VS
iShares Canadian Corporate Bond Index ETF (XCB) and Mackenzie Canadian Government Long Bond Index ETF (QLB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XCB focuses its top 3 sector exposures on Finance, Utilities, and Energy, while QLB leans towards Municipal and Sovereign. When evaluating costs, XCB features a management fee (MER) of 0.15%, compared to 0.18% for QLB. Performance-wise, XCB has returned 0.23% year-to-date with +$973 M in net flows, whereas QLB is at 4.01% with -$2 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
XCB
QLB
| AuM | $3,667.34 M | $64.44 M |
| Management Fees | 0.15% | 0.18% |
| Exp. ratio | 0.17% | 0.20% |
| Tracking Difference | - | -0.27% |
Historical performance and flows
As of September 15, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XCB | -0.93% | -2.07% | -0.23% | +0.39% | +18.40% |
QLB | -1.83% | -6.31% | -4.01% | -5.93% | - | |
| Flows | XCB | +$360 M | +$420 M | +$973 M | +$1,379 M | +$2,022 M |
QLB | -$2 M | +$8 M | -$2 M | +$4 M | - |
XCB vs QLB exposure
Countries
XCB
Canada
90.82%
USA
7.96%
QLB
Canada
100.00%
Sectors
XCB
Finance
43.65%
Utilities
15.37%
Energy
13.73%
Industrials
8.75%
Other
18.50%
QLB
Municipal
66.48%
Sovereign
33.52%
As of September 15, 2026
Top 10 Holdings
XCB
Amazon.com, 5% 12jun2056, CAD
0.62%
Bank of Nova Scotia, 3.61% 30jan2032, CAD
0.53%
Amazon.com, 4.35% 12jun2036, CAD
0.52%
Royal Bank of Canada, 3.572% 9dec2031, CAD
0.52%
CIBC, 3.65% 13jan2032, CAD
0.45%
Toronto-Dominion Bank, 3.687% 9jan2032, CAD
0.45%
Bank of Nova Scotia, 3.734% 27jun2031, CAD
0.41%
Alphabet, 5% 15may2056, CAD
0.41%
Royal Bank of Canada, 4.632% 1may2028, CAD
0.39%
Toronto-Dominion Bank, 4.68% 8jan2029, CAD
0.38%
QLB
Canada, Bond 2 1jan2051 30Y
9.54%
Canada, Bonds 3.5% 1dec2057, CAD
6.25%
Canada, Bonds 2.75% 1dec2055, CAD
5.24%
Canada, Bond 1.75 1dec2053 30Y
4.82%
Canada, Bond 2.75 1dec2048 30Y
4.38%
Province of Quebec, 3.5% 1dec2048, CAD (B117)
4.02%
Province of Quebec, 4.4% 1dec2055, CAD (B133)
3.89%
Province of Quebec, 5% 1dec2041, CAD (B102)
3.49%
Province of Ontario, 2.9% 2jun2049, CAD (DMTN236)
3.19%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
3.10%
Diversification
XCB
Total weight of top 10 holdings out of 1,325 total
4.67%
QLB
Total weight of top 10 holdings out of 57 total
47.94%
Characteristics
Compare
XCB
QLB
| Provider | iShares | Mackenzie Investments |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada All Corporate Bond TR Index - CAD | Solactive Canadian Long Government Bond GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.28% | 3.75% |
| Meets ESG criteria | No | No |
| Inception Date | November 6, 2006 | November 20, 2023 |
Frequently asked questions about XCB and QLB
Which ETF has performed better year to date: XCB or QLB?
As of September 15, 2026, XCB has returned -0.23% year to date, while QLB has returned -4.01%. XCB is ahead on YTD performance.
Which ETF is larger by assets under management: XCB or QLB?
As of September 15, 2026, XCB manages $3.67 B in assets, while QLB manages $64.44 M. XCB is the larger fund by AUM.
How are XCB and QLB managed?
XCB is passively managed by iShares. It tracks the FTSE Canada All Corporate Bond TR Index - CAD benchmark. QLB is passively managed by Mackenzie Investments. It tracks the Solactive Canadian Long Government Bond GTR Index - CAD benchmark.
What sectors do XCB and QLB emphasize?
XCB is most exposed to Finance, Utilities, and Energy. QLB is most exposed to Municipal and Sovereign.
Which ETF is attracting more investor flows: XCB or QLB?
Year to date, XCB has seen +$973.28 M in net flows, compared with -$1.62 M for QLB. XCB has attracted more net investor money so far.
How do the fees of XCB and QLB compare?
XCB has an expense ratio of 0.17%, while QLB has an expense ratio of 0.20%.
What are the top holdings of XCB and QLB?
XCB's largest holdings include Amazon.com, 5% 12jun2056, CAD, Bank of Nova Scotia, 3.61% 30jan2032, CAD, and Amazon.com, 4.35% 12jun2036, CAD. QLB'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: XCB or QLB?
XCB holds 1325 securities, while QLB holds 57. On holdings count, XCB is the more diversified portfolio.
Recent articles about XCB and QLB
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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.