I’ve been looking all over these forums for more specific analysis of this but haven’t found anything detailed. As is usually the case, the answer to the question “which is better” is almost always “it depends” so the less naive question is this: when / where / in what situations do ductless ERV/HRVs perform as well as or better than ducted?

For clarity, I’m trying to evaluate the pros and cons of these two different solutions for a whole-home energy retrofit (in zone 4c). It’s a fairly large, older home with no existing ductwork and 2×4 walls. Is it worth it to try to design around the installation of ductwork (like the comfopipe tubes of a Zehnder Comfoair system), or would several pairs of strategically placed ductless units (like the Lunos e2) provide a similar result?