and ties for the lowest fee at 0.21%, ZEQT matches the fee, and VEQT charges 0.24%. Their one-year returns to October 9, 2026 were all between 18.1% and 18.8%.
What is the difference between XEQT and VEQT?
Both hold 100% stocks from around the world. XEQT, from iShares, charges 0.21% and holds about 25% Canadian stocks. VEQT, from Vanguard, charges 0.24% and holds about 30% Canadian stocks. XEQT pays distributions quarterly and VEQT pays once a year. Their returns have been very close.
Is XEQT or XGRO better?
They suit different investors. XEQT is 100% stocks, so it has higher expected growth and bigger drops. XGRO is about 80% stocks and 20% bonds, so it falls less in a crash. Over the past year XEQT returned 18.27% and XGRO returned 14.17%.
Can I hold just one all-in-one ETF forever?
Yes, that is what they are designed for. Each fund holds thousands of stocks, and bonds where applicable, across Canada, the US and the rest of the world, and rebalances automatically. Many investors hold a single fund in their TFSA, RRSP and FHSA.
Are all-in-one ETFs good for a TFSA?
Yes. They are a simple, low-cost way to fill a TFSA. Growth and distributions inside a TFSA are not taxed. A small amount of foreign withholding tax on US and international dividends is lost, as it is with any fund holding foreign stocks.
How much do all-in-one ETFs cost?
Most charge between 0.19% and 0.25% a year. On $10,000, a 0.21% fee is about $21 a year. The fee is taken out of the fund's returns automatically. You never get a bill.
Primary sources
- StockAnalysis — TSX ETF expense ratio, assets, yield and total return data (retrieved October 9, 2026)
- BlackRock Canada — iShares Core Equity ETF Portfolio (XEQT) fund page
- Vanguard Canada — Vanguard All-Equity ETF Portfolio (VEQT) fund page
- StockAnalysis — BMO All-Equity ETF (ZEQT) data
- StockAnalysis — Vanguard Growth ETF Portfolio (VGRO) data
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Oct 9, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
Comments