Each month, we check in on the performance of the largest Canadian stock, bond, and active exchange-traded funds.
The Morningstar Canada Index rose 3.02% during September, while the Morningstar Canada Core Bond Index gained 1.81%. Over the past year, the Canadian stock market is up 27.27%, while the Canadian bond market has risen 12.74%.
The Morningstar US Market Index rose 2.34% during September and is up 35.50% over the past year. The Morningstar US Core Bond Index rose 1.56% last month and is up 11.31% over the past year.
In the global markets, stocks gained 2.59% during September, as measured by the Morningstar Global Markets Index. Bonds rose 1.88%, as measured by the Morningstar Global Core Bond Index. Over the past year, global stocks are up 31.40% and global bonds are are up 11.53%.
Largest Canadian Stock ETF Performance
Out of the 10 largest Canadian stock ETFs, the top performer last month was the C$8.5 billion Fidelity Canadian Large Cap Fund, which gained 3.27%. The bottom performer was the C$8.7 billion BMO MSCI EAFE Index ETF, which gained 1.02%.
Here’s more about the performance of the largest Canadian stock ETFs.
BMO S&P 500 Index ETF
• Morningstar Medalist Rating: Gold
• Morningstar Category: US Equity
In September, the BMO S&P 500 Index ETF rose 2.48%, while the average US equity fund gained 1.94%. The fund placed in the 19th percentile for performance. The C$19.5 billion fund has climbed 35.28% over the past year, outperforming the average fund in its category, which rose 31.25%. The BMO fund, which launched in November 2012, has climbed 13.99% over the past three years and gained 16.06% over the past five years.
Vanguard S&P 500 Index ETF
• Morningstar Medalist Rating: Gold
• Morningstar Category: US Equity
The C$17.5 billion Vanguard S&P 500 Index ETF rose 2.49% in September. The gain on the fund beat the 1.94% gain on the average fund in the US equity category, leaving it in the 18th percentile for performance. Over the past year, the Vanguard fund rose 35.32%, while the average fund in its category rose 31.25%. The fund, which launched in November 2012, has climbed 14.04% over the past three years and gained 16.07% over the past five years.
iShares S&P/TSX 60 Index ETF
• Morningstar Medalist Rating: Silver
• Morningstar Category: Canadian Equity
The iShares S&P/TSX 60 Index ETF gained 3.02% in September, outperforming the average fund in the Canadian equity category, which rose 2.84%. The C$14.1 billion fund has gained 26.52% over the past year, while the average fund in its category is up 24.70%. The iShares fund, which launched in September 1999, has climbed 9.49% over the past three years and gained 10.98% over the past five years.
iShares Core S&P/TSX Capped Composite Index ETF
• Morningstar Medalist Rating: Silver
• Morningstar Category: Canadian Equity
The C$13.4 billion iShares Core S&P/TSX Capped Composite Index ETF rose 3.13% in September. The gain on the fund beat the 2.84% gain on the average fund in the Canadian equity category, leaving it in the 31st percentile for performance. Over the past year, the iShares fund rose 26.59%, while the average fund in its category rose 24.70%. The fund, which launched in February 2001, has climbed 9.44% over the past three years and gained 10.92% over the past five years.
iShares Core S&P 500 Index ETF (CAD-Hedged)
• Morningstar Medalist Rating: Gold
• Morningstar Category: US Equity
The iShares Core S&P 500 Index ETF (CAD-Hedged) gained 2.02% in September, performing roughly in line with the average fund in the US equity category, which rose 1.94%. The C$11 billion fund has gained 34.28% over the past year, while the average fund in its category is up 31.25%. The iShares fund, which launched in May 2001, has climbed 10.35% over the past three years and gained 14.22% over the past five years.
Largest Canadian Bond ETF Performance
Out of the 10 largest Canadian bond ETFs, the top performer last month was the C$3.5 billion BMO Long Federal Bond Index ETF, which gained 2.71%. The bottom performer was the C$3.3 billion BMO Ultra Short-Term Bond ETF, which gained 0.46%.
Here’s more about the performance of the largest Canadian bond ETFs.
PIMCO Monthly Income Fund (Canada)
• Morningstar Medalist Rating: Silver
• Morningstar Category: Multi-Fixed Income
The PIMCO Monthly Income Fund (Canada) gained 1.30% in September, performing roughly in line with the average fund in the multi-fixed income category, which rose 1.28%. The fund placed in the 44th percentile for performance and performed roughly in line with its benchmark, the Bloomberg US Aggregate Bond Index.
The C$27.6 billion fund has gained 11.74% over the past year, while the average fund in its category is up 11.47%. The PIMCO fund, which launched in September 2017, has climbed 2.25% over the past three years and gained 2.91% over the past five years.
BMO Aggregate Bond Index ETF
• Morningstar Medalist Rating: Bronze
• Morningstar Category: Canadian Fixed Income
The C$10 billion BMO Aggregate Bond Index ETF rose 1.92% in September. The gain on the fund was roughly in line with the 1.85% gain on the average fund in the Canadian fixed income category, leaving it in the 38th percentile for performance. Over the past year, the BMO fund rose 12.90%, while the average fund in its category rose 12.74%. The fund, which launched in January 2010, has dropped 0.17% over the past three years and gained 0.55% over the past five years.
iShares Core Canadian Universe Bond Index ETF
• Morningstar Medalist Rating: Silver
• Morningstar Category: Canadian Fixed Income
The C$7.7 billion iShares Core Canadian Universe Bond Index ETF rose 1.90% in September. The gain on the fund was roughly in line with the 1.85% gain on the average fund in the Canadian fixed income category, leaving it in the 45th percentile for performance. Over the past year, the iShares fund rose 12.80%, while the average fund in its category rose 12.74%. The fund, which launched in November 2000, has dropped 0.19% over the past three years and gained 0.53% over the past five years.
Vanguard Canadian Aggregate Bond Index ETF
• Morningstar Medalist Rating: Silver
• Morningstar Category: Canadian Fixed Income
In September, the Vanguard Canadian Aggregate Bond Index ETF rose 1.92%, while the average Canadian fixed income fund gained 1.85%. The fund placed in the 34th percentile for performance. The C$5 billion fund has climbed 12.81% over the past year, performing roughly in line with the average fund in its category, which rose 12.74%. The Vanguard fund, which launched in November 2011, has dropped 0.20% over the past three years and gained 0.51% over the past five years.
RBC Core Bond Pool
• Morningstar Medalist Rating: Gold
• Morningstar Category: Global Fixed Income
In September, the RBC Core Bond Pool rose 1.50%, while the average global fixed income fund gained 1.32%. The fund placed in the 29th percentile for performance and beat its benchmark, the FTSE Canada Universe_CA Index, by 1.17 percentage points.
The C$4.8 billion fund was 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 and more tax-efficient than traditional actively managed mutual funds.
Out of the 10 largest Canadian active ETFs, the top performer last month was the C$5.3 billion Fidelity Emerging Markets Fund, which gained 8.27%. The bottom performer was the C$5.5 billion Global X High Interest Savings ETF, which gained 0.35%.
Here’s more about the performance of the largest Canadian active ETFs.
Fidelity Canadian Large Cap Fund
• Morningstar Medalist Rating: Silver
• Morningstar Category: Canadian Focused Equity
The C$8.5 billion Fidelity Canadian Large Cap Fund rose 3.27% in September. The gain on the fund beat the 2.44% gain on the average fund in the Canadian focused equity category, leaving it in the 11th percentile for performance. Over the past year, the Fidelity International fund rose 21.00%, while the average fund in its category rose 25.13%. The fund was launched in May 2023.
CI High Interest Savings ETF
• Morningstar Medalist Rating: None
• Morningstar Category: Canadian Money Market
The C$7 billion CI High Interest Savings ETF rose 0.35% in September. The gain on the fund beat the 0.29% gain on the average fund in the Canadian money market category, leaving it in the 46th percentile for performance. Over the past year, the CI Investments fund rose 4.84%, while the average fund in its category rose 4.47%. The fund, which launched in May 2019, has climbed 3.65% over the past three years and gained 2.56% over the past five years.
Fidelity Greater Canada Fund
• Morningstar Medalist Rating: Silver
• Morningstar Category: Canadian Focused Equity
In September, the Fidelity Greater Canada Fund rose 2.87%, while the average Canadian focused equity fund gained 2.44%. The fund placed in the 30th percentile for performance. The C$6.8 billion fund has climbed 18.59% over the past year, underperforming the average fund in its category, which rose 25.13%. The Fidelity International fund was launched in May 2023.
RBC North American Value Fund
• Morningstar Medalist Rating: Gold
• Morningstar Category: Canadian Focused Equity
The C$6.5 billion RBC North American Value Fund rose 2.69% in September. The gain on the fund beat the 2.44% gain on the average fund in the Canadian focused equity category, leaving it in the 41st percentile for performance. Over the past year, the RBC fund rose 26.82%, while the average fund in its category rose 25.13%. The fund was launched in March 2023.
Fidelity Tactical High Income Fund
• Morningstar Medalist Rating: None
• Morningstar Category: Tactical Balanced
The C$6.2 billion Fidelity Tactical High Income Fund rose 2.44% in September. The fund performed roughly in line with its benchmark, the S&P 500 Index. The Fidelity International fund was launched in May 2024.
This article was generated with the help of automation and reviewed by Morningstar editors.
