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How the Largest Canadian ETFs Performed in January

BMO MSCI EAFE Index ETF led stock ETF returns while iShares Core S&P 500 Index ETF (CAD-Hedged) lagged.

Bella Albrecht 6 February, 2025 | 4:26PM
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Each month, we check in on the performance of the largest Canadian stock, bond, and active exchange-traded funds.

The Morningstar Canada Index rose 3.51% during January, while the Morningstar Canada Core Bond Index gained 1.13%. Over the past year, the Canadian stock market is up 26.71%, while the Canadian bond market has risen 6.59%.

The Morningstar US Market Index rose 3.85% during January and is up 36.95% over the past year. The Morningstar US Core Bond Index rose 1.26% last month and is up 10.66% over the past year.

In the global markets, stocks gained 3.97% during January, as measured by the Morningstar Global Markets Index. Bonds rose 1.29%, as measured by the Morningstar Global Core Bond Index. Over the past year, global stocks are up 30.25% and global bonds are are up 8.44%.

Largest Canadian Stock ETF Performance

Out of the 10 largest Canadian stock ETFs, the top performer last month was the C$8.9 billion BMO MSCI EAFE Index ETF, which gained 6.21%. The bottom performer was the C$11.9 billion iShares Core S&P 500 Index ETF (CAD-Hedged), which gained 2.61%.

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

The C$23.2 billion BMO S&P 500 Index ETF rose 3.90% in January. The gain on the fund beat the 1.27% loss on the average fund in the US equity category, leaving it in the 46th percentile for performance. Over the past 12 months, the BMO fund rose 36.21%, while the average fund in its category rose 28.31%. The fund, which launched in November 2012, has climbed 16.63% over the past three years and gained 16.96% over the past five years.

Vanguard S&P 500 Index ETF

• Morningstar Medalist Rating: Gold

• Morningstar Category: US Equity

The Vanguard S&P 500 Index ETF gained 3.83% in January, outperforming the average fund in the US equity category, which fell 1.27%. The C$22.1 billion fund has gained 36.21% over the past 12 months, while the average fund in its category is up 28.31%. The Vanguard fund, which launched in November 2012, has climbed 16.64% over the past three years and gained 16.95% over the past five years.

iShares S&P/TSX 60 Index ETF

• Morningstar Medalist Rating: Silver

• Morningstar Category: Canadian Equity

In January, the iShares S&P/TSX 60 Index ETF rose 4.17%, while the average Canadian equity fund lost 2.89%. The fund placed in the 10th percentile for performance. The C$16.1 billion fund has climbed 25.16% over the past 12 months, outperforming the average fund in its category, which rose 19.15%. The iShares fund, which launched in September 1999, has climbed 9.70% over the past three years and gained 11.73% over the past five years.

iShares Core S&P/TSX Capped Composite Index ETF

• Morningstar Medalist Rating: Silver

• Morningstar Category: Canadian Equity

The C$15.3 billion iShares Core S&P/TSX Capped Composite Index ETF rose 3.47% in January. The gain on the fund beat the 2.89% loss on the average fund in the Canadian equity category, leaving it in the 27th percentile for performance. Over the past 12 months, the iShares fund rose 25.06%, while the average fund in its category rose 19.15%. The fund, which launched in February 2001, has climbed 9.90% over the past three years and gained 11.41% 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 2.61% in January, outperforming the average fund in the US equity category, which fell 1.27%. The C$11.9 billion fund has gained 24.69% over the past 12 months, while the average fund in its category is up 28.31%. The iShares fund, which launched in May 2001, has climbed 10.28% over the past three years and gained 13.36% 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$3.8 billion BMO Long Federal Bond Index ETF, which gained 1.80%. The bottom performer was the C$3.8 billion BMO Ultra Short-Term Bond ETF, which gained 0.34%.

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 C$28.5 billion PIMCO Monthly Income Fund (Canada) rose 1.08% in January. The gain on the fund beat the 0.49% loss on the average fund in the multi-fixed income category, leaving it in the 26th percentile for performance. The fund beat its benchmark, the Bloomberg US Aggregate Bond Index, by 0.66 percentage points.

Over the past 12 months, the PIMCO fund rose 5.50%, while the average fund in its category rose 5.64%. The fund, which launched in September 2017, has climbed 2.61% over the past three years and gained 2.37% over the past five years.

BMO Aggregate Bond Index ETF

• Morningstar Medalist Rating: Bronze

• Morningstar Category: Canadian Fixed Income

The BMO Aggregate Bond Index ETF gained 1.20% in January, outperforming the average fund in the Canadian fixed income category, which fell 0.64%. The C$9.9 billion fund has gained 6.89% over the past 12 months, while the average fund in its category is up 4.45%. The BMO fund, which launched in January 2010, has climbed 0.90% over the past three years and gained 0.36% over the past five years.

iShares Core Canadian Universe Bond Index ETF

• Morningstar Medalist Rating: Silver

• Morningstar Category: Canadian Fixed Income

In January, the iShares Core Canadian Universe Bond Index ETF rose 1.20%, while the average Canadian fixed income fund lost 0.64%. The fund placed in the 17th percentile for performance. The C$8.4 billion fund has climbed 6.88% over the past 12 months, outperforming the average fund in its category, which rose 4.45%. The iShares fund, which launched in November 2000, has climbed 0.87% over the past three years and gained 0.35% over the past five years.

Vanguard Canadian Aggregate Bond Index ETF

• Morningstar Medalist Rating: Silver

• Morningstar Category: Canadian Fixed Income

In January, the Vanguard Canadian Aggregate Bond Index ETF rose 1.17%, while the average Canadian fixed income fund lost 0.64%. The fund placed in the 32nd percentile for performance. The C$5.5 billion fund has climbed 6.73% over the past 12 months, outperforming the average fund in its category, which rose 4.45%. The Vanguard fund, which launched in November 2011, has climbed 0.84% over the past three years and gained 0.32% over the past five years.

BMO Long Federal Bond Index ETF

• Morningstar Medalist Rating: Neutral

• Morningstar Category: Canadian Long Term Fixed Income

The C$3.8 billion BMO Long Federal Bond Index ETF rose 1.80% in January. The gain on the fund beat the 2.92% loss on the average fund in the Canadian long term fixed income category, leaving it in the 17th percentile for performance. Over the past 12 months, the BMO fund rose 4.14%, while the average fund in its category fell 0.03%. The fund, which launched in May 2010, has dropped 4.39% over the past three years and lost 4.34% over the past five years.

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$7.5 billion Fidelity Greater Canada Fund, which gained 4.93%. The bottom performer was the C$6.1 billion Global X High Interest Savings ETF, which gained 0.26%.

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

Fidelity Canadian Large Cap Fund

• Morningstar Medalist Rating: Bronze

• Morningstar Category: Canadian Focused Equity

The Fidelity Canadian Large Cap Fund gained 2.60% in January, outperforming the average fund in the Canadian focused equity category, which fell 2.29%. The C$8.6 billion fund has gained 17.44% over the past 12 months, while the average fund in its category is up 20.23%. The Fidelity International fund was launched in May 2023.

Fidelity Greater Canada Fund

• Morningstar Medalist Rating: Silver

• Morningstar Category: Canadian Focused Equity

In January, the Fidelity Greater Canada Fund rose 4.93%, while the average Canadian focused equity fund lost 2.29%. The fund placed in the second percentile for performance. The C$7.5 billion fund has climbed 16.03% over the past 12 months, underperforming the average fund in its category, which rose 20.23%. The Fidelity International fund was launched in May 2023.

RBC North American Value Fund

• Morningstar Medalist Rating: Gold

• Morningstar Category: Canadian Focused Equity

In January, the RBC North American Value Fund rose 2.98%, while the average Canadian focused equity fund lost 2.29%. The fund placed in the 56th percentile for performance. The C$7.2 billion fund has climbed 24.51% over the past 12 months, outperforming the average fund in its category, which rose 20.23%. The RBC fund was launched in March 2023.

Vanguard Growth ETF Portfolio

• Morningstar Medalist Rating: Silver

• Morningstar Category: Global Equity Balanced

The Vanguard Growth ETF Portfolio gained 3.44% in January, outperforming the average fund in the global equity balanced category, which fell 1.05%. The fund placed in the 37th percentile for performance and beat its benchmark, the Bloomberg Global Aggregate Index, by 2.17 percentage points.

The C$6.6 billion fund has gained 23.39% over the past 12 months, while the average fund in its category is up 16.73%. The Vanguard fund, which launched in January 2018, has climbed 9.39% over the past three years and gained 9.86% over the past five years.

iShares Core Equity ETF Portfolio

• Morningstar Medalist Rating: Bronze

• Morningstar Category: Global Equity

The C$6.6 billion iShares Core Equity ETF Portfolio rose 4.06% in January. The gain on the fund beat the 1.06% loss on the average fund in the global equity category, leaving it in the 67th percentile for performance. The fund beat its benchmark, the S&P/TSX Capped Composite Index, by 0.58 percentage points.

Over the past 12 months, the iShares fund rose 28.06%, while the average fund in its category rose 21.92%. The fund, which launched in August 2019, has climbed 11.92% over the past three years and gained 12.38% over the past five years.


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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About Author

Bella Albrecht  is an associate data journalist at Morningstar Inc. 

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