The Best Global Equity Funds and ETFs to Buy

Adding geographical diversification to a stock portfolio can offer significant advantages to investors. Exposure to outperforming stocks from around the world can potentially boost returns, while a broad portfolio can help limit losses from market downturns in any single country.

Investing only in one’s home market can also lead to a portfolio that is overweight in certain sectors. More than half the stocks in the Morningstar Canada Index come from the basic materials and financial-services sectors by market cap, while energy and industrials make up another 25%. The Morningstar Global Markets Index has a much more even sector distribution in comparison, allowing investors to gain exposure to underrepresented sectors.

For Canadian investors seeking diversification, global funds can be an easy solution, offering exposure to markets all around the world in a single investment. The following funds are worth a look as all four have earned our highest-conviction

of Gold.

What Are Global Equity Funds?

Funds in the global equity category must invest in securities domiciled anywhere across the globe such that their average market capitalization is greater than the small/mid-cap threshold, and invest more than 10% and less than 90% of their equity holdings in Canada or the US, according to the Canadian Investment Funds Standards Committee. Funds that do not meet any of the requirements of other geographic equity categories and have no formal restrictions that limit where they can invest will be assigned to this category.

The 4 Best Global Equity Funds and ETFs to Buy in 2026

To find the best global equity funds and exchange-traded funds to buy, we screened for the lowest-cost primary share classes earning a

of Gold with 100% analyst coverage. All the funds and ETFs on the list fall into the global equity and have at least C$100 million in assets. All data is as of March 11.

1. RBC Global Equity Index ETF Fund RBF2146
2. Vanguard FTSE Global All Cap ex Canada Index ETF VXC
3. Guardian Fundamental Global Equity Fund GCG578F
4. iShares Core MSCI All Country World ex Canada Index ETF XAW

Because the screen was created with the lowest-cost share class for each fund, some may be listed with share classes that are not accessible to individual investors, or they may be aimed at institutional investors and require large minimum investments. The individual investor versions of those funds may carry higher fees, reducing returns to shareholders. Medalist Ratings may differ among the share classes of a fund.

Morningstar expects the highly rated global equity funds on this list to outperform their peers over a full market cycle. But even though all the funds on our list fall into the same category, they may practice different strategies and therefore behave differently from each other. Investors need to do some homework to understand exactly what a particular fund invests in before buying.

Here’s a quick look at each of the best global equity funds and ETFs. Be sure to review a fund’s complete report for more details.

RBC Global Equity Index ETF Fund

• : C$493.6 million

• Morningstar Medalist Rating

  : Gold

• : ★★★★

Over the past 12 months, the RBC fund rose 16.24%, while the average fund in its category rose 12.89%. The fund, which launched in January 2022, has gained 19.24% over the past three years.

Brian Paoli, associate analyst at Morningstar, has the following to say on the fund:

IShares MSCI World Index ETF seeks to capture all but the smallest stocks in developed markets globally, but it could be cheaper.

This fund tracks the MSCI World Index, which targets large- and mid-cap stocks across developed markets. Market-cap weighting naturally reduces turnover and trading costs by channeling the market’s collective opinion of a stock’s relative value. This means that stocks that do well take up a greater share of the portfolio, which can sometimes concentrate the fund in expensive stocks or market segments that have done especially well.

Since its 2009 launch, the fund’s US equity allocation rose to over 70% of assets by the end of 2025 from under 50%. This shift reflects the exceptional performance and growth of US large-cap companies relative to the rest of the world. This is not unique to the fund, however, and most peers have also seen their US allocation swell. Market-cap weighting amplifies this effect, bringing large-cap US stocks into sharper focus here. The 10 largest stocks in this portfolio were US-based companies at the end of January 2026.

The fund outperformed the global large-stock blend category average by over 2.5 percentage points annualized and delivered stronger risk-adjusted performance for the trailing 10 years through December 2025. Much of this success stems from its emphasis on large-cap and US stocks, as both have dominated global returns for much of the past decade. Still, with roughly 30% invested in international equities, the fund does well when non-US markets outperform, like in 2025.

Read Morningstar’s full report on the RBC Global Equity Index ETF Fund.

Vanguard FTSE Global All Cap ex Canada Index ETF

• : C$3 billion

• Morningstar Medalist Rating

  : Gold

• : ★★★★★

Over the past 12 months, the Vanguard fund rose 17.77%, while the average fund in its category rose 12.89%. The fund, which launched in June 2014, has climbed 18.86% over the past three years and gained 11.40% over the past five years.

Paoli’s thoughts on the fund are as follows:

Vanguard FTSE Global All-Cap ex Canada Index ETF captures nearly all markets outside of Canada for a reasonable price.

The fund tracks the FTSE Global All-Cap ex Canada China A Inclusion Index. Its broad portfolio includes stocks of all sizes from developed and emerging markets outside of Canada. It weights its holdings by market cap, which captures the market’s consensus opinion of each stock’s relative value while mitigating turnover. Market-cap weighting can be tough to beat because the market tends to do a good job of pricing stocks over the long run. Occasionally, this overexposes the fund to expensive stocks, but this doesn’t undermine its long-term efficacy.

Broad diversification mitigates the impact of the worst performers on the fund’s overall performance. The target index holds more than 10,000 stocks, and the managers nearly replicate its portfolio through the use of four exchange-traded funds. Diversification benefits extend to the fund’s regional exposures. It captures nearly all of the global market cap outside of Canada, with US stocks collecting around 65% of the portfolio by the end of December 2025.

The fund has consistently beaten its peers. It beat the Canada global equity Morningstar Category average by 2.56 percentage points annualized from its June 2014 inception through December 2025. Its 0.22% management expense ratio was among the lowest decile of its peers and provides the fund a durable edge.

Read Morningstar’s full report on the Vanguard FTSE Global All Cap ex Canada Index ETF.

Guardian Fundamental Global Equity Fund

• : C$473.8 million

• Morningstar Medalist Rating

  : Gold

• : ★★

Over the past 12 months, the Guardian Capital fund fell 14.02%, while the average fund in its category rose 12.89%. The fund, which launched in April 2020, has climbed 3.82% over the past three years and gained 3.71% over the past five years.

Morningstar Director Jeffrey Schumacher has the following to say on the fund:

Under the leadership of Michael Boyd and Giles Warren, who have been collaborating for more than 25 years and since 2014 at GuardCap, the strategy has served investors well. The duo is supported by portfolio managers Orlaith O’Connor and Bojana Bidovec, who joined in 2015 and 2016, respectively. While there is no imminent retirement in sight for Boyd, the team’s most senior investment manager, it is reassuring that they are already planning for this long-term succession with the hiring of Satvik Subramaniam in January 2024 as a fifth team member. As an analyst, he will be patiently trained into the team’s investment philosophy. This group of investors is characterized by long industry experience, high stability, and its coinvestments in the strategy, but it stands out for its intense collaboration, long-term investment horizon, and dedication to its research process. We think fund shareholders are in highly capable hands here.

Another strength of this fund is its well-structured, intensive, and thorough bottom-up research process. The philosophy adheres to strict quality and growth criteria but is also mindful of valuations. To help sweep through such a large investment universe, the team relies on a quantitative filter and long-term secular trend research. A small number of companies are eventually meticulously and patiently analyzed. The intensity of research increases as a firm progresses through the stages of the process. The research is documented in detailed reports, which are heavily debated and challenged, even after a stock enters the portfolio. Throughout the process, all portfolio managers vote on whether a stock should progress to the next stage. The two lead managers finally select the stocks from a limited pool of companies that meet their stringent investment criteria.

The portfolio consists of 20-25 stocks, putting the managers’ highest convictions on full display. It has clear tilts toward high-quality growth stocks but is also relatively diversified over sectors compared with peers that apply a similar quality-growth strategy. The managers have built an excellent long-term track record on the back of effective stock selection and outstanding downside resilience. However, it can see periods of underperformance given its concentrated nature and strong quality-growth tilt. Patience is required to fully benefit from the strengths of this unique approach.

Read Morningstar’s full report on the Guardian Fundamental Global Equity Fund.

iShares Core MSCI All Country World ex Canada Index ETF

• : C$3.8 billion

• Morningstar Medalist Rating

  : Gold

• : ★★★★★

The C$3.8 billion fund has gained 17.47% over the past 12 months, while the average fund in its category is up 12.89%. The iShares fund, which launched in February 2015, has climbed 18.80% over the past three years and gained 11.68% over the past five years.

The following is Paoli’s analysis of the fund:

IShares Core MSCI All Country World ex Canada Index ETF covers nearly the entire global equity market outside Canada at a fair price.

The fund tracks the MSCI ACWI ex Canada Investable Market Index. Its broad portfolio includes stocks of all sizes from developed and emerging markets outside of Canada. It weights its holdings by market capitalization, which captures the market’s consensus opinion of each stock’s relative value while mitigating turnover. Market-cap weighting can be tough to beat because the market tends to do a good job of pricing stocks over the long run. Occasionally, this overexposes the fund to expensive stocks, but this doesn’t undermine its long-term efficacy.

Broad diversification mitigates the impact of the worst performers on the fund’s overall performance. The target index contains almost 8,000 stocks, and the managers nearly fully replicate its holdings through the use of six exchange-traded funds. Diversification benefits extend to its regional exposures. It captures nearly all of the global market cap outside of Canada, with US stocks accounting for 64% of the portfolio by the end of December 2025.

The fund has consistently beaten its peers. It beat the Canada global equity Morningstar Category average by 2.46 percentage points annualized from its February 2015 inception through December 2025. Its 0.22% management expense ratio was among the lowest of its peers and provides the fund a durable edge.

Read Morningstar’s full report on the iShares Core MSCI All Country World ex Canada Index ETF.