VS
Mackenzie Canadian Ultra Short Bond Index ETF (QASH) and Global X Equal Weight Canadian Banks Index ETF (HBNK) offer distinct profiles for Canadian ETF investors. A direct comparison shows that QASH focuses its top 3 sector exposures on Banks, Municipal, and Other financial institutions, while HBNK leans towards Finance. When evaluating costs, QASH features a management fee (MER) of 0.15%, compared to 0.09% for HBNK. Performance-wise, QASH has returned 1.32% year-to-date with -$3 M in net flows, whereas HBNK is at 35.86% with -$461 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
QASH
HBNK
| AuM | $148.07 M | $807.27 M |
| Management Fees | 0.15% | 0.09% |
| Exp. ratio | 0.17% | 0.10% |
| Tracking Difference | 0.08% | -0.44% |
Historical performance and flows
As of July 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | QASH | +0.19% | +0.64% | +1.32% | +2.79% | - |
HBNK | +6.04% | +19.91% | +35.86% | +71.53% | +159.08% | |
| Flows | QASH | -$4 M | +$5 M | -$3 M | +$14 M | - |
HBNK | -$44 M | +$39 M | -$461 M | -$767 M | +$3 M |
QASH vs HBNK exposure
Countries
QASH
Canada
74.51%
USA
15.83%
Other
9.65%
HBNK
Canada
100.00%
Sectors
QASH
Banks
37.93%
Municipal
24.07%
Other financial institutions
10.42%
Insurance and reinsurance
8.78%
Education
8.02%
Other
10.78%
HBNK
Finance
100.00%
As of July 16, 2026
Top 10 Holdings
QASH
Montreal, 2.75% 1sep2026, CAD
24.07%
OPB Finance Trust, 2.98% 25jan2027, CAD (F)
9.00%
University of Guelph, 2.25% 21jul2026, CAD
8.02%
Barclays, 2.166% 23jun2027, CAD
6.42%
Bank of America Corporation, 1.978% 15sep2027, CAD (N)
4.64%
Morgan Stanley, 1.779% 4aug2027, CAD (I)
4.01%
MetLife Global Funding I, FRN 15jun2026, CAD (2023-8)
3.98%
CA06418Y6N32
3.18%
Toronto-Dominion Bank, 2.26% 7jan2027, CAD
2.79%
Royal Bank of Canada, 4.256% 21dec2026, CAD (CB93)
2.40%
HBNK
The Toronto-Dominion Bank
17.52%
Royal Bank of Canada
17.09%
Bank of Montreal
16.85%
The Bank of Nova Scotia
16.38%
Canadian Imperial Bank of Commerce
16.27%
National Bank of Canada
15.89%
Diversification
QASH
Total weight of top 10 holdings out of 50 total
68.50%
HBNK
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
QASH
HBNK
| Provider | Mackenzie Investments | Global X |
| Management | Passively managed | Passively managed |
| Benchmark | Solactive Canadian Ultra Short Bond GTR Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.49% | 2.48% |
| Meets ESG criteria | No | No |
| Inception Date | November 20, 2023 | July 5, 2023 |
Frequently asked questions about QASH and HBNK
Which ETF has performed better year to date: QASH or HBNK?
As of July 16, 2026, QASH has returned 1.32% year to date, while HBNK has returned 35.86%. HBNK is ahead on YTD performance.
Which ETF is larger by assets under management: QASH or HBNK?
As of July 16, 2026, QASH manages $148.07 M in assets, while HBNK manages $807.27 M. HBNK is the larger fund by AUM.
How are QASH and HBNK managed?
QASH is passively managed by Mackenzie Investments. It tracks the Solactive Canadian Ultra Short Bond GTR Index - CAD benchmark. HBNK is passively managed by Global X. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do QASH and HBNK emphasize?
QASH is most exposed to Banks, Municipal, and Other financial institutions. HBNK is most exposed to Finance.
Which ETF is attracting more investor flows: QASH or HBNK?
Year to date, QASH has seen -$3.02 M in net flows, compared with -$461.23 M for HBNK. QASH has attracted more net investor money so far.
How do the fees of QASH and HBNK compare?
QASH has an expense ratio of 0.17%, while HBNK has an expense ratio of 0.10%.
What are the top holdings of QASH and HBNK?
QASH's largest holdings include Montreal, 2.75% 1sep2026, CAD, OPB Finance Trust, 2.98% 25jan2027, CAD (F), and University of Guelph, 2.25% 21jul2026, CAD. HBNK's top holdings include The Toronto-Dominion Bank, Royal Bank of Canada, and Bank of Montreal.
Which ETF is more diversified: QASH or HBNK?
QASH holds 49 securities, while HBNK holds 6. On holdings count, QASH is the more diversified portfolio.
Recent articles about QASH and HBNK
The ETF Market Canada is brought to you by Cboe in partnership with Trackinsight SA who is providing all the data, analysis and editorial content on this site. Unless explicitly stated as such, any information that you receive is not real-time.
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.
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.