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Compare iShares J.P. Morgan USD Emerging Markets Bond Index ETF (XEB) vs Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL) to find the best fit for your portfolio. XEB provides Sovereign, Energy, and Finance exposures, while QEBL is primarily weighted in Sovereign, Finance, and Industrials. When evaluating costs, XEB features a management fee (MER) of 0.52%, compared to 0.45% for QEBL. Performance-wise, XEB has returned 0.2% year-to-date with +$1 M in net flows, whereas QEBL is at 2.64% with +$27 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
XEB
QEBL
| AuM | $29.93 M | $119.05 M |
| Management Fees | 0.52% | 0.45% |
| Exp. ratio | 0.54% | 0.55% |
| Tracking Difference | -1.59% | -0.93% |
Historical performance and flows
As of August 31, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XEB | +0.36% | -0.97% | -0.20% | +3.74% | +20.85% |
QEBL | -0.46% | +1.87% | +2.64% | +5.06% | +33.45% | |
| Flows | XEB | -$0 M | -$0 M | +$1 M | +$5 M | -$81 M |
QEBL | +$0 M | +$0 M | +$27 M | +$39 M | -$350 M |
XEB vs QEBL exposure
Countries
XEB
Other
100.00%
QEBL
Republic of Korea
11.01%
China
9.17%
Brazil
8.97%
Mexico
8.78%
Thailand
8.04%
Indonesia
7.03%
Other
47.00%
Sectors
XEB
Sovereign
85.37%
Other
14.63%
QEBL
Sovereign
84.06%
Finance
14.40%
As of August 31, 2026
Top 10 Holdings
XEB
BlackRock Cash Funds - Treasury
1.35%
Argentina, 4.125% 9jul2035, USD
1.19%
Ecuador, 6.9% 31jul2035, USD
0.80%
Argentina, 5% 9jan2038, USD
0.69%
Argentina, 0.75% 9jul2030, USD
0.64%
Argentina, 3.5% 9jul2041, USD
0.57%
Ghana, 5% 3jul2035, USD
0.54%
Uruguay, 5.1% 18jun2050, USD
0.51%
Mexico, 5.5% 17aug2030, USD
0.51%
Ukraine, 4% 1feb2032, USD
0.42%
QEBL
Brazil, NTN-F 10% 1jan2029, BRL (NTN-F)
3.64%
European Investment Bank (EIB), 6.875% 28feb2035, INR (2658/0100)
2.17%
Philippines, 6.25% 14jan2036, PHP
2.07%
South Africa, Bonds 8.875% 28feb2035, ZAR (R2035)
1.82%
Thailand, LB 1.66% 17mar2030, THB
1.70%
China, Bonds 1.66% 25dec2032, CNY
1.60%
South Africa, Bonds 8.75% 31jan2044, ZAR (R2044)
1.60%
China, TB 1.63% 25oct2030, CNY
1.57%
Brazil, NTN-F 10% 1jan2031, BRL (NTN-F)
1.49%
Indonesia, FR 6.75% 15jul2035, IDR
1.47%
Diversification
XEB
Total weight of top 10 holdings out of 614 total
7.23%
QEBL
Total weight of top 10 holdings out of 244 total
19.14%
Characteristics
Compare
XEB
QEBL
| Provider | iShares | Mackenzie Investments |
| Management | Passively managed | Passively managed |
| Benchmark | J.P. Morgan EMBI Global Core - Hedged in CAD Total Return Index - CAD | Solactive EM Local Currency Government Bond Select NTR Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 5.01% | 4.84% |
| Meets ESG criteria | No | No |
| Inception Date | April 12, 2011 | October 24, 2019 |
Frequently asked questions about XEB and QEBL
Which ETF has performed better year to date: XEB or QEBL?
As of August 31, 2026, XEB has returned -0.20% year to date, while QEBL has returned 2.64%. QEBL is ahead on YTD performance.
Which ETF is larger by assets under management: XEB or QEBL?
As of August 31, 2026, XEB manages $29.93 M in assets, while QEBL manages $119.05 M. QEBL is the larger fund by AUM.
How are XEB and QEBL managed?
XEB is passively managed by iShares. It tracks the J.P. Morgan EMBI Global Core - Hedged in CAD Total Return Index - CAD benchmark. QEBL is passively managed by Mackenzie Investments. It tracks the Solactive EM Local Currency Government Bond Select NTR Index - CAD benchmark.
What sectors do XEB and QEBL emphasize?
XEB is most exposed to Sovereign, Energy, and Finance. QEBL is most exposed to Sovereign, Finance, and Industrials.
Which ETF is attracting more investor flows: XEB or QEBL?
Year to date, XEB has seen +$1.38 M in net flows, compared with +$26.85 M for QEBL. QEBL has attracted more net investor money so far.
How do the fees of XEB and QEBL compare?
XEB has an expense ratio of 0.54%, while QEBL has an expense ratio of 0.55%.
What are the top holdings of XEB and QEBL?
XEB's largest holdings include BlackRock Cash Funds - Treasury, Argentina, 4.125% 9jul2035, USD, and Ecuador, 6.9% 31jul2035, USD. QEBL's top holdings include Brazil, NTN-F 10% 1jan2029, BRL (NTN-F), European Investment Bank (EIB), 6.875% 28feb2035, INR (2658/0100), and Philippines, 6.25% 14jan2036, PHP.
Which ETF is more diversified: XEB or QEBL?
XEB holds 612 securities, while QEBL holds 244. On holdings count, XEB is the more diversified portfolio.
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