VS
Mackenzie U.S. Aggregate Bond Index ETF (QUB) and BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY) offer distinct profiles for Canadian ETF investors. A direct comparison shows that QUB focuses its top 3 sector exposures on Sovereign, Finance, and Industrials, while ZHY leans towards Finance, Industrials, and Energy. When evaluating costs, QUB features a management fee (MER) of 0.15%, compared to 0.55% for ZHY. Performance-wise, QUB has returned 3.96% year-to-date with +$33 M in net flows, whereas ZHY is at 2.15% with +$118 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
QUB
ZHY
| AuM | $123.66 M | $1,465.37 M |
| Management Fees | 0.15% | 0.55% |
| Exp. ratio | 0.17% | 0.61% |
| Tracking Difference | -0.09% | -0.66% |
Historical performance and flows
As of October 19, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | QUB | -1.35% | -2.84% | -3.96% | -4.56% | +9.77% |
ZHY | -2.31% | -2.98% | -2.15% | -1.12% | +20.82% | |
| Flows | QUB | +$2 M | +$1 M | +$33 M | +$50 M | +$100 M |
ZHY | -$1 M | +$11 M | +$118 M | +$381 M | +$609 M |
QUB vs ZHY exposure
Countries
QUB
USA
79.23%
Other
12.43%
Other
8.34%
ZHY
USA
86.61%
Other
13.39%
Sectors
QUB
Sovereign
47.82%
Finance
19.86%
Other
12.43%
Industrials
7.22%
Other
12.67%
ZHY
Finance
18.45%
Industrials
11.81%
Energy
10.59%
Consumer Services
9.21%
Non-Energy Materials
8.48%
Business Services
7.66%
Other
33.80%
As of October 19, 2026
Top 10 Holdings
QUB
USA, Bonds 5.5% 15aug2028, USD
4.15%
USA, Notes 4% 28feb2030, USD (H-2030)
3.78%
USA, Notes 3.75% 31dec2030, USD (T-2030)
3.77%
USA, Notes 4.5% 15nov2033, USD (F-2033)
2.95%
USA, Notes 1.25% 31may2028, USD (L-2028)
2.87%
USA, Notes 0.875% 15nov2030, USD (F-2030)
2.25%
Massmutual Global Funding II, 4.95% 10jan2030, USD (2025-1)
1.92%
USA, Notes 3.5% 28feb2031, USD (V-2031)
1.79%
Ontario Teachers Pension Plan (OTPP), 2% 16apr2031, USD (1)
1.72%
USA, Notes 0.625% 15aug2030, USD (E-2030)
1.70%
ZHY
1261229 B.C., 10% 15apr2032, USD
0.64%
EchoStar, 10.75% 30nov2029, USD
0.61%
Meridian Arc HoldCo, 6.25% 30apr2031, USD
0.57%
PR RNO Property Owner 1, 6.5% 1may2031, USD
0.45%
Quikrete Holdings, 6.375% 1mar2032, USD
0.41%
Cloud Software Group, 6.5% 31mar2029, USD
0.41%
Cloud Software Group, 9% 30sep2029, USD
0.39%
SV RNO Property Owner 1, 5.875% 1mar2031, USD
0.37%
Galaxy Helios Data Center II, 9.875% 1aug2031, USD
0.37%
Nexstar Media, 6.5% 15sep2033, USD
0.36%
Diversification
QUB
Total weight of top 10 holdings out of 552 total
26.89%
ZHY
Total weight of top 10 holdings out of 1,056 total
4.58%
Characteristics
Compare
QUB
ZHY
| Provider | Mackenzie Investments | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Solactive US Aggregate Bond Index - CAD Hedged | Bloomberg Capital U.S. High Yield Very Liquid CAD Hedged Total Return Index - CAD |
| Replication Method | Direct (Physical) | Other |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.39% | 6.85% |
| Meets ESG criteria | No | No |
| Inception Date | September 24, 2020 | October 20, 2009 |
Frequently asked questions about QUB and ZHY
Which ETF has performed better year to date: QUB or ZHY?
As of October 19, 2026, QUB has returned -3.96% year to date, while ZHY has returned -2.15%. ZHY is ahead on YTD performance.
Which ETF is larger by assets under management: QUB or ZHY?
As of October 19, 2026, QUB manages $123.66 M in assets, while ZHY manages $1.47 B. ZHY is the larger fund by AUM.
How are QUB and ZHY managed?
QUB is passively managed by Mackenzie Investments. It tracks the Solactive US Aggregate Bond Index - CAD Hedged benchmark. ZHY is passively managed by BMO. It tracks the Bloomberg Capital U.S. High Yield Very Liquid CAD Hedged Total Return Index - CAD benchmark.
What sectors do QUB and ZHY emphasize?
QUB is most exposed to Sovereign, Finance, and Industrials. ZHY is most exposed to Finance, Industrials, and Energy.
Which ETF is attracting more investor flows: QUB or ZHY?
Year to date, QUB has seen +$33.20 M in net flows, compared with +$118.02 M for ZHY. ZHY has attracted more net investor money so far.
How do the fees of QUB and ZHY compare?
QUB has an expense ratio of 0.17%, while ZHY has an expense ratio of 0.61%.
What are the top holdings of QUB and ZHY?
QUB's largest holdings include USA, Bonds 5.5% 15aug2028, USD and USA, Notes 4% 28feb2030, USD (H-2030). ZHY's top holdings include 1261229 B.C., 10% 15apr2032, USD and EchoStar, 10.75% 30nov2029, USD.
Which ETF is more diversified: QUB or ZHY?
QUB holds 510 securities, while ZHY holds 1047. On holdings count, ZHY is the more diversified portfolio.
Recent articles about QUB and ZHY
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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.