VS
iShares Convertible Bond Index ETF (CVD) and BMO Government Bond Index ETF (ZGB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that CVD focuses its top 3 sector exposures on Finance, Industrials, and Energy, while ZGB leans towards Sovereign, Municipal, and Government Agencies. When evaluating costs, CVD features a management fee (MER) of 0.45%, compared to 0.15% for ZGB. Performance-wise, CVD has returned 3.28% year-to-date with +$14 M in net flows, whereas ZGB is at 0.11% with -$198 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
CVD
ZGB
| AuM | $124.82 M | $1,244.50 M |
| Management Fees | 0.45% | 0.15% |
| Exp. ratio | 0.50% | 0.17% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | CVD | -0.70% | +0.55% | +3.28% | +5.31% | +27.38% |
ZGB | -1.27% | -1.77% | -0.11% | +1.64% | +11.47% | |
| Flows | CVD | -$0 M | -$1 M | +$14 M | +$24 M | +$19 M |
ZGB | -$6 M | -$5 M | -$198 M | -$198 M | +$185 M |
CVD vs ZGB exposure
Countries
CVD
Canada
100.01%
ZGB
Canada
100.00%
Sectors
CVD
Finance
39.68%
Industrials
25.01%
Energy
12.19%
Consumer Cyclicals
9.97%
Consumer Non-Cyclicals
7.82%
ZGB
Sovereign
45.02%
Municipal
41.74%
Government Agencies
13.24%
As of September 2, 2026
Top 10 Holdings
CVD
NFI Group, 5% 15jan2027, CAD (Conv.)
9.69%
Morguard REIT, 5.25% 31dec2026, CAD (Conv.)
6.67%
Advantage Energy, 5% 30jun2029, CAD (Conv.)
6.42%
Storagevault Canada, 5% 31mar2028, CAD (Conv.)
6.30%
Vital Infrastructure Property Trust, 6.25% 31aug2027, CAD (Conv.)
6.25%
Tidewater Midstream, 8% 30jun2029, CAD (Conv.)
5.77%
Rogers Sugar, 6% 30jun2030, CAD (Conv.)
5.23%
Alaris Equity Partners Income, 6.25% 31dec2030, CAD (Conv.)
5.09%
Ag Growth International, 5% 30jun2027, CAD (Conv.)
4.73%
Ag Growth International, 5.2% 31dec2027, CAD (Conv.)
4.28%
ZGB
Canada, Bond 1.25 1jun2030 10Y
12.45%
Canada, Bonds 2% 1jun2032, CAD
6.22%
Canada, Bonds 1.5% 1dec2031 10Y
6.11%
Canada Housing Trust, 4.25% 15mar2034, CAD (118)
3.48%
Canada, Bonds 3.5% 1mar2028, CAD
3.37%
Canada, Bonds 2.5% 1dec2032, CAD
3.18%
CMHC, 1.75% 15jun2030, CAD (92)
3.16%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
3.16%
Canada, Bonds 2.75% 1dec2055, CAD
2.62%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.33%
Diversification
CVD
Total weight of top 10 holdings out of 24 total
60.43%
ZGB
Total weight of top 10 holdings out of 48 total
46.09%
Characteristics
Compare
CVD
ZGB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Convertible Bond TR Index - CAD | FTSE Canada All Government Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 5.01% | 3.15% |
| Meets ESG criteria | No | No |
| Inception Date | June 14, 2011 | March 7, 2018 |
Frequently asked questions about CVD and ZGB
Which ETF has performed better year to date: CVD or ZGB?
As of September 2, 2026, CVD has returned 3.28% year to date, while ZGB has returned -0.11%. CVD is ahead on YTD performance.
Which ETF is larger by assets under management: CVD or ZGB?
As of September 2, 2026, CVD manages $124.82 M in assets, while ZGB manages $1.24 B. ZGB is the larger fund by AUM.
How are CVD and ZGB managed?
CVD is passively managed by iShares. It tracks the FTSE Canada Convertible Bond TR Index - CAD benchmark. ZGB is passively managed by BMO. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do CVD and ZGB emphasize?
CVD is most exposed to Finance, Industrials, and Energy. ZGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: CVD or ZGB?
Year to date, CVD has seen +$14.27 M in net flows, compared with -$197.62 M for ZGB. CVD has attracted more net investor money so far.
How do the fees of CVD and ZGB compare?
CVD has an expense ratio of 0.50%, while ZGB has an expense ratio of 0.17%.
What are the top holdings of CVD and ZGB?
CVD's largest holdings include NFI Group, 5% 15jan2027, CAD (Conv.), Morguard REIT, 5.25% 31dec2026, CAD (Conv.), and Advantage Energy, 5% 30jun2029, CAD (Conv.). ZGB's top holdings include Canada, Bond 1.25 1jun2030 10Y, Canada, Bonds 2% 1jun2032, CAD, and Canada, Bonds 1.5% 1dec2031 10Y.
Which ETF is more diversified: CVD or ZGB?
CVD holds 24 securities, while ZGB holds 48. On holdings count, ZGB is the more diversified portfolio.
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All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.