VS
iShares Canadian Value Index ETF (XCV) and BMO Covered Call Canadian Banks ETF (ZWB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XCV focuses its top 3 sector exposures on Finance, Energy, and Non-Energy Materials, while ZWB leans towards Finance. When evaluating costs, XCV features a management fee (MER) of 0.5%, compared to 0.65% for ZWB. Performance-wise, XCV has returned 25.88% year-to-date with +$107 M in net flows, whereas ZWB is at 25.54% with +$35 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
XCV
ZWB
| AuM | $249.42 M | $4,616.30 M |
| Management Fees | 0.50% | 0.65% |
| Exp. ratio | 0.55% | 0.72% |
| Tracking Difference | -0.91% | - |
Historical performance and flows
As of September 15, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XCV | -1.72% | +2.81% | +25.88% | +39.65% | +115.01% |
ZWB | -4.67% | +2.04% | +25.54% | +41.85% | +112.85% | |
| Flows | XCV | +$6 M | +$0 M | +$107 M | +$112 M | +$81 M |
ZWB | -$18 M | +$25 M | +$35 M | +$37 M | -$245 M |
XCV vs ZWB exposure
Countries
XCV
Canada
99.72%
ZWB
Canada
100.03%
Sectors
XCV
Finance
61.45%
Energy
26.75%
Other
11.80%
ZWB
Finance
100.03%
As of September 15, 2026
Top 10 Holdings
XCV
Royal Bank of Canada
10.07%
The Toronto-Dominion Bank
9.91%
Bank of Montreal
7.79%
Enbridge, Inc.
7.53%
Canadian Imperial Bank of Commerce
6.77%
The Bank of Nova Scotia
6.72%
Canadian Natural Resources Ltd.
6.13%
Suncor Energy, Inc.
4.90%
Manulife Financial Corp.
4.62%
TC Energy Corp.
4.41%
ZWB
Bank of Montreal
17.17%
Royal Bank of Canada
17.06%
The Toronto-Dominion Bank
16.82%
The Bank of Nova Scotia
16.57%
National Bank of Canada
16.29%
Canadian Imperial Bank of Commerce
16.13%
Diversification
XCV
Total weight of top 10 holdings out of 35 total
68.85%
ZWB
Total weight of top 10 holdings out of 6 total
100.03%
Characteristics
Compare
XCV
ZWB
| Provider | iShares | BMO |
| Management | Passively managed | Actively managed |
| Benchmark | Dow Jones Canada Select Value Total Return Index - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.19% | 5.25% |
| Meets ESG criteria | No | No |
| Inception Date | November 6, 2006 | January 28, 2011 |
Frequently asked questions about XCV and ZWB
Which ETF has performed better year to date: XCV or ZWB?
As of September 15, 2026, XCV has returned 25.88% year to date, while ZWB has returned 25.54%. XCV is ahead on YTD performance.
Which ETF is larger by assets under management: XCV or ZWB?
As of September 15, 2026, XCV manages $249.42 M in assets, while ZWB manages $4.62 B. ZWB is the larger fund by AUM.
How are XCV and ZWB managed?
XCV is passively managed by iShares. It tracks the Dow Jones Canada Select Value Total Return Index - CAD benchmark. ZWB is actively managed by BMO. It does not track an index.
What sectors do XCV and ZWB emphasize?
XCV is most exposed to Finance, Energy, and Non-Energy Materials. ZWB is most exposed to Finance.
Which ETF is attracting more investor flows: XCV or ZWB?
Year to date, XCV has seen +$107.49 M in net flows, compared with +$35.05 M for ZWB. XCV has attracted more net investor money so far.
How do the fees of XCV and ZWB compare?
XCV has an expense ratio of 0.55%, while ZWB has an expense ratio of 0.72%.
What are the top holdings of XCV and ZWB?
XCV's largest holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Bank of Montreal. ZWB's top holdings include Bank of Montreal, Royal Bank of Canada, and The Toronto-Dominion Bank.
Which ETF is more diversified: XCV or ZWB?
XCV holds 35 securities, while ZWB holds 6. On holdings count, XCV is the more diversified portfolio.
Recent articles about XCV and ZWB
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