VS
iShares Core Conservative Balanced ETF (XCNS) and BMO Conservative ETF (ZCON) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XCNS focuses its top 3 sector exposures on Finance, Sovereign, and Technology, while ZCON leans towards Sovereign, Finance, and Municipal. When evaluating costs, XCNS features a management fee (MER) of 0.18%, compared to 0.18% for ZCON. Performance-wise, XCNS has returned 5.84% year-to-date with +$117 M in net flows, whereas ZCON is at 5.36% with +$47 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
XCNS
ZCON
| AuM | $443.67 M | $129.25 M |
| Management Fees | 0.18% | 0.18% |
| Exp. ratio | 0.18% | 0.20% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 20, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XCNS | -0.55% | +0.41% | +5.84% | +5.68% | +42.36% |
ZCON | -0.65% | +0.19% | +5.36% | +5.06% | +40.39% | |
| Flows | XCNS | +$11 M | +$30 M | +$117 M | +$150 M | +$289 M |
ZCON | +$9 M | +$21 M | +$47 M | +$56 M | +$78 M |
XCNS vs ZCON exposure
Countries
XCNS
Canada
54.65%
USA
30.56%
Other
14.78%
ZCON
Canada
51.72%
USA
33.11%
Other
15.18%
Sectors
XCNS
Finance
23.22%
Sovereign
18.62%
Technology
11.13%
Municipal
10.80%
Other
36.23%
ZCON
Sovereign
22.24%
Finance
16.46%
Municipal
13.04%
Technology
11.92%
Other
36.34%
As of October 20, 2026
Top 10 Holdings
XCNS
NVIDIA Corp.
1.36%
Apple, Inc.
1.19%
Microsoft Corp.
0.96%
Royal Bank of Canada
0.76%
Amazon.com, Inc.
0.65%
Canada, Bonds 2.75% 1sep2030, CAD
0.58%
Canada, Bonds 2.75% 1mar2031, CAD
0.57%
Canada, Bonds 3.25% 1dec2035, CAD
0.56%
Canada, Bonds 3.25% 1jun2036, CAD
0.55%
The Toronto-Dominion Bank
0.54%
ZCON
Canada, Bond 0.5 1oct2030 10Y
7.67%
CMHC, 1.9% 15mar2031, CAD (100)
2.60%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
2.34%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
2.27%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
2.12%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.09%
Canada, Bonds 2.25% 1dec2029, CAD
1.89%
NVIDIA Corp.
1.48%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
1.35%
Apple, Inc.
1.32%
Diversification
XCNS
Total weight of top 10 holdings out of 21,879 total
7.72%
ZCON
Total weight of top 10 holdings out of 19,935 total
25.13%
Characteristics
Compare
XCNS
ZCON
| Provider | iShares | BMO |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | - | - |
| Asset Class | Equity, Fixed Income | Equity, Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.67% | 1.77% |
| Meets ESG criteria | No | No |
| Inception Date | August 7, 2019 | February 15, 2019 |
Frequently asked questions about XCNS and ZCON
Which ETF has performed better year to date: XCNS or ZCON?
As of October 20, 2026, XCNS has returned 5.84% year to date, while ZCON has returned 5.36%. XCNS is ahead on YTD performance.
Which ETF is larger by assets under management: XCNS or ZCON?
As of October 20, 2026, XCNS manages $443.67 M in assets, while ZCON manages $129.25 M. XCNS is the larger fund by AUM.
How are XCNS and ZCON managed?
XCNS is actively managed by iShares. It does not track an index. ZCON is actively managed by BMO. It does not track an index.
What sectors do XCNS and ZCON emphasize?
XCNS is most exposed to Finance, Sovereign, and Technology. ZCON is most exposed to Sovereign, Finance, and Municipal.
Which ETF is attracting more investor flows: XCNS or ZCON?
Year to date, XCNS has seen +$117.23 M in net flows, compared with +$47.05 M for ZCON. XCNS has attracted more net investor money so far.
How do the fees of XCNS and ZCON compare?
XCNS has an expense ratio of 0.18%, while ZCON has an expense ratio of 0.20%.
What are the top holdings of XCNS and ZCON?
XCNS's largest holdings include NVIDIA Corp., Apple, Inc., and Microsoft Corp.. ZCON's top holdings include Canada, Bond 0.5 1oct2030 10Y and CMHC, 1.9% 15mar2031, CAD (100).
Which ETF is more diversified: XCNS or ZCON?
XCNS holds 21552 securities, while ZCON holds 11677. On holdings count, XCNS is the more diversified portfolio.
Recent articles about XCNS and ZCON
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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.