VS
iShares ESG MSCI Canada Index ETF (XESG) and BMO Balanced ESG ETF (ZESG) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XESG focuses its top 3 sector exposures on Financials, Energy, and Materials, while ZESG leans towards Information Technology, Sovereign, and Municipal. When evaluating costs, XESG features a management fee (MER) of 0.15%, compared to 0.18% for ZESG. Performance-wise, XESG has returned 7.85% year-to-date with +$16 M in net flows, whereas ZESG is at 2.73% with +$4 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
XESG
ZESG
| AuM | $609.80 M | $100.57 M |
| Management Fees | 0.15% | 0.18% |
| Exp. ratio | 0.17% | 0.20% |
| Tracking Difference | -0.30% | - |
Historical performance and flows
As of April 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XESG | +6.95% | +3.23% | +7.85% | +40.24% | +78.05% |
ZESG | +5.49% | +0.72% | +2.73% | +19.16% | +45.28% | |
| Flows | XESG | +$4 M | +$6 M | +$16 M | -$14 M | +$31 M |
ZESG | +$1 M | +$4 M | +$4 M | -$5 M | +$27 M |
XESG vs ZESG exposure
Countries
XESG
Canada
99.65%
ZESG
Canada
51.01%
USA
35.87%
Other
13.13%
Sectors
XESG
Financials
34.50%
Energy
19.31%
Materials
18.25%
Other
10.70%
Information Technology
7.05%
Other
10.18%
ZESG
Information Technology
14.83%
Sovereign
11.45%
Municipal
11.04%
Financials
9.76%
Other
52.91%
As of April 24, 2026
Top 10 Holdings
XESG
ROYAL BK CANADA
6.82%
TORONTO DOMINION
4.52%
SHOPIFY SUBORDINATE VOTING
4.46%
BNS
3.81%
ENBRIDGE
3.77%
CDN IMPERIAL BK
3.58%
AGNICO EAGLE MINES LTD
3.41%
WHEATON PRECIOUS METALS CORP
2.77%
MANULIFE-S
2.75%
NATIONAL BANK OF CANADA
2.71%
ZESG
NVIDIA
4.61%
Canada, Bond 1.25 1jun2030 10Y
3.20%
MICROSOFT-T
2.91%
ALPHABET INC-CL
1.83%
Canada, Bonds 2% 1jun2032, CAD
1.60%
TORONTO DOMINION
1.58%
Canada, Bonds 1.5% 1dec2031 10Y
1.57%
ALPHABET INC-CL
1.53%
Canada, Bonds 3.5% 1mar2028, CAD
1.45%
SHOPIFY SUBORDINATE VOTING
1.40%
Diversification
XESG
Total weight of top 10 holdings out of 132 total
38.60%
ZESG
Total weight of top 10 holdings out of 1,469 total
21.68%
Characteristics
Compare
XESG
ZESG
| Provider | iShares | BMO |
| Management | Passively managed | Actively managed |
| Benchmark | MSCI Canada IMI Extended ESG Focus Gross Return Index - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity, Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.01% | 1.71% |
| Meets ESG criteria | Yes | Yes |
| Inception Date | March 18, 2019 | January 16, 2020 |
Frequently asked questions about XESG and ZESG
Which ETF has performed better year to date: XESG or ZESG?
As of April 24, 2026, XESG has returned 7.85% year to date, while ZESG has returned 2.73%. XESG is ahead on YTD performance.
Which ETF is larger by assets under management: XESG or ZESG?
As of April 24, 2026, XESG manages $609.80 M in assets, while ZESG manages $100.57 M. XESG is the larger fund by AUM.
How are XESG and ZESG managed?
XESG is passively managed by iShares. It tracks the MSCI Canada IMI Extended ESG Focus Gross Return Index - CAD benchmark. ZESG is actively managed by BMO. It does not track an index.
What sectors do XESG and ZESG emphasize?
XESG is most exposed to Financials, Energy, and Materials. ZESG is most exposed to Information Technology, Sovereign, and Municipal.
Which ETF is attracting more investor flows: XESG or ZESG?
Year to date, XESG has seen +$15.92 M in net flows, compared with +$4.31 M for ZESG. XESG has attracted more net investor money so far.
How do the fees of XESG and ZESG compare?
XESG has an expense ratio of 0.17%, while ZESG has an expense ratio of 0.20%.
What are the top holdings of XESG and ZESG?
XESG's largest holdings include ROYAL BK CANADA and TORONTO DOMINION. ZESG's top holdings include NVIDIA and ALPHABET INC-CL.
Which ETF is more diversified: XESG or ZESG?
XESG holds 115 securities, while ZESG holds 1364. On holdings count, ZESG is the more diversified portfolio.
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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.