VGRO.TO vs. HBAL.TO

Last updated Jun 25, 2026

VGRO.TO (Vanguard Growth ETF Portfolio) and HBAL.TO (Global X Balanced Asset Allocation ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past 5 years, VGRO.TO returned 10.91%/yr vs 7.68%/yr for HBAL.TO. Their correlation of 0.80 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.

Performance

VGRO.TO vs. HBAL.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, VGRO.TO achieves a 10.72% return, which is significantly higher than HBAL.TO's 8.33% return.

VGRO.TO

• 1D: -0.04%
• 1M: 0.66%
• YTD: 10.72%
• 6M: 10.13%
• 1Y: 24.07%
• 3Y*: 19.22%
• 5Y*: 10.91%
• 10Y*: —

HBAL.TO

• 1D: 0.00%
• 1M: 1.43%
• YTD: 8.33%
• 6M: 8.37%
• 1Y: 19.49%
• 3Y*: 14.76%
• 5Y*: 7.68%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VGRO.TO Vanguard Growth ETF Portfolio	10.72%	16.95%	20.16%	14.85%	-11.18%	14.82%	10.88%	17.77%	-6.94%
HBAL.TO Global X Balanced Asset Allocation ETF	8.33%	13.57%	16.65%	15.57%	-17.70%	14.70%	15.50%	20.42%	-8.41%

Correlation

The correlation between VGRO.TO and HBAL.TO is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018	0.80

The correlation between VGRO.TO and HBAL.TO has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Return for Risk

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

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

VGRO.TO

VGRO.TO Risk / Return Rank: 81
VGRO.TO Sharpe Ratio Rank: 83
VGRO.TO Sortino Ratio Rank: 84
VGRO.TO Omega Ratio Rank: 84
VGRO.TO Calmar Ratio Rank: 75
VGRO.TO Martin Ratio Rank: 82

HBAL.TO

HBAL.TO Risk / Return Rank: 82
HBAL.TO Sharpe Ratio Rank: 84
HBAL.TO Sortino Ratio Rank: 85
HBAL.TO Omega Ratio Rank: 86
HBAL.TO Calmar Ratio Rank: 75
HBAL.TO Martin Ratio Rank: 80

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.

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

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

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VGRO.TO	HBAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.36	+0.04
Sortino ratio: Return per unit of downside risk	3.34	3.34	0.00
Omega ratio: Gain probability vs. loss probability	1.45	1.45	-0.01
Calmar ratio: Return relative to maximum drawdown	3.45	3.38	+0.07
Martin ratio: Return relative to average drawdown	14.81	13.83	+0.98

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

The current VGRO.TO Sharpe Ratio is 2.40, which is comparable to the HBAL.TO Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of VGRO.TO and HBAL.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.

Drawdowns

VGRO.TO vs. HBAL.TO - Drawdown Comparison

The maximum VGRO.TO drawdown since its inception was -25.36%, which is greater than HBAL.TO's maximum drawdown of -22.49%. Use the drawdown chart below to compare losses from any high point for VGRO.TO and HBAL.TO.

Drawdown Indicators

	VGRO.TO	HBAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-25.36%	-22.49%	-2.87%
Max Drawdown (1Y) Largest decline over 1 year	-7.01%	-5.80%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	-12.49%	-9.29%	-3.20%
Max Drawdown (5Y) Largest decline over 5 years	-17.37%	-22.11%	+4.74%
Current Drawdown Current decline from peak	-1.23%	-0.90%	-0.33%
Average Drawdown Average peak-to-trough decline	-3.38%	-4.49%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.41%	+0.22%

Volatility

VGRO.TO vs. HBAL.TO - Volatility Comparison

Vanguard Growth ETF Portfolio (VGRO.TO) has a higher volatility of 3.73% compared to Global X Balanced Asset Allocation ETF (HBAL.TO) at 3.05%. This indicates that VGRO.TO's price experiences larger fluctuations and is considered to be riskier than HBAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGRO.TO	HBAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	3.05%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	8.42%	7.04%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	10.11%	8.31%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.71%	10.56%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.54%	12.14%	+0.40%

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

Both VGRO.TO and HBAL.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

VGRO.TO vs. HBAL.TO - Dividend Comparison

VGRO.TO's dividend yield for the trailing twelve months is around 1.70%, less than HBAL.TO's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HBAL.TO Global X Balanced Asset Allocation ETF	2.24%	2.41%	2.28%	1.08%	0.03%	0.06%	0.04%	0.19%	0.00%
VGRO.TO Vanguard Growth ETF Portfolio	1.70%	1.88%	2.04%	2.18%	2.17%	1.82%	1.80%	2.20%	2.12%

Frequently Asked Questions

Can I hold both VGRO.TO and HBAL.TO in my portfolio?

VGRO.TO and HBAL.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGRO.TO or HBAL.TO?

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

Which ETF is cheaper, VGRO.TO or HBAL.TO?

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

What is the main difference between VGRO.TO and HBAL.TO?

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