VS
BMO ESG Corporate Bond Index ETF (ESGB) and BMO Government Bond Index ETF (ZGB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ESGB focuses its top 3 sector exposures on Finance, Utilities, and Telecommunications, while ZGB leans towards Sovereign, Municipal, and Government Agencies. When evaluating costs, ESGB features a management fee (MER) of 0.15%, compared to 0.15% for ZGB. Performance-wise, ESGB has returned 1.66% year-to-date with +$12 M in net flows, whereas ZGB is at 1.36% with -$203 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
ESGB
ZGB
| AuM | $91.41 M | $1,251.07 M |
| Management Fees | 0.15% | 0.15% |
| Exp. ratio | 0.17% | 0.16% |
| Tracking Difference | -0.10% | - |
Historical performance and flows
As of November 5, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ESGB | +1.39% | +0.30% | +1.66% | +1.40% | +19.38% |
ZGB | +2.31% | +0.16% | +1.36% | +0.26% | +12.91% | |
| Flows | ESGB | +$1 M | +$5 M | +$12 M | +$17 M | +$31 M |
ZGB | +$0 M | -$12 M | -$203 M | -$187 M | +$127 M |
ESGB vs ZGB exposure
Countries
ESGB
Canada
100.00%
ZGB
Canada
100.00%
Sectors
ESGB
Finance
51.82%
Utilities
15.18%
Telecommunications
10.55%
Energy
9.00%
Other
13.45%
ZGB
Sovereign
45.20%
Municipal
41.39%
Government Agencies
13.41%
As of November 5, 2026
Top 10 Holdings
ESGB
Toronto-Dominion Bank, 1.888% 8mar2028, CAD
3.62%
Bank of Montreal, 3.19% 1mar2028, CAD
2.95%
Rogers Communications, 6.75% 9nov2039, CAD
2.47%
Royal Bank of Canada, 4.632% 1may2028, CAD
2.25%
Bank of Nova Scotia, 3.836% 26sep2030, CAD
2.20%
Pembina Pipeline Corporation, 3.62% 3apr2029, CAD (12)
2.20%
Manulife Finance (Delaware), L.P, 5.059% 15dec2041, CAD
2.18%
Bank of Nova Scotia, 3.734% 27jun2031, CAD
2.18%
Toronto-Dominion Bank, 4.423% 31oct2035, CAD
2.17%
Royal Bank of Canada, 1.833% 31jul2028, CAD
2.16%
ZGB
Canada, Bond 1.25 1jun2030 10Y
12.65%
Canada, Bonds 2% 1jun2032, CAD
6.27%
Canada, Bonds 1.5% 1dec2031 10Y
6.17%
Canada Housing Trust, 4.25% 15mar2034, CAD (118)
3.49%
Canada, Bonds 3.5% 1mar2028, CAD
3.45%
CMHC, 1.75% 15jun2030, CAD (92)
3.21%
Canada, Bonds 2.5% 1dec2032, CAD
3.20%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
3.20%
Canada, Bonds 2.75% 1dec2055, CAD
2.56%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.30%
Diversification
ESGB
Total weight of top 10 holdings out of 83 total
24.38%
ZGB
Total weight of top 10 holdings out of 50 total
46.50%
Characteristics
Compare
ESGB
ZGB
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Bloomberg MSCI Canadian Corporate Sustainability SRI Index CAD 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 | 4.06% | 2.91% |
| Meets ESG criteria | Yes | No |
| Inception Date | January 27, 2020 | March 7, 2018 |
Frequently asked questions about ESGB and ZGB
Which ETF has performed better year to date: ESGB or ZGB?
As of November 5, 2026, ESGB has returned 1.66% year to date, while ZGB has returned 1.36%. ESGB is ahead on YTD performance.
Which ETF is larger by assets under management: ESGB or ZGB?
As of November 5, 2026, ESGB manages $91.41 M in assets, while ZGB manages $1.25 B. ZGB is the larger fund by AUM.
How are ESGB and ZGB managed?
ESGB is passively managed by BMO. It tracks the Bloomberg MSCI Canadian Corporate Sustainability SRI Index CAD Index - CAD benchmark. ZGB is passively managed by BMO. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do ESGB and ZGB emphasize?
ESGB is most exposed to Finance, Utilities, and Telecommunications. ZGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: ESGB or ZGB?
Year to date, ESGB has seen +$12.47 M in net flows, compared with -$203.01 M for ZGB. ESGB has attracted more net investor money so far.
How do the fees of ESGB and ZGB compare?
ESGB has an expense ratio of 0.17%, while ZGB has an expense ratio of 0.16%.
What are the top holdings of ESGB and ZGB?
ESGB's largest holdings include Toronto-Dominion Bank, 1.888% 8mar2028, CAD, Bank of Montreal, 3.19% 1mar2028, CAD, and Rogers Communications, 6.75% 9nov2039, CAD. 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: ESGB or ZGB?
ESGB holds 83 securities, while ZGB holds 50. On holdings count, ESGB 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.