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Compare iShares S&P/TSX Small Cap Index ETF (XCS) vs BMO Equal Weight Banks Index ETF (ZEB) to find the best fit for your portfolio. XCS provides Non-Energy Materials, Energy, and Finance exposures, while ZEB is primarily weighted in Finance. When evaluating costs, XCS features a management fee (MER) of 0.55%, compared to 0.25% for ZEB. Performance-wise, XCS has returned 14.6% year-to-date with -$9 M in net flows, whereas ZEB is at 32.05% 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
XCS
ZEB
| AuM | $239.13 M | $7,964.98 M |
| Management Fees | 0.55% | 0.25% |
| Exp. ratio | 0.60% | 0.28% |
| Tracking Difference | -0.76% | -0.53% |
Historical performance and flows
As of October 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XCS | -4.75% | -0.41% | +14.60% | +24.26% | +120.78% |
ZEB | +2.92% | -0.49% | +32.05% | +45.52% | +183.86% | |
| Flows | XCS | +$0 M | +$4 M | -$9 M | +$6 M | +$1 M |
ZEB | +$253 M | +$1,000 M | +$1,033 M | +$1,756 M | -$188 M |
XCS vs ZEB exposure
Countries
XCS
Canada
95.61%
ZEB
Canada
100.00%
Sectors
XCS
Non-Energy Materials
35.57%
Energy
19.59%
Finance
15.09%
Industrials
12.52%
Other
17.24%
ZEB
Finance
100.00%
As of October 30, 2026
Top 10 Holdings
XCS
Ero Copper Corp.
1.84%
Wesdome Gold Mines Ltd.
1.75%
Athabasca Oil Corp.
1.68%
Russel Metals, Inc.
1.67%
Kinaxis, Inc.
1.63%
Fortuna Mining Corp.
1.60%
Trekor Metals Ltd.
1.56%
Bird Construction, Inc.
1.53%
Baytex Energy Corp.
1.39%
Enerflex Ltd.
1.33%
ZEB
The Bank of Nova Scotia
17.14%
The Toronto-Dominion Bank
16.99%
Bank of Montreal
16.79%
Canadian Imperial Bank of Commerce
16.49%
Royal Bank of Canada
16.45%
National Bank of Canada
16.14%
Diversification
XCS
Total weight of top 10 holdings out of 233 total
15.98%
ZEB
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
XCS
ZEB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | S&P/TSX Smallcap 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 | 1.64% | 2.34% |
| Meets ESG criteria | No | No |
| Inception Date | May 14, 2007 | October 20, 2009 |
Frequently asked questions about XCS and ZEB
Which ETF has performed better year to date: XCS or ZEB?
As of October 30, 2026, XCS has returned 14.60% year to date, while ZEB has returned 32.05%. ZEB is ahead on YTD performance.
Which ETF is larger by assets under management: XCS or ZEB?
As of October 30, 2026, XCS manages $239.13 M in assets, while ZEB manages $7.96 B. ZEB is the larger fund by AUM.
How are XCS and ZEB managed?
XCS is passively managed by iShares. It tracks the S&P/TSX Smallcap 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 XCS and ZEB emphasize?
XCS is most exposed to Non-Energy Materials, Energy, and Finance. ZEB is most exposed to Finance.
Which ETF is attracting more investor flows: XCS or ZEB?
Year to date, XCS has seen -$8.93 M in net flows, compared with +$1,032.65 M for ZEB. ZEB has attracted more net investor money so far.
How do the fees of XCS and ZEB compare?
XCS has an expense ratio of 0.60%, while ZEB has an expense ratio of 0.28%.
What are the top holdings of XCS and ZEB?
XCS's largest holdings include Ero Copper Corp., Wesdome Gold Mines Ltd., and Athabasca Oil Corp.. ZEB's top holdings include The Bank of Nova Scotia, The Toronto-Dominion Bank, and Bank of Montreal.
Which ETF is more diversified: XCS or ZEB?
XCS holds 232 securities, while ZEB holds 6. On holdings count, XCS is the more diversified portfolio.
Recent articles about XCS and ZEB
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