GBAL.TO vs. GCNS.TO

Last updated Jun 5, 2026

GBAL.TO (iShares ESG Balanced ETF Portfolio) and GCNS.TO (iShares ESG Conservative Balanced ETF Portfolio) are both Diversified Portfolio funds from iShares. Both are actively managed. Over the past 5 years, GBAL.TO returned 9.04%/yr vs 6.92%/yr for GCNS.TO. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

GBAL.TO vs. GCNS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Balanced ETF Portfolio (GBAL.TO) and iShares ESG Conservative Balanced ETF Portfolio (GCNS.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBAL.TO achieves a 9.39% return, which is significantly higher than GCNS.TO's 6.84% return.

GBAL.TO

• 1D: 0.16%
• 1M: 5.46%
• YTD: 9.39%
• 6M: 7.35%
• 1Y: 18.03%
• 3Y*: 15.66%
• 5Y*: 9.04%
• 10Y*: —

GCNS.TO

• 1D: 0.17%
• 1M: 4.67%
• YTD: 6.84%
• 6M: 5.13%
• 1Y: 13.12%
• 3Y*: 12.23%
• 5Y*: 6.92%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GBAL.TO vs. GCNS.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GBAL.TO iShares ESG Balanced ETF Portfolio	9.39%	11.77%	17.38%	14.48%	-11.94%	11.32%	5.81%
GCNS.TO iShares ESG Conservative Balanced ETF Portfolio	6.84%	7.23%	15.54%	11.66%	-10.94%	8.07%	4.37%

Correlation

The correlation between GBAL.TO and GCNS.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Sep 22, 2020	0.39

GBAL.TO vs. GCNS.TO - Sectors Allocation Comparison

Sectors	GBAL.TO	GCNS.TO
Technology	22.2%	33.8%
Financial Services	18.1%	29.3%
Industrials	5.4%	9.8%
Basic Materials	4.5%	7.4%
Consumer Cyclical	3.1%	5.1%
Healthcare	2.9%	4.8%
Real Estate	1.9%	3.2%
Communication Services	1.8%	3.3%
Consumer Defensive	1.7%	2.7%
Utilities	0.6%	0.6%
Energy	0.0%	-

Return for Risk

GBAL.TO vs. GCNS.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GBAL.TO

GBAL.TO Risk / Return Rank: 60
GBAL.TO Sharpe Ratio Rank: 58
GBAL.TO Sortino Ratio Rank: 60
GBAL.TO Omega Ratio Rank: 61
GBAL.TO Calmar Ratio Rank: 58
GBAL.TO Martin Ratio Rank: 63

GCNS.TO

GCNS.TO Risk / Return Rank: 53
GCNS.TO Sharpe Ratio Rank: 46
GCNS.TO Sortino Ratio Rank: 48
GCNS.TO Omega Ratio Rank: 59
GCNS.TO Calmar Ratio Rank: 58
GCNS.TO Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GBAL.TO vs. GCNS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Balanced ETF Portfolio (GBAL.TO) and iShares ESG Conservative Balanced ETF Portfolio (GCNS.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GBAL.TO	GCNS.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.59	+0.33
Sortino ratio: Return per unit of downside risk	2.79	2.32	+0.48
Omega ratio: Gain probability vs. loss probability	1.37	1.35	+0.01
Calmar ratio: Return relative to maximum drawdown	2.83	2.80	+0.03
Martin ratio: Return relative to average drawdown	11.25	9.32	+1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBAL.TO vs. GCNS.TO - Sharpe Ratio Comparison

The current GBAL.TO Sharpe Ratio is 1.92, which is comparable to the GCNS.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of GBAL.TO and GCNS.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GBAL.TO	GCNS.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	1.59	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.85	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.92	+0.11

Drawdowns

GBAL.TO vs. GCNS.TO - Drawdown Comparison

The maximum GBAL.TO drawdown since its inception was -18.92%, which is greater than GCNS.TO's maximum drawdown of -15.37%. Use the drawdown chart below to compare losses from any high point for GBAL.TO and GCNS.TO.

Drawdown Indicators

	GBAL.TO	GCNS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.92%	-15.37%	-3.55%
Max Drawdown (1Y) Largest decline over 1 year	-6.40%	-4.81%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	-10.24%	-7.38%	-2.86%
Max Drawdown (5Y) Largest decline over 5 years	-18.92%	-15.37%	-3.55%
Current Drawdown Current decline from peak	-0.08%	0.00%	-0.08%
Average Drawdown Average peak-to-trough decline	-4.30%	-3.56%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.44%	+0.17%

Volatility

GBAL.TO vs. GCNS.TO - Volatility Comparison

iShares ESG Balanced ETF Portfolio (GBAL.TO) has a higher volatility of 3.19% compared to iShares ESG Conservative Balanced ETF Portfolio (GCNS.TO) at 2.47%. This indicates that GBAL.TO's price experiences larger fluctuations and is considered to be riskier than GCNS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBAL.TO	GCNS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	2.47%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	7.87%	5.59%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	9.42%	8.49%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.70%	8.20%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.53%	7.83%	+1.70%

GBAL.TO vs. GCNS.TO - Expense Ratio Comparison

Both GBAL.TO and GCNS.TO have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

GBAL.TO vs. GCNS.TO - Dividend Comparison

GBAL.TO's dividend yield for the trailing twelve months is around 1.71%, less than GCNS.TO's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
GBAL.TO iShares ESG Balanced ETF Portfolio	1.71%	1.83%	1.84%	2.40%	1.87%	1.43%	0.96%
GCNS.TO iShares ESG Conservative Balanced ETF Portfolio	1.98%	2.07%	2.03%	2.88%	2.09%	1.60%	2.49%

Frequently Asked Questions

Can I hold both GBAL.TO and GCNS.TO in my portfolio?

GBAL.TO and GCNS.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GBAL.TO or GCNS.TO?

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GBAL.TO or GCNS.TO?

GBAL.TO and GCNS.TO have the same expense ratio: 0.25% per year.