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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 Finance, Non-Energy Materials, and Energy, while ZESG leans towards Technology, Finance, and Sovereign. When evaluating costs, XESG features a management fee (MER) of 0.15%, compared to 0.18% for ZESG. Performance-wise, XESG has returned 12.54% year-to-date with +$33 M in net flows, whereas ZESG is at 6.32% 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 | $650.36 M | $103.57 M |
| Management Fees | 0.15% | 0.18% |
| Exp. ratio | 0.17% | 0.20% |
| Tracking Difference | -0.26% | - |
Historical performance and flows
As of July 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XESG | +2.04% | +4.34% | +12.54% | +30.98% | +84.32% |
ZESG | -0.80% | +3.49% | +6.32% | +14.17% | +47.61% | |
| Flows | XESG | +$4 M | +$17 M | +$33 M | +$9 M | +$43 M |
ZESG | +$0 M | +$0 M | +$4 M | +$12 M | +$27 M |
XESG vs ZESG exposure
Countries
XESG
Canada
97.86%
ZESG
Canada
48.20%
USA
36.40%
Other
15.40%
Sectors
XESG
Finance
46.84%
Non-Energy Materials
17.42%
Energy
16.87%
Other
18.87%
ZESG
Technology
17.96%
Finance
15.06%
Sovereign
11.14%
Municipal
10.14%
Other
45.69%
As of July 24, 2026
Top 10 Holdings
XESG
Royal Bank of Canada
8.78%
The Toronto-Dominion Bank
6.35%
Enbridge, Inc.
4.15%
The Bank of Nova Scotia
4.07%
Shopify, Inc.
4.03%
Canadian Imperial Bank of Commerce
3.78%
Bank of Montreal
3.28%
Manulife Financial Corp.
3.03%
National Bank of Canada
2.74%
Wheaton Precious Metals Corp.
2.45%
ZESG
NVIDIA Corp.
4.49%
Canada, Bond 1.25 1jun2030 10Y
3.06%
Microsoft Corp.
2.60%
Alphabet, Inc.
2.06%
The Toronto-Dominion Bank
1.87%
Alphabet, Inc.
1.62%
Canada, Bonds 2% 1jun2032, CAD
1.54%
Canada, Bonds 1.5% 1dec2031 10Y
1.51%
Shopify, Inc.
1.32%
Tesla, Inc.
1.16%
Diversification
XESG
Total weight of top 10 holdings out of 135 total
42.66%
ZESG
Total weight of top 10 holdings out of 1,494 total
21.22%
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 | 1.89% | 1.75% |
| 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 July 24, 2026, XESG has returned 12.54% year to date, while ZESG has returned 6.32%. XESG is ahead on YTD performance.
Which ETF is larger by assets under management: XESG or ZESG?
As of July 24, 2026, XESG manages $650.36 M in assets, while ZESG manages $103.57 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 Finance, Non-Energy Materials, and Energy. ZESG is most exposed to Technology, Finance, and Sovereign.
Which ETF is attracting more investor flows: XESG or ZESG?
Year to date, XESG has seen +$32.78 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 Bank of Canada, The Toronto-Dominion Bank, and Enbridge, Inc.. ZESG's top holdings include NVIDIA Corp., Alphabet, Inc., and Canada, Bond 1.25 1jun2030 10Y.
Which ETF is more diversified: XESG or ZESG?
XESG holds 135 securities, while ZESG holds 1366. 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.