VS
Vanguard Canadian Ultra-Short Government Bond Index ETF (VVSG) and BMO Discount Bond Index ETF (ZDB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that VVSG focuses its top 3 sector exposures on Sovereign, while ZDB leans towards Sovereign, Municipal, and Finance. When evaluating costs, VVSG features a management fee (MER) of 0.1%, compared to 0.09% for ZDB. Performance-wise, VVSG has returned 1.89% year-to-date with +$103 M in net flows, whereas ZDB is at 0.62% with +$275 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
VVSG
ZDB
| AuM | $252.96 M | $1,400.13 M |
| Management Fees | 0.10% | 0.09% |
| Exp. ratio | 0.12% | 0.10% |
| Tracking Difference | -0.13% | - |
Historical performance and flows
As of October 19, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | VVSG | +0.17% | +0.50% | +1.89% | +2.34% | - |
ZDB | -0.39% | -1.46% | -0.62% | -1.84% | +15.34% | |
| Flows | VVSG | +$11 M | +$33 M | +$103 M | +$171 M | - |
ZDB | +$18 M | +$96 M | +$275 M | +$588 M | +$548 M |
VVSG vs ZDB exposure
Countries
VVSG
Canada
100.00%
ZDB
Canada
100.00%
Sectors
VVSG
Sovereign
100.00%
ZDB
Sovereign
33.39%
Municipal
31.40%
Finance
11.58%
Government Agencies
9.96%
Other
13.67%
As of October 19, 2026
Top 10 Holdings
VVSG
Canada, Bonds 2.5% 1aug2027, CAD
8.25%
Canada, Bills 0% 21oct2026, CAD (182D)
7.99%
Canada, Bills 0% 4nov2026, CAD (364D)
7.70%
Canada, Bills 0% 18nov2026, CAD (182D)
7.47%
Canada, Bonds 2.75% 1may2027, CAD
6.54%
Canada, Bills 0% 7oct2026, CAD (364D)
6.47%
Canada, Bills 0% 2dec2026, CAD (364D)
6.01%
Canada, Bonds 3% 1feb2027, CAD
5.58%
Canada, Bonds 1.25% 1mar2027, CAD
3.99%
Canada, Bills 0% 19may2027, CAD (364D)
3.44%
ZDB
Canada, Bond 0.5 1oct2030 10Y
18.56%
CMHC, 1.9% 15mar2031, CAD (100)
6.30%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
5.65%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
5.50%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
5.13%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
5.06%
Canada, Bonds 2.25% 1dec2029, CAD
4.57%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
3.27%
Canada, Bonds 2% 1jun2032, CAD
3.11%
Pembina Pipeline Corporation, 3.31% 1feb2030, CAD (15)
2.65%
Diversification
VVSG
Total weight of top 10 holdings out of 24 total
63.43%
ZDB
Total weight of top 10 holdings out of 45 total
59.81%
Characteristics
Compare
VVSG
ZDB
| Provider | Vanguard | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Bloomberg Canadian Short Treasury 1-12m Float Adjusted 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 | 2.48% | 1.84% |
| Meets ESG criteria | No | No |
| Inception Date | September 9, 2024 | February 10, 2014 |
Frequently asked questions about VVSG and ZDB
Which ETF has performed better year to date: VVSG or ZDB?
As of October 19, 2026, VVSG has returned 1.89% year to date, while ZDB has returned -0.62%. VVSG is ahead on YTD performance.
Which ETF is larger by assets under management: VVSG or ZDB?
As of October 19, 2026, VVSG manages $252.96 M in assets, while ZDB manages $1.40 B. ZDB is the larger fund by AUM.
How are VVSG and ZDB managed?
VVSG is passively managed by Vanguard. It tracks the Bloomberg Canadian Short Treasury 1-12m Float Adjusted Index - CAD benchmark. ZDB is passively managed by BMO. It tracks the FTSE Canada Universe Discount Bond Index - CAD benchmark.
What sectors do VVSG and ZDB emphasize?
VVSG is most exposed to Sovereign. ZDB is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: VVSG or ZDB?
Year to date, VVSG has seen +$103.19 M in net flows, compared with +$275.25 M for ZDB. ZDB has attracted more net investor money so far.
How do the fees of VVSG and ZDB compare?
VVSG has an expense ratio of 0.12%, while ZDB has an expense ratio of 0.10%.
What are the top holdings of VVSG and ZDB?
VVSG's largest holdings include Canada, Bonds 2.5% 1aug2027, CAD, Canada, Bills 0% 21oct2026, CAD (182D), and Canada, Bills 0% 4nov2026, CAD (364D). 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: VVSG or ZDB?
VVSG holds 24 securities, while ZDB holds 45. On holdings count, ZDB 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.