VS
Compare Mackenzie Canadian Short-Term Bond Index ETF (QSB) vs BMO Aggregate Bond Index ETF (ZAG) to find the best fit for your portfolio. QSB provides Sovereign, Finance, and Municipal exposures, while ZAG is primarily weighted in Sovereign, Municipal, and Finance. When evaluating costs, QSB features a management fee (MER) of 0.08%, compared to 0.08% for ZAG. Performance-wise, QSB has returned 0.94% year-to-date with +$6 M in net flows, whereas ZAG is at 0.04% 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
QSB
ZAG
| AuM | $55.34 M | $13,184.60 M |
| Management Fees | 0.08% | 0.08% |
| Exp. ratio | 0.09% | 0.09% |
| Tracking Difference | 0.06% | - |
Historical performance and flows
As of September 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | QSB | -0.40% | -0.09% | +0.94% | +2.10% | +14.80% |
ZAG | -1.20% | -1.55% | +0.04% | +1.57% | +13.54% | |
| Flows | QSB | +$10 M | +$4 M | +$6 M | +$10 M | -$92 M |
ZAG | +$211 M | +$706 M | +$1,280 M | +$2,405 M | +$7,220 M |
QSB vs ZAG exposure
Countries
QSB
Canada
96.49%
ZAG
Canada
96.36%
Sectors
QSB
Sovereign
27.52%
Finance
26.83%
Municipal
18.24%
Government Agencies
14.32%
Other
13.10%
ZAG
Sovereign
34.56%
Municipal
31.38%
Finance
11.84%
Government Agencies
9.39%
Other
12.84%
As of September 2, 2026
Top 10 Holdings
QSB
Canada, Bond 1.25 1jun2030 10Y
6.62%
Canada, Bonds 2.75% 1mar2031, CAD
3.87%
Canada, Bonds 3.5% 1sep2029, CAD
3.35%
Canada Housing Trust, 3.1% 15jun2028, CAD (113)
2.75%
Canada, Bond 1.5 1jun2031 10Y
2.69%
Canada, Bonds 4% 1mar2029, CAD
2.49%
Canada Housing Trust, 2.85% 15dec2030, CAD (129)
2.30%
CMHC, 1.75% 15jun2030, CAD (92)
2.27%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
1.92%
CMHC, 3.2% 15jun2031, CAD (132)
1.81%
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
QSB
Total weight of top 10 holdings out of 217 total
30.08%
ZAG
Total weight of top 10 holdings out of 85 total
27.10%
Characteristics
Compare
QSB
ZAG
| Provider | Mackenzie Investments | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Solactive Canadian Select Short Term Bond Index - CAD | FTSE Canada Universe Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.85% | 3.48% |
| Meets ESG criteria | No | No |
| Inception Date | January 29, 2018 | January 19, 2010 |
Frequently asked questions about QSB and ZAG
Which ETF has performed better year to date: QSB or ZAG?
As of September 2, 2026, QSB has returned 0.94% year to date, while ZAG has returned 0.04%. QSB is ahead on YTD performance.
Which ETF is larger by assets under management: QSB or ZAG?
As of September 2, 2026, QSB manages $55.34 M in assets, while ZAG manages $13.18 B. ZAG is the larger fund by AUM.
How are QSB and ZAG managed?
QSB is passively managed by Mackenzie Investments. It tracks the Solactive Canadian Select Short Term Bond Index - CAD benchmark. ZAG is passively managed by BMO. It tracks the FTSE Canada Universe Bond TR Index - CAD benchmark.
What sectors do QSB and ZAG emphasize?
QSB is most exposed to Sovereign, Finance, and Municipal. ZAG is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: QSB or ZAG?
Year to date, QSB has seen +$6.02 M in net flows, compared with +$1,280.27 M for ZAG. ZAG has attracted more net investor money so far.
How do the fees of QSB and ZAG compare?
QSB has an expense ratio of 0.09%, while ZAG has an expense ratio of 0.09%.
What are the top holdings of QSB and ZAG?
QSB's largest holdings include Canada, Bond 1.25 1jun2030 10Y, Canada, Bonds 2.75% 1mar2031, CAD, and Canada, Bonds 3.5% 1sep2029, CAD. 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: QSB or ZAG?
QSB holds 217 securities, while ZAG holds 85. On holdings count, QSB is the more diversified portfolio.
Recent articles about QSB and ZAG
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