VS
Compare Vanguard Global ex-U.S. Aggregate Bond Index ETF (VBG) vs BMO Aggregate Bond Index ETF (ZAG) to find the best fit for your portfolio. VBG provides Sovereign, Banks, and Municipal exposures, while ZAG is primarily weighted in Municipal, Sovereign, and Government agencies. When evaluating costs, VBG features a management fee (MER) of 0.35%, compared to 0.08% for ZAG. Performance-wise, VBG has returned 1.18% year-to-date with +$345 M in net flows, whereas ZAG is at 0.62% 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
VBG
ZAG
| AuM | $1,521.58 M | $13,089.30 M |
| Management Fees | 0.35% | 0.08% |
| Exp. ratio | 0.38% | 0.09% |
| Tracking Difference | -1.02% | - |
Historical performance and flows
As of July 31, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | VBG | -1.30% | -0.61% | -1.18% | -1.37% | +7.14% |
ZAG | -1.09% | +0.09% | +0.62% | +2.55% | +13.15% | |
| Flows | VBG | +$40 M | +$149 M | +$345 M | +$643 M | +$947 M |
ZAG | +$332 M | +$935 M | +$1,069 M | +$2,170 M | +$6,962 M |
VBG vs ZAG exposure
Countries
VBG
Other
21.58%
France
10.10%
Germany
7.86%
Japan
7.44%
Other
53.03%
ZAG
Canada
81.92%
Other
17.35%
Sectors
VBG
Sovereign
50.25%
Other
21.58%
Banks
10.22%
Other
17.95%
ZAG
Municipal
28.75%
Sovereign
25.01%
Other
17.35%
Government agencies
9.32%
Other
19.58%
As of July 31, 2026
Top 10 Holdings
VBG
DE000F3A9EV9
0.87%
GB00BVP99673
0.41%
FR001400Z2L7
0.38%
France, OAT 2.75% 25feb2029, EUR
0.37%
United Kingdom, Gilt 4.375% 7mar2030, GBP
0.36%
United Kingdom, Gilt 4.375% 7mar2028, GBP
0.35%
FR0014012II5
0.34%
United Kingdom, Gilt 4.125% 22jul2029, GBP
0.34%
France, OAT 2% 25nov2032, EUR
0.33%
DE000BU2Z064
0.30%
ZAG
Canada, Bonds 3% 1jun2034, CAD
4.27%
Canada, Bond 2.25 1jun2029 10Y
3.56%
Province of Quebec, 2.75% 1sep2028, CAD (B124)
2.89%
Canada Housing Trust, 1.1% 15mar2031, CAD (95)
2.65%
Canada, Bond 2.75 1dec2048 30Y
2.48%
Province of Quebec, 3.5% 1dec2048, CAD (B117)
2.46%
Canada Housing Trust, 3.55% 15sep2032, CAD (107)
2.21%
Province of Ontario, 3.8% 2dec2034, CAD (DMTN266)
2.20%
Bank of Montreal, 3.19% 1mar2028, CAD
2.18%
Province of Ontario, 2.9% 2jun2028, CAD (DMTN238)
2.18%
Diversification
VBG
Total weight of top 10 holdings out of 6,808 total
4.06%
ZAG
Total weight of top 10 holdings out of 88 total
27.07%
Characteristics
Compare
VBG
ZAG
| Provider | Vanguard | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped (CAD Hedged) Total Return Index - CAD | 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 | 3.68% | 3.46% |
| Meets ESG criteria | No | No |
| Inception Date | June 30, 2014 | January 19, 2010 |
Frequently asked questions about VBG and ZAG
Which ETF has performed better year to date: VBG or ZAG?
As of July 31, 2026, VBG has returned -1.18% year to date, while ZAG has returned 0.62%. ZAG is ahead on YTD performance.
Which ETF is larger by assets under management: VBG or ZAG?
As of July 31, 2026, VBG manages $1.52 B in assets, while ZAG manages $13.09 B. ZAG is the larger fund by AUM.
How are VBG and ZAG managed?
VBG is passively managed by Vanguard. It tracks the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped (CAD Hedged) Total Return Index - CAD benchmark. ZAG is passively managed by BMO. It tracks the FTSE Canada Universe Bond TR Index - CAD benchmark.
What sectors do VBG and ZAG emphasize?
VBG is most exposed to Sovereign, Banks, and Municipal. ZAG is most exposed to Municipal, Sovereign, and Government agencies.
Which ETF is attracting more investor flows: VBG or ZAG?
Year to date, VBG has seen +$345.40 M in net flows, compared with +$1,068.94 M for ZAG. ZAG has attracted more net investor money so far.
How do the fees of VBG and ZAG compare?
VBG has an expense ratio of 0.38%, while ZAG has an expense ratio of 0.09%.
What are the top holdings of VBG and ZAG?
VBG's largest holdings include France, OAT 2.75% 25feb2029, EUR and United Kingdom, Gilt 4.375% 7mar2030, GBP. ZAG's top holdings include Canada, Bonds 3% 1jun2034, CAD and Canada, Bond 2.25 1jun2029 10Y.
Which ETF is more diversified: VBG or ZAG?
VBG holds 5818 securities, while ZAG holds 73. On holdings count, VBG is the more diversified portfolio.
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