VS
Vanguard Canadian Government Bond Index ETF (VGV) and BMO Discount Bond Index ETF (ZDB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that VGV focuses its top 3 sector exposures on Sovereign, Municipal, and Government Agencies, while ZDB leans towards Sovereign, Municipal, and Finance. When evaluating costs, VGV features a management fee (MER) of 0.15%, compared to 0.09% for ZDB. Performance-wise, VGV has returned 0.15% year-to-date with -$25 M in net flows, whereas ZDB is at 0.42% with +$286 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
VGV
ZDB
| AuM | $126.37 M | $1,423.09 M |
| Management Fees | 0.15% | 0.09% |
| Exp. ratio | 0.16% | 0.10% |
| Tracking Difference | -0.15% | - |
Historical performance and flows
As of October 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | VGV | +1.62% | -0.70% | +0.15% | -1.07% | +15.38% |
ZDB | +1.47% | -0.37% | +0.42% | -0.62% | +15.24% | |
| Flows | VGV | -$19 M | -$17 M | -$25 M | +$13 M | +$52 M |
ZDB | +$30 M | +$93 M | +$286 M | +$591 M | +$557 M |
VGV vs ZDB exposure
Countries
VGV
Canada
99.21%
ZDB
Canada
100.00%
Sectors
VGV
Sovereign
43.90%
Municipal
38.57%
Government Agencies
9.36%
Other
8.17%
ZDB
Sovereign
33.38%
Municipal
31.30%
Finance
11.64%
Government Agencies
9.98%
Other
13.70%
As of October 30, 2026
Top 10 Holdings
VGV
Canada, Bonds 2.75% 1sep2030, CAD
2.00%
Canada, Bonds 2.75% 1mar2031, CAD
1.98%
Canada, Bonds 3.25% 1jun2035, CAD
1.89%
Canada, Bonds 3.25% 1dec2035, CAD
1.82%
Canada, Bonds 3.25% 1jun2036, CAD
1.78%
Canada, Bonds 3% 1sep2031, CAD
1.72%
Canada, Bonds 3.25% 1dec2034, CAD
1.63%
Canada, Bonds 2.5% 1may2028, CAD
1.59%
Canada, Bonds 2.75% 1aug2028, CAD
1.57%
Canada, Bonds 2.75% 1mar2030, CAD
1.50%
ZDB
Canada, Bond 0.5 1oct2030 10Y
18.61%
CMHC, 1.9% 15mar2031, CAD (100)
6.31%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
5.67%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
5.50%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
5.15%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
5.01%
Canada, Bonds 2.25% 1dec2029, CAD
4.59%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
3.30%
Canada, Bonds 2% 1jun2032, CAD
3.11%
Pembina Pipeline Corporation, 3.31% 1feb2030, CAD (15)
2.66%
Diversification
VGV
Total weight of top 10 holdings out of 496 total
17.49%
ZDB
Total weight of top 10 holdings out of 45 total
59.92%
Characteristics
Compare
VGV
ZDB
| Provider | Vanguard | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Bloomberg Global Aggregate Canadian Government Float Adjusted Total Return Index - CAD | FTSE Canada Universe Discount Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.24% | 1.81% |
| Meets ESG criteria | No | No |
| Inception Date | January 31, 2017 | February 10, 2014 |
Frequently asked questions about VGV and ZDB
Which ETF has performed better year to date: VGV or ZDB?
As of October 30, 2026, VGV has returned 0.15% year to date, while ZDB has returned 0.42%. ZDB is ahead on YTD performance.
Which ETF is larger by assets under management: VGV or ZDB?
As of October 30, 2026, VGV manages $126.37 M in assets, while ZDB manages $1.42 B. ZDB is the larger fund by AUM.
How are VGV and ZDB managed?
VGV is passively managed by Vanguard. It tracks the Bloomberg Global Aggregate Canadian Government Float Adjusted Total Return Index - CAD benchmark. ZDB is passively managed by BMO. It tracks the FTSE Canada Universe Discount Bond Index - CAD benchmark.
What sectors do VGV and ZDB emphasize?
VGV is most exposed to Sovereign, Municipal, and Government Agencies. ZDB is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: VGV or ZDB?
Year to date, VGV has seen -$25.07 M in net flows, compared with +$285.70 M for ZDB. ZDB has attracted more net investor money so far.
How do the fees of VGV and ZDB compare?
VGV has an expense ratio of 0.16%, while ZDB has an expense ratio of 0.10%.
What are the top holdings of VGV and ZDB?
VGV's largest holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 2.75% 1mar2031, CAD, and Canada, Bonds 3.25% 1jun2035, CAD. ZDB's top holdings include Canada, Bond 0.5 1oct2030 10Y, CMHC, 1.9% 15mar2031, CAD (100), and Sun Life Financial, 2.06% 1oct2035, CAD (2020-2).
Which ETF is more diversified: VGV or ZDB?
VGV holds 493 securities, while ZDB holds 45. On holdings count, VGV is the more diversified portfolio.
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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.