All-in-One ETF Canada 2025 — XBAL, XGRO, VEQT, VBAL Compared

What Is an All-in-One ETF?

An all-in-one ETF (also called an asset allocation ETF) is a single fund that holds a globally diversified mix of stocks and bonds. Instead of buying and managing multiple ETFs yourself, you buy one ticker and get an entire portfolio — thousands of companies across dozens of countries — in a single purchase.

These products were introduced in Canada by iShares (BlackRock) and Vanguard in 2018 and have become enormously popular with Canadian investors who want simplicity and low fees.

Complete All-in-One ETF Lineup

XCNS

iShares Core Conservative

40% Equity60% Bonds

MER: 0.20% | Risk: Low

XBAL

iShares Core Balanced

60% Equity40% Bonds

MER: 0.20% | Risk: Medium

XGRO

iShares Core Growth

80% Equity20% Bonds

MER: 0.20% | Risk: Med-High

XEQT

iShares Core Equity

100% Equity

MER: 0.20% | Risk: High

VCNS

Vanguard Conservative

40% Equity60% Bonds

MER: 0.24% | Risk: Low

VBAL

Vanguard Balanced

60% Equity40% Bonds

MER: 0.24% | Risk: Medium

VGRO

Vanguard Growth

80% Equity20% Bonds

MER: 0.24% | Risk: Med-High

VEQT

Vanguard All-Equity

100% Equity

MER: 0.24% | Risk: High

iShares vs Vanguard: Which Should You Choose?

Feature	iShares (XEQT/XGRO/XBAL)	Vanguard (VEQT/VGRO/VBAL)
MER	0.20%	0.24%
Canada allocation	~24%	~30%
US allocation	~45%	~40%
International allocation	~31%	~30%
Underlying funds	iShares ETFs	Vanguard ETFs
Rebalancing	Automatic	Automatic
Available at	All Canadian brokers	All Canadian brokers

  Honest answer: Both are excellent. The 0.04% fee difference on XEQT vs VEQT amounts to $20/year on a $50,000 portfolio. The more important decision is choosing the right equity/bond split for your risk tolerance, not which brand you use.

Which All-in-One ETF Is Right for You?

Your Situation	Recommended ETF	Why
Under 40, long horizon, can handle volatility	XEQT or VEQT	Maximum long-term growth, no bonds drag
40s–50s, approaching retirement	XGRO or VGRO	80/20 balance, some downside protection
55+, nearing/in retirement	XBAL or VBAL	60/40 classic balanced portfolio
Conservative investor, any age	XCNS or VCNS	40/60, lower volatility, lower expected return
RESP (early years, child under 14)	XGRO or VGRO	Growth focus, some protection as withdrawal nears

Frequently Asked Questions

Do I need to rebalance an all-in-one ETF? +

No. All-in-one ETFs automatically rebalance internally when the underlying asset classes drift from their targets. This is one of the biggest benefits — you never need to manually rebalance, calculate percentages, or sell one holding to buy another.

Are all-in-one ETFs better than building my own portfolio? +

For most people, yes. The slight fee premium (0.20% vs ~0.10–0.15% for a custom 3-ETF portfolio) is worth the simplicity, automatic rebalancing, and reduced likelihood of making emotional mistakes. Advanced investors with large portfolios may benefit from custom portfolios, but for most Canadians, one all-in-one ETF is the optimal strategy.

What's the difference between XGRO and VEQT? +

XGRO holds 80% stocks and 20% bonds, while VEQT holds 100% stocks. XGRO is less volatile due to the bond component and better for investors approaching retirement. VEQT is higher expected return but higher volatility — better for younger investors with 15+ year horizons.

Can I hold an all-in-one ETF in a TFSA? +

Yes — TFSA is actually one of the best accounts for these ETFs. All growth, dividends, and capital gains are completely tax-free. XEQT, VEQT, XGRO, and VGRO are all excellent TFSA holdings for long-term investors.

Is it okay to hold both XEQT and VEQT? +

Technically yes, but there's no benefit. They're nearly identical portfolios. Holding both just adds complexity for no meaningful diversification benefit. Pick one and stick with it. The choice between them is largely personal preference.