The Globe and Mail reports in its Tuesday edition that while there are cheaper, better alternatives to bank mutual funds, they do have a few benefits and can be adequate for some investors. The Globe's Rob Carrick writes that a reader told him he has a bank fund with a management expense ratio of 2.02 per cent and a three-year return of 5.2 per cent. Evaluating the performance of this fund requires finding the right benchmarks. Mr. Carrick chooses a selection of exchange-traded funds that work similarly to 60:40 balanced mutual funds in providing a fully diversified portfolio: the BMO Balanced ETF (ZBAL): produced a three-year annualized return of 5.1 per cent to Dec. 31; the MER is 0.2 per cent. The Fidelity All-in-One Balanced ETF (FBAL): produced a three-year annualized return of 7.2 per cent to Dec. 31; the MER is 0.4 per cent. The iShares Core Balanced ETF Portfolio (XBAL): three-year return of 5.2 per cent; MER is 0.2 per cent. The Vanguard Balanced ETF Portfolio (VBAL): return of 4.9 per cent; MER of 0.24 per cent. As for the reader with the bank mutual fund, Mr. Carrick says Yes, there are better alternatives in the ETF universe -- but making a change is a judgment call in this case and not a slam dunk.