VS
iShares Core MSCI All Country World ex Canada Index ETF (XAW) and BMO Equal Weight Banks Index ETF (ZEB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XAW focuses its top 3 sector exposures on Technology, Finance, and Industrials, while ZEB leans towards Finance. When evaluating costs, XAW features a management fee (MER) of 0.2%, compared to 0.25% for ZEB. Performance-wise, XAW has returned 15.52% year-to-date with +$497 M in net flows, whereas ZEB is at 29.29% with +$114 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
XAW
ZEB
| AuM | $4,658.21 M | $6,918.89 M |
| Management Fees | 0.20% | 0.25% |
| Exp. ratio | 0.22% | 0.28% |
| Tracking Difference | -0.09% | -0.51% |
Historical performance and flows
As of October 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XAW | +1.22% | +1.17% | +15.52% | +16.51% | +80.35% |
ZEB | -0.38% | -5.07% | +29.29% | +45.06% | +164.94% | |
| Flows | XAW | +$54 M | +$203 M | +$497 M | +$727 M | +$1,084 M |
ZEB | -$450 M | -$94 M | +$114 M | +$753 M | -$879 M |
XAW vs ZEB exposure
Countries
XAW
USA
63.01%
Other
36.99%
ZEB
Canada
100.00%
Sectors
XAW
Technology
35.61%
Finance
18.20%
Industrials
9.80%
Healthcare
8.48%
Consumer Non-Cyclicals
8.01%
Other
19.90%
ZEB
Finance
100.00%
As of October 16, 2026
Top 10 Holdings
XAW
NVIDIA Corp.
4.72%
Apple, Inc.
4.11%
Microsoft Corp.
3.33%
Amazon.com, Inc.
2.24%
Alphabet, Inc.
1.76%
Taiwan Semiconductor Manufacturing Co., Ltd.
1.70%
Broadcom Inc.
1.55%
Alphabet, Inc.
1.40%
Meta Platforms, Inc.
1.11%
Micron Technology, Inc.
0.95%
ZEB
The Bank of Nova Scotia
17.59%
The Toronto-Dominion Bank
17.41%
Royal Bank of Canada
17.16%
Bank of Montreal
16.64%
Canadian Imperial Bank of Commerce
15.79%
National Bank of Canada
15.42%
Diversification
XAW
Total weight of top 10 holdings out of 8,012 total
22.86%
ZEB
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
XAW
ZEB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI ACWI ex Canada IMI Net Total Return Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.20% | 2.38% |
| Meets ESG criteria | No | No |
| Inception Date | February 10, 2015 | October 20, 2009 |
Frequently asked questions about XAW and ZEB
Which ETF has performed better year to date: XAW or ZEB?
As of October 16, 2026, XAW has returned 15.52% year to date, while ZEB has returned 29.29%. ZEB is ahead on YTD performance.
Which ETF is larger by assets under management: XAW or ZEB?
As of October 16, 2026, XAW manages $4.66 B in assets, while ZEB manages $6.92 B. ZEB is the larger fund by AUM.
How are XAW and ZEB managed?
XAW is passively managed by iShares. It tracks the MSCI ACWI ex Canada IMI Net Total Return Index - CAD benchmark. ZEB is passively managed by BMO. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do XAW and ZEB emphasize?
XAW is most exposed to Technology, Finance, and Industrials. ZEB is most exposed to Finance.
Which ETF is attracting more investor flows: XAW or ZEB?
Year to date, XAW has seen +$497.01 M in net flows, compared with +$114.06 M for ZEB. XAW has attracted more net investor money so far.
How do the fees of XAW and ZEB compare?
XAW has an expense ratio of 0.22%, while ZEB has an expense ratio of 0.28%.
What are the top holdings of XAW and ZEB?
XAW's largest holdings include NVIDIA Corp., Apple, Inc., and Microsoft Corp.. ZEB's top holdings include The Bank of Nova Scotia, The Toronto-Dominion Bank, and Royal Bank of Canada.
Which ETF is more diversified: XAW or ZEB?
XAW holds 7899 securities, while ZEB holds 6. On holdings count, XAW is the more diversified portfolio.
Recent articles about XAW and ZEB
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