VS
iShares Canadian Government Bond Index ETF (XGB) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XGB focuses its top 3 sector exposures on Sovereign, Municipal, and Government Agencies, while HEWB leans towards Finance. When evaluating costs, XGB features a management fee (MER) of 0.12%, compared to 0.28% for HEWB. Performance-wise, XGB has returned 0.08% year-to-date with -$165 M in net flows, whereas HEWB is at 27.46% 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
XGB
HEWB
| AuM | $1,662.15 M | $335.94 M |
| Management Fees | 0.12% | 0.28% |
| Exp. ratio | 0.13% | 0.28% |
| Tracking Difference | - | -0.82% |
Historical performance and flows
As of August 20, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XGB | -1.03% | -0.40% | -0.08% | +1.81% | +12.64% |
HEWB | -3.87% | +7.68% | +27.46% | +56.62% | +152.16% | |
| Flows | XGB | +$11 M | +$75 M | -$165 M | +$88 M | +$756 M |
HEWB | +$4 M | +$15 M | +$27 M | +$26 M | +$33 M |
XGB vs HEWB exposure
Countries
XGB
Canada
99.23%
HEWB
Canada
100.00%
Sectors
XGB
Sovereign
44.37%
Municipal
38.60%
Government Agencies
9.48%
Other
7.55%
HEWB
Finance
100.00%
As of August 20, 2026
Top 10 Holdings
XGB
Canada, Bonds 2.75% 1mar2031, CAD
2.05%
Canada, Bonds 3.25% 1dec2035, CAD
2.02%
Canada, Bonds 2.75% 1sep2030, CAD
2.01%
Canada, Bonds 3.25% 1jun2035, CAD
1.88%
Canada, Bonds 3.25% 1jun2036, CAD
1.79%
Canada, Bonds 3% 1jun2034, CAD
1.63%
Canada, Bonds 3.5% 1dec2057, CAD
1.62%
Canada, Bonds 2.75% 1mar2030, CAD
1.59%
Canada, Bond 1.5 1jun2031 10Y
1.51%
Canada, Bonds 3.5% 1sep2029, CAD
1.45%
HEWB
The Toronto-Dominion Bank
17.42%
Royal Bank of Canada
17.32%
Bank of Montreal
17.15%
The Bank of Nova Scotia
16.61%
Canadian Imperial Bank of Commerce
15.79%
National Bank of Canada
15.70%
Diversification
XGB
Total weight of top 10 holdings out of 550 total
17.54%
HEWB
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
XGB
HEWB
| Provider | iShares | Global X |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada All Government Bond TR Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Equity |
| Dividend Policy | Distributing | Capitalization |
| Trailing 12m distribution yield | 3.18% | 0.00% |
| Meets ESG criteria | No | No |
| Inception Date | November 6, 2006 | January 23, 2019 |
Frequently asked questions about XGB and HEWB
Which ETF has performed better year to date: XGB or HEWB?
As of August 20, 2026, XGB has returned -0.08% year to date, while HEWB has returned 27.46%. HEWB is ahead on YTD performance.
Which ETF is larger by assets under management: XGB or HEWB?
As of August 20, 2026, XGB manages $1.66 B in assets, while HEWB manages $335.94 M. XGB is the larger fund by AUM.
How are XGB and HEWB managed?
XGB is passively managed by iShares. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark. HEWB is passively managed by Global X. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do XGB and HEWB emphasize?
XGB is most exposed to Sovereign, Municipal, and Government Agencies. HEWB is most exposed to Finance.
Which ETF is attracting more investor flows: XGB or HEWB?
Year to date, XGB has seen -$165.09 M in net flows, compared with +$26.84 M for HEWB. HEWB has attracted more net investor money so far.
How do the fees of XGB and HEWB compare?
XGB has an expense ratio of 0.13%, while HEWB has an expense ratio of 0.28%.
What are the top holdings of XGB and HEWB?
XGB's largest holdings include Canada, Bonds 2.75% 1mar2031, CAD, Canada, Bonds 3.25% 1dec2035, CAD, and Canada, Bonds 2.75% 1sep2030, CAD. HEWB's top holdings include The Toronto-Dominion Bank, Royal Bank of Canada, and Bank of Montreal.
Which ETF is more diversified: XGB or HEWB?
XGB holds 550 securities, while HEWB holds 6. On holdings count, XGB is the more diversified portfolio.
Recent articles about XGB and HEWB
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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.