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Compare iShares Canadian Universe Bond Index ETF (XBB) vs BMO Aggregate Bond Index ETF (ZAG) to find the best fit for your portfolio. XBB and ZAG provide the same top sector exposures: Sovereign, Municipal, and Finance. When evaluating costs, XBB features a management fee (MER) of 0.09%, compared to 0.08% for ZAG. Performance-wise, XBB has returned 0.85% year-to-date with +$2 B in net flows, whereas ZAG is at 0.84% with +$1 B. 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
XBB
ZAG
| AuM | $10,589.38 M | $13,104.16 M |
| Management Fees | 0.09% | 0.08% |
| Exp. ratio | 0.10% | 0.09% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XBB | -1.16% | -2.51% | -0.85% | -0.96% | +12.45% |
ZAG | -1.16% | -2.52% | -0.84% | -0.97% | +12.51% | |
| Flows | XBB | +$677 M | +$873 M | +$1,812 M | +$2,627 M | +$5,159 M |
ZAG | +$77 M | +$668 M | +$1,316 M | +$2,421 M | +$7,243 M |
XBB vs ZAG exposure
Countries
XBB
Canada
97.34%
ZAG
Canada
96.36%
Sectors
XBB
Sovereign
33.61%
Municipal
28.99%
Finance
14.34%
Government Agencies
7.06%
Other
16.00%
ZAG
Sovereign
34.56%
Municipal
31.38%
Finance
11.84%
Government Agencies
9.39%
Other
12.84%
As of September 11, 2026
Top 10 Holdings
XBB
Canada, Bonds 2.75% 1mar2031, CAD
1.52%
Canada, Bonds 2.75% 1sep2030, CAD
1.52%
Canada, Bonds 3.25% 1dec2035, CAD
1.51%
Canada, Bonds 3.25% 1jun2035, CAD
1.42%
Canada, Bonds 3.25% 1jun2036, CAD
1.35%
Canada, Bonds 3.5% 1dec2057, CAD
1.24%
Canada, Bonds 3% 1jun2034, CAD
1.23%
Canada, Bonds 2.75% 1mar2030, CAD
1.22%
Canada, Bonds 3.5% 1sep2029, CAD
1.13%
Canada, Bonds 2.5% 1may2028, CAD
1.12%
ZAG
Canada, Bonds 3% 1jun2034, CAD
4.29%
Canada, Bonds 2.5% 1nov2027, CAD
3.68%
Canada, Bond 2.25 1jun2029 10Y
2.89%
Canada Housing Trust, 1.1% 15mar2031, CAD (95)
2.68%
Province of Quebec, 3.5% 1dec2048, CAD (B117)
2.41%
Canada, Bonds 2.75% 1dec2055, CAD
2.32%
Canada Housing Trust, 3.55% 15sep2032, CAD (107)
2.23%
Bank of Montreal, 3.19% 1mar2028, CAD
2.21%
Province of Quebec, 2.75% 1sep2028, CAD (B124)
2.20%
Canada, Bonds 2.25% 1feb2028, CAD
2.19%
Diversification
XBB
Total weight of top 10 holdings out of 1,889 total
13.27%
ZAG
Total weight of top 10 holdings out of 85 total
27.10%
Characteristics
Compare
XBB
ZAG
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Universe Bond TR Index - CAD | FTSE Canada Universe Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.54% | 3.51% |
| Meets ESG criteria | No | No |
| Inception Date | November 20, 2000 | January 19, 2010 |
Frequently asked questions about XBB and ZAG
Which ETF has performed better year to date: XBB or ZAG?
As of September 11, 2026, XBB has returned -0.85% year to date, while ZAG has returned -0.84%. ZAG is ahead on YTD performance.
Which ETF is larger by assets under management: XBB or ZAG?
As of September 11, 2026, XBB manages $10.59 B in assets, while ZAG manages $13.10 B. ZAG is the larger fund by AUM.
How are XBB and ZAG managed?
XBB is passively managed by iShares. It tracks the FTSE Canada Universe Bond TR Index - CAD benchmark. ZAG is passively managed by BMO. It tracks the FTSE Canada Universe Bond TR Index - CAD benchmark.
What sectors do XBB and ZAG emphasize?
XBB is most exposed to Sovereign, Municipal, and Finance. ZAG is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: XBB or ZAG?
Year to date, XBB has seen +$1,812.26 M in net flows, compared with +$1,316.46 M for ZAG. XBB has attracted more net investor money so far.
How do the fees of XBB and ZAG compare?
XBB has an expense ratio of 0.10%, while ZAG has an expense ratio of 0.09%.
What are the top holdings of XBB and ZAG?
XBB's largest holdings include Canada, Bonds 2.75% 1mar2031, CAD, Canada, Bonds 2.75% 1sep2030, CAD, and Canada, Bonds 3.25% 1dec2035, CAD. ZAG's top holdings include Canada, Bonds 3% 1jun2034, CAD, Canada, Bonds 2.5% 1nov2027, CAD, and Canada, Bond 2.25 1jun2029 10Y.
Which ETF is more diversified: XBB or ZAG?
XBB holds 1889 securities, while ZAG holds 85. On holdings count, XBB is the more diversified portfolio.
Recent articles about XBB and ZAG
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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.