XBAL is iShares' classic 60/40 balanced one-ticker — the same Boglehead-approved allocation Vanguard's VBAL uses, at the same MER (0.20% vs 0.24%). For investors 5 years from retirement or already drawing down, the 40% bond allocation provides the income + stability that 100% equity can't.
★ XBAL wins on MER (0.04% cheaper, compounding to ~$1,200 on $100K over 25 years). VBAL wins on AUM (more liquid, longer track record). Returns are mathematically near-identical.
XBAL is the cheapest 60/40 one-ticket in Canada at 0.20% MER. For anyone within 5 years of retirement, drawing income from a portfolio, or who couldn't stomach a 25%+ drawdown, XBAL is the default answer. Slightly cheaper than VBAL but otherwise functionally identical.