VS
iShares Canadian Government Bond Index ETF (XGB) and NBI Sustainable Canadian Bond ETF (NSCB) 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 NSCB leans towards Finance, Sovereign, and Utilities. When evaluating costs, XGB features a management fee (MER) of 0.12%, compared to 0.63% for NSCB. Performance-wise, XGB has returned 1.16% year-to-date with -$239 M in net flows, whereas NSCB is at 3.25% with +$38 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
NSCB
| AuM | $1,561.04 M | $2,785.70 M |
| Management Fees | 0.12% | 0.63% |
| Exp. ratio | 0.13% | 0.61% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XGB | -1.36% | -3.28% | -1.16% | -1.71% | +12.77% |
NSCB | -1.28% | -3.25% | -3.25% | -4.39% | +4.60% | |
| Flows | XGB | -$104 M | -$32 M | -$239 M | -$37 M | +$660 M |
NSCB | +$1 M | +$42 M | +$38 M | -$30 M | +$1,125 M |
XGB vs NSCB exposure
Countries
XGB
Canada
99.18%
NSCB
Canada
94.79%
Sectors
XGB
Sovereign
44.40%
Municipal
38.41%
Government Agencies
9.61%
Other
7.58%
NSCB
Finance
28.83%
Sovereign
19.54%
Utilities
19.38%
Municipal
16.63%
Industrials
7.35%
Other
8.27%
As of September 30, 2026
Top 10 Holdings
XGB
Canada, Bonds 2.75% 1sep2030, CAD
2.01%
Canada, Bonds 3.25% 1jun2036, CAD
2.00%
Canada, Bonds 2.75% 1mar2031, CAD
1.99%
Canada, Bonds 3.25% 1dec2035, CAD
1.98%
Canada, Bonds 3.25% 1jun2035, CAD
1.81%
Canada, Bonds 3% 1jun2034, CAD
1.57%
Canada, Bonds 3% 1sep2031, CAD
1.55%
Canada, Bonds 2.75% 1mar2030, CAD
1.55%
Canada, Bonds 3.5% 1sep2029, CAD
1.51%
Canada, Bonds 3.5% 1dec2057, CAD
1.50%
NSCB
Canada, Bonds 3.5% 1mar2034, CAD
9.82%
Canada, Bonds 3.25% 1mar2036, CAD
4.47%
Hydro-Quebec, 5% 15feb2050, CAD (JN)
3.20%
Canada, Bonds 3.5% 1dec2056, CAD (D)
2.72%
Province of Ontario, 4.1% 7oct2054, CAD (DMTN267)
2.62%
Canada, Bonds 3% 1mar2032, CAD (C)
2.53%
PSP Capital, 4.4% 2dec2030, CAD (G-13)
2.49%
PSP Capital, 2.6% 1mar2032, CAD (G-4)
2.40%
Hydro-Quebec, 4% 15feb2055, CAD (JQ)
2.29%
Province of Ontario, FRN 19nov2030, CAD (DMTN274)
2.19%
Diversification
XGB
Total weight of top 10 holdings out of 550 total
17.48%
NSCB
Total weight of top 10 holdings out of 158 total
34.72%
Characteristics
Compare
XGB
NSCB
| Provider | iShares | National Bank Investments |
| Management | Passively managed | Actively managed |
| Benchmark | FTSE Canada All Government Bond TR Index - CAD | - |
| Replication Method | Direct (Physical) | - |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.24% | 0.00% |
| Meets ESG criteria | No | Yes |
| Inception Date | November 6, 2006 | January 23, 2020 |
Frequently asked questions about XGB and NSCB
Which ETF has performed better year to date: XGB or NSCB?
As of September 30, 2026, XGB has returned -1.16% year to date, while NSCB has returned -3.25%. XGB is ahead on YTD performance.
Which ETF is larger by assets under management: XGB or NSCB?
As of September 30, 2026, XGB manages $1.56 B in assets, while NSCB manages $2.79 B. NSCB is the larger fund by AUM.
How are XGB and NSCB managed?
XGB is passively managed by iShares. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark. NSCB is actively managed by National Bank Investments. It does not track an index.
What sectors do XGB and NSCB emphasize?
XGB is most exposed to Sovereign, Municipal, and Government Agencies. NSCB is most exposed to Finance, Sovereign, and Utilities.
Which ETF is attracting more investor flows: XGB or NSCB?
Year to date, XGB has seen -$238.83 M in net flows, compared with +$38.06 M for NSCB. NSCB has attracted more net investor money so far.
How do the fees of XGB and NSCB compare?
XGB has an expense ratio of 0.13%, while NSCB has an expense ratio of 0.61%.
What are the top holdings of XGB and NSCB?
XGB's largest holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 3.25% 1jun2036, CAD, and Canada, Bonds 2.75% 1mar2031, CAD. NSCB's top holdings include Canada, Bonds 3.5% 1mar2034, CAD, Canada, Bonds 3.25% 1mar2036, CAD, and Hydro-Quebec, 5% 15feb2050, CAD (JN).
Which ETF is more diversified: XGB or NSCB?
XGB holds 549 securities, while NSCB holds 152. On holdings count, XGB is the more diversified portfolio.
Recent articles about XGB and NSCB
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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.