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HBAL.TO vs. XGRO.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HBAL.TO vs. XGRO.TO

Last updated Jun 4, 2026

HBAL.TO (Global X Balanced Asset Allocation ETF) and XGRO.TO (iShares Core Growth ETF Portfolio) are both Diversified Portfolio funds. Both are actively managed. Over the past 5 years, HBAL.TO returned 7.93%/yr vs 10.83%/yr for XGRO.TO. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

HBAL.TO vs. XGRO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Balanced Asset Allocation ETF (HBAL.TO) and iShares Core Growth ETF Portfolio (XGRO.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HBAL.TO achieves a 8.04% return, which is significantly lower than XGRO.TO's 10.38% return.

HBAL.TO

1D
-0.11%
1M
4.73%
YTD
8.04%
6M
8.08%
1Y
19.77%
3Y*
14.75%
5Y*
7.93%
10Y*
—

XGRO.TO

1D
-0.18%
1M
5.42%
YTD
10.38%
6M
8.74%
1Y
23.44%
3Y*
17.87%
5Y*
10.83%
10Y*
10.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HBAL.TO vs. XGRO.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
HBAL.TO
Global X Balanced Asset Allocation ETF		8.04%13.57%16.65%15.57%-17.70%14.70%15.50%20.42%-7.40%
XGRO.TO
iShares Core Growth ETF Portfolio		10.38%15.59%19.53%15.01%-11.08%14.29%11.51%17.97%-8.40%

Correlation

The correlation between HBAL.TO and XGRO.TO is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.84

Correlation (3Y)
Calculated over the trailing 3-year period

0.84

Correlation (5Y)
Calculated over the trailing 5-year period

0.83

Correlation (All Time)
Calculated using the full available price history since Aug 3, 2018

0.78

The correlation between HBAL.TO and XGRO.TO has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

HBAL.TO vs. XGRO.TO - Sectors Allocation Comparison

Sectors
HBAL.TO
XGRO.TO

Technology

23.7%
25.8%

Financial Services

20.4%
20.3%

Industrials

10.7%
7.3%

Consumer Cyclical

8.3%
6.3%

Communication Services

7.2%
6.8%

Energy

6.9%
7.2%

Healthcare

6.9%
5.1%

Basic Materials

6.0%
5.6%

Consumer Defensive

5.4%
3.8%

Utilities

2.9%
1.5%

Real Estate

1.6%
0.4%

Technology

HBAL.TO
23.7%
XGRO.TO
25.8%

Financial Services

HBAL.TO
20.4%
XGRO.TO
20.3%

Industrials

HBAL.TO
10.7%
XGRO.TO
7.3%

Consumer Cyclical

HBAL.TO
8.3%
XGRO.TO
6.3%

Communication Services

HBAL.TO
7.2%
XGRO.TO
6.8%

Energy

HBAL.TO
6.9%
XGRO.TO
7.2%

Healthcare

HBAL.TO
6.9%
XGRO.TO
5.1%

Basic Materials

HBAL.TO
6.0%
XGRO.TO
5.6%

Consumer Defensive

HBAL.TO
5.4%
XGRO.TO
3.8%

Utilities

HBAL.TO
2.9%
XGRO.TO
1.5%

Real Estate

HBAL.TO
1.6%
XGRO.TO
0.4%

Compare stocks, funds, or ETFs

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Global X Balanced Asset Allocation ETF

iShares Core Growth ETF Portfolio

Often compared with HBAL.TO:
HBAL.TO vs. PYF.TOHBAL.TO vs. TCON.TOHBAL.TO vs. ZESG.TOHBAL.TO vs. ZBAL.TOHBAL.TO vs. CSBG.NEOHBAL.TO vs. FBAL.NEOHBAL.TO vs. MIX.TO
Often compared with XGRO.TO:
XGRO.TO vs. XEQT.TOXGRO.TO vs. VGRO.TOXGRO.TO vs. VEQT.TOXGRO.TO vs. XCG.TOXGRO.TO vs. TGRO.TOXGRO.TO vs. ZGRO.TOXGRO.TO vs. XAW.TO

Return for Risk

HBAL.TO vs. XGRO.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HBAL.TO
HBAL.TO Risk / Return Rank: 7777
Overall Rank
HBAL.TO Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
HBAL.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
HBAL.TO Omega Ratio Rank: 8282
Omega Ratio Rank
HBAL.TO Calmar Ratio Rank: 6969
Calmar Ratio Rank
HBAL.TO Martin Ratio Rank: 7575
Martin Ratio Rank
XGRO.TO
XGRO.TO Risk / Return Rank: 6767
Overall Rank
XGRO.TO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
XGRO.TO Sortino Ratio Rank: 6565
Sortino Ratio Rank
XGRO.TO Omega Ratio Rank: 6767
Omega Ratio Rank
XGRO.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
XGRO.TO Martin Ratio Rank: 7575
Martin Ratio Rank
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.

HBAL.TO vs. XGRO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Balanced Asset Allocation ETF (HBAL.TO) and iShares Core Growth ETF Portfolio (XGRO.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.

HBAL.TOXGRO.TODifference
Sharpe ratioReturn per unit of total volatility
2.53
2.18

+0.34

Sortino ratioReturn per unit of downside risk
3.63
3.09

+0.54

Omega ratioGain probability vs. loss probability

1.49

1.41

+0.08

Calmar ratioReturn relative to maximum drawdown

3.42

3.30

+0.12

Martin ratioReturn relative to average drawdown

14.23

14.67

-0.44

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBAL.TO vs. XGRO.TO - Sharpe Ratio Comparison

The current HBAL.TO Sharpe Ratio is 2.53, which is comparable to the XGRO.TO Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of HBAL.TO and XGRO.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.

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Sharpe Ratios by Period

HBAL.TOXGRO.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.53

2.18

+0.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.76

0.99

-0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.84

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

0.35

+0.42

Drawdowns

HBAL.TO vs. XGRO.TO - Drawdown Comparison

The maximum HBAL.TO drawdown since its inception was -22.49%, smaller than the maximum XGRO.TO drawdown of -47.97%. Use the drawdown chart below to compare losses from any high point for HBAL.TO and XGRO.TO.

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Drawdown Indicators

HBAL.TOXGRO.TODifference

Max Drawdown

Largest peak-to-trough decline

-22.49%

-47.97%

+25.48%

Max Drawdown (1Y)

Largest decline over 1 year

-5.80%

-7.12%

+1.32%

Max Drawdown (3Y)

Largest decline over 3 years

-9.29%

-12.47%

+3.18%

Max Drawdown (5Y)

Largest decline over 5 years

-22.11%

-18.40%

-3.71%

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.85%

—

Current Drawdown

Current decline from peak

-0.11%

-0.18%

+0.07%

Average Drawdown

Average peak-to-trough decline

-4.53%

-8.49%

+3.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.39%

1.60%

-0.21%

Volatility

HBAL.TO vs. XGRO.TO - Volatility Comparison

The current volatility for Global X Balanced Asset Allocation ETF (HBAL.TO) is 2.59%, while iShares Core Growth ETF Portfolio (XGRO.TO) has a volatility of 3.43%. This indicates that HBAL.TO experiences smaller price fluctuations and is considered to be less risky than XGRO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HBAL.TOXGRO.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.59%

3.43%

-0.84%

Volatility (6M)

Calculated over the trailing 6-month period

6.55%

9.19%

-2.64%

Volatility (1Y)

Calculated over the trailing 1-year period

7.86%

10.78%

-2.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.49%

11.05%

-0.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.13%

12.26%

-0.13%

HBAL.TO vs. XGRO.TO - Expense Ratio Comparison

Both HBAL.TO and XGRO.TO have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

HBAL.TO vs. XGRO.TO - Dividend Comparison

HBAL.TO's dividend yield for the trailing twelve months is around 2.25%, more than XGRO.TO's 1.76% yield.

PositionTTM20252024202320222021202020192018201720162015
HBAL.TO
Global X Balanced Asset Allocation ETF		2.25%2.41%2.28%1.08%0.02%0.06%0.04%0.19%0.00%0.00%0.00%0.00%
XGRO.TO
iShares Core Growth ETF Portfolio		1.76%1.92%1.98%2.22%1.86%1.66%1.94%2.21%7.42%2.04%2.65%2.15%

Frequently Asked Questions

HBAL.TO and XGRO.TO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

HBAL.TO and XGRO.TO have the same expense ratio: 0.20% per year.

They also come from different issuers: Global X and iShares.

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