VS
Compare Vanguard Canadian Government Bond Index ETF (VGV) vs BMO Long Federal Bond Index ETF (ZFL) to find the best fit for your portfolio. VGV provides Sovereign, Municipal, and Government Agencies exposures, while ZFL is primarily weighted in Sovereign. When evaluating costs, VGV features a management fee (MER) of 0.15%, compared to 0.2% for ZFL. Performance-wise, VGV has returned 0.26% year-to-date with -$25 M in net flows, whereas ZFL is at 1.84% with +$172 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
ZFL
| AuM | $126.51 M | $1,375.46 M |
| Management Fees | 0.15% | 0.20% |
| Exp. ratio | 0.16% | 0.22% |
| Tracking Difference | -0.15% | - |
Historical performance and flows
As of October 29, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | VGV | +1.48% | -0.56% | +0.26% | -0.83% | +15.51% |
ZFL | +3.08% | -1.39% | -1.84% | -5.38% | +5.76% | |
| Flows | VGV | -$19 M | -$17 M | -$25 M | +$13 M | +$52 M |
ZFL | +$53 M | +$110 M | +$172 M | -$776 M | -$1,309 M |
VGV vs ZFL exposure
Countries
VGV
Canada
99.21%
ZFL
Canada
100.00%
Sectors
VGV
Sovereign
43.90%
Municipal
38.57%
Government Agencies
9.36%
Other
8.17%
ZFL
Sovereign
100.00%
As of October 29, 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%
ZFL
Canada, Bond 2 1jan2051 30Y
21.05%
Canada, Bonds 3.5% 1dec2057, CAD
15.58%
Canada, Bonds 2.75% 1dec2055, CAD
13.41%
Canada, Bond 3.5 1dec2045 30Y
13.10%
Canada, Bond 4 1jun2041 30Y
12.44%
Canada, Bond 2.75 1dec2048 30Y
11.33%
Canada, Bond 1.75 1dec2053 30Y
9.62%
Canada, Bonds 3.5% 1dec2036, CAD
3.45%
Diversification
VGV
Total weight of top 10 holdings out of 496 total
17.49%
ZFL
Total weight of top 10 holdings out of 8 total
100.00%
Characteristics
Compare
VGV
ZFL
| Provider | Vanguard | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Bloomberg Global Aggregate Canadian Government Float Adjusted Total Return Index - CAD | FTSE TMX Canada Long Term Federal Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.23% | 3.15% |
| Meets ESG criteria | No | No |
| Inception Date | January 31, 2017 | May 19, 2010 |
Frequently asked questions about VGV and ZFL
Which ETF has performed better year to date: VGV or ZFL?
As of October 29, 2026, VGV has returned 0.26% year to date, while ZFL has returned -1.84%. VGV is ahead on YTD performance.
Which ETF is larger by assets under management: VGV or ZFL?
As of October 29, 2026, VGV manages $126.51 M in assets, while ZFL manages $1.38 B. ZFL is the larger fund by AUM.
How are VGV and ZFL managed?
VGV is passively managed by Vanguard. It tracks the Bloomberg Global Aggregate Canadian Government Float Adjusted Total Return Index - CAD benchmark. ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark.
What sectors do VGV and ZFL emphasize?
VGV is most exposed to Sovereign, Municipal, and Government Agencies. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: VGV or ZFL?
Year to date, VGV has seen -$25.07 M in net flows, compared with +$171.87 M for ZFL. ZFL has attracted more net investor money so far.
How do the fees of VGV and ZFL compare?
VGV has an expense ratio of 0.16%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of VGV and ZFL?
VGV's largest holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 2.75% 1mar2031, CAD, and Canada, Bonds 3.25% 1jun2035, CAD. ZFL's top holdings include Canada, Bond 2 1jan2051 30Y, Canada, Bonds 3.5% 1dec2057, CAD, and Canada, Bonds 2.75% 1dec2055, CAD.
Which ETF is more diversified: VGV or ZFL?
VGV holds 493 securities, while ZFL holds 8. On holdings count, VGV is the more diversified portfolio.
Recent articles about VGV and ZFL
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.