VS
Hamilton U.S. Bond Yield Maximizer ETF (HBND) and BMO Aggregate Bond Index ETF (ZAG) offer distinct profiles for Canadian ETF investors. A direct comparison shows that HBND focuses its top 3 sector exposures on Sovereign and Non-Corporate, while ZAG leans towards Sovereign, Municipal, and Finance. When evaluating costs, HBND features a management fee (MER) of 0.45%, compared to 0.08% for ZAG. Performance-wise, HBND has returned 4.58% year-to-date with -$13 M in net flows, whereas ZAG is at 0.86% with +$1 B. 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
HBND
ZAG
| AuM | $159.37 M | $13,102.40 M |
| Management Fees | 0.45% | 0.08% |
| Exp. ratio | 0.65% | 0.09% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 15, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | HBND | -0.48% | -4.86% | -4.58% | -5.86% | -3.23% |
ZAG | -1.14% | -2.60% | -0.86% | -1.04% | +12.80% | |
| Flows | HBND | +$3 M | +$10 M | -$13 M | -$12 M | +$215 M |
ZAG | +$72 M | +$643 M | +$1,317 M | +$2,416 M | +$7,314 M |
HBND vs ZAG exposure
Countries
HBND
USA
99.58%
ZAG
Canada
96.36%
Sectors
HBND
Sovereign
99.58%
ZAG
Sovereign
34.56%
Municipal
31.38%
Finance
11.84%
Government Agencies
9.39%
Other
12.84%
As of September 15, 2026
Top 10 Holdings
HBND
USA, Bonds 4.75% 15may2055, USD
3.13%
USA, Bonds 4.75% 15nov2053, USD
3.12%
USA, Bonds 4.125% 15aug2053, USD
3.06%
USA, Bonds 4.625% 15may2054, USD
3.05%
USA, Bonds 4.25% 15feb2054, USD
2.87%
USA, Bonds 4.75% 15feb2056, USD
2.87%
USA, Bonds 4.25% 15aug2054, USD
2.81%
USA, Bonds 4.625% 15feb2055, USD
2.80%
USA, Bonds 4.5% 15nov2054, USD
2.70%
USA, Bonds 3.625% 15may2053, USD
2.54%
ZAG
Canada, Bonds 3% 1jun2034, CAD
4.29%
Canada, Bonds 2.5% 1nov2027, CAD
3.68%
Canada, Bond 2.25 1jun2029 10Y
2.89%
Canada Housing Trust, 1.1% 15mar2031, CAD (95)
2.68%
Province of Quebec, 3.5% 1dec2048, CAD (B117)
2.41%
Canada, Bonds 2.75% 1dec2055, CAD
2.32%
Canada Housing Trust, 3.55% 15sep2032, CAD (107)
2.23%
Bank of Montreal, 3.19% 1mar2028, CAD
2.21%
Province of Quebec, 2.75% 1sep2028, CAD (B124)
2.20%
Canada, Bonds 2.25% 1feb2028, CAD
2.19%
Diversification
HBND
Total weight of top 10 holdings out of 180 total
28.96%
ZAG
Total weight of top 10 holdings out of 85 total
27.10%
Characteristics
Compare
HBND
ZAG
| Provider | Hamilton ETFs | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE Canada Universe Bond TR Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 11.32% | 3.51% |
| Meets ESG criteria | No | No |
| Inception Date | September 14, 2023 | January 19, 2010 |
Frequently asked questions about HBND and ZAG
Which ETF has performed better year to date: HBND or ZAG?
As of September 15, 2026, HBND has returned -4.58% year to date, while ZAG has returned -0.86%. ZAG is ahead on YTD performance.
Which ETF is larger by assets under management: HBND or ZAG?
As of September 15, 2026, HBND manages $159.37 M in assets, while ZAG manages $13.10 B. ZAG is the larger fund by AUM.
How are HBND and ZAG managed?
HBND is actively managed by Hamilton ETFs. It does not track an index. ZAG is passively managed by BMO. It tracks the FTSE Canada Universe Bond TR Index - CAD benchmark.
What sectors do HBND and ZAG emphasize?
HBND is most exposed to Sovereign and Non-Corporate. ZAG is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: HBND or ZAG?
Year to date, HBND has seen -$13.32 M in net flows, compared with +$1,317.13 M for ZAG. ZAG has attracted more net investor money so far.
How do the fees of HBND and ZAG compare?
HBND has an expense ratio of 0.65%, while ZAG has an expense ratio of 0.09%.
What are the top holdings of HBND and ZAG?
HBND's largest holdings include USA, Bonds 4.75% 15may2055, USD, USA, Bonds 4.75% 15nov2053, USD, and USA, Bonds 4.125% 15aug2053, USD. ZAG's top holdings include Canada, Bonds 3% 1jun2034, CAD, Canada, Bonds 2.5% 1nov2027, CAD, and Canada, Bond 2.25 1jun2029 10Y.
Which ETF is more diversified: HBND or ZAG?
HBND holds 141 securities, while ZAG holds 85. On holdings count, HBND is the more diversified portfolio.
Recent articles about HBND and ZAG
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