VS
Vanguard Canadian Short-Term Bond Index ETF (VSB) and Manulife Smart Corporate Bond ETF (CBND) offer distinct profiles for Canadian ETF investors. A direct comparison shows that VSB focuses its top 3 sector exposures on Sovereign, Finance, and Municipal, while CBND leans towards Finance, Municipal, and Utilities. When evaluating costs, VSB features a management fee (MER) of 0.1%, compared to 0.24% for CBND. Performance-wise, VSB has returned 1.4% year-to-date with +$508 M in net flows, whereas CBND is at 1.65% with +$150 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
VSB
CBND
| AuM | $1,844.63 M | $365.43 M |
| Management Fees | 0.10% | 0.24% |
| Exp. ratio | 0.12% | 0.27% |
| Tracking Difference | -0.38% | - |
Historical performance and flows
As of November 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | VSB | +0.41% | +0.44% | +1.40% | +1.35% | +15.64% |
CBND | +0.80% | +0.83% | +1.65% | +1.05% | +19.42% | |
| Flows | VSB | -$134 M | +$234 M | +$508 M | +$458 M | +$758 M |
CBND | +$18 M | +$52 M | +$150 M | +$157 M | +$285 M |
VSB vs CBND exposure
Countries
VSB
Canada
92.59%
Other
7.41%
CBND
Canada
93.20%
Sectors
VSB
Sovereign
38.01%
Finance
22.46%
Municipal
15.41%
Government Agencies
9.79%
Other
14.33%
CBND
Finance
36.73%
Municipal
34.93%
Utilities
8.44%
Other
19.90%
As of November 11, 2026
Top 10 Holdings
VSB
Canada, Bonds 3% 1sep2031, CAD
3.44%
Canada, Bonds 2.75% 1sep2030, CAD
3.44%
Canada, Bonds 2.75% 1mar2031, CAD
3.40%
Canada, Bonds 2.75% 1mar2030, CAD
2.87%
Canada, Bonds 2.5% 1may2028, CAD
2.47%
Canada, Bonds 2.75% 1aug2028, CAD
2.40%
Canada, Bonds 2.5% 1nov2027, CAD
2.30%
Canada, Bonds 2.25% 1feb2028, CAD
2.24%
Canada, Bonds 4% 1mar2029, CAD
2.19%
Canada, Bond 1.25 1jun2030 10Y
2.19%
CBND
Province of Quebec, 4.45% 1sep2034, CAD (B136)
2.72%
Province of Ontario, 3.8% 2dec2034, CAD (DMTN266)
2.15%
PSP Capital, 4.15% 1jun2033, CAD (G-11)
2.07%
Hydro-Quebec, 2.1% 15feb2060, CAD (JR)
1.95%
Province of Ontario, 3.6% 2jun2035, CAD
1.81%
Brookfield Infrastructure Finance ULC, 5.616% 14nov2027, CAD (11)
1.78%
CDP Financial, 3.7% 8mar2028, CAD (13)
1.62%
British Columbia, 4.95% 18jun2040, CAD (BCCD-22)
1.50%
Canada Pension Plan Investment Board, 3% 15jun2028, CAD (8)
1.34%
CPPIB Capital, 4% 2jun2035, CAD (72)
1.33%
Diversification
VSB
Total weight of top 10 holdings out of 583 total
26.95%
CBND
Total weight of top 10 holdings out of 187 total
18.28%
Characteristics
Compare
VSB
CBND
| Provider | Vanguard | Manulife Investments |
| Management | Passively managed | Actively managed |
| Benchmark | Bloomberg Global Aggregate Canadian Government/Credit 1-5 Year Float Adjusted Bond Total Return Index - CAD | - |
| Replication Method | Direct (Physical) | - |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.99% | 3.85% |
| Meets ESG criteria | No | No |
| Inception Date | November 30, 2011 | November 10, 2020 |
Frequently asked questions about VSB and CBND
Which ETF has performed better year to date: VSB or CBND?
As of November 11, 2026, VSB has returned 1.40% year to date, while CBND has returned 1.65%. CBND is ahead on YTD performance.
Which ETF is larger by assets under management: VSB or CBND?
As of November 11, 2026, VSB manages $1.84 B in assets, while CBND manages $365.43 M. VSB is the larger fund by AUM.
How are VSB and CBND managed?
VSB is passively managed by Vanguard. It tracks the Bloomberg Global Aggregate Canadian Government/Credit 1-5 Year Float Adjusted Bond Total Return Index - CAD benchmark. CBND is actively managed by Manulife Investments. It does not track an index.
What sectors do VSB and CBND emphasize?
VSB is most exposed to Sovereign, Finance, and Municipal. CBND is most exposed to Finance, Municipal, and Utilities.
Which ETF is attracting more investor flows: VSB or CBND?
Year to date, VSB has seen +$507.76 M in net flows, compared with +$150.28 M for CBND. VSB has attracted more net investor money so far.
How do the fees of VSB and CBND compare?
VSB has an expense ratio of 0.12%, while CBND has an expense ratio of 0.27%.
What are the top holdings of VSB and CBND?
VSB's largest holdings include Canada, Bonds 3% 1sep2031, CAD, Canada, Bonds 2.75% 1sep2030, CAD, and Canada, Bonds 2.75% 1mar2031, CAD. CBND's top holdings include Province of Quebec, 4.45% 1sep2034, CAD (B136), Province of Ontario, 3.8% 2dec2034, CAD (DMTN266), and PSP Capital, 4.15% 1jun2033, CAD (G-11).
Which ETF is more diversified: VSB or CBND?
VSB holds 562 securities, while CBND holds 182. On holdings count, VSB is the more diversified portfolio.
Recent articles about VSB and CBND
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