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Compare iShares Canadian Government Bond Index ETF (XGB) vs BMO Government Bond Index ETF (ZGB) to find the best fit for your portfolio. XGB and ZGB provide the same top sector exposures: Sovereign, Municipal, and Government Agencies. When evaluating costs, XGB features a management fee (MER) of 0.12%, compared to 0.15% for ZGB. Performance-wise, XGB has returned 1.1% year-to-date with -$133 M in net flows, whereas ZGB is at 1.07% with -$202 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
ZGB
| AuM | $1,672.46 M | $1,228.17 M |
| Management Fees | 0.12% | 0.15% |
| Exp. ratio | 0.13% | 0.17% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XGB | -1.24% | -2.70% | -1.10% | -1.49% | +10.44% |
ZGB | -1.24% | -2.69% | -1.07% | -1.50% | +10.38% | |
| Flows | XGB | +$36 M | +$92 M | -$133 M | +$110 M | +$787 M |
ZGB | -$11 M | -$12 M | -$202 M | -$202 M | +$180 M |
XGB vs ZGB exposure
Countries
XGB
Canada
99.23%
ZGB
Canada
100.00%
Sectors
XGB
Sovereign
44.49%
Municipal
38.47%
Government Agencies
9.53%
Other
7.51%
ZGB
Sovereign
45.02%
Municipal
41.74%
Government Agencies
13.24%
As of September 11, 2026
Top 10 Holdings
XGB
Canada, Bonds 3.25% 1jun2036, CAD
2.05%
Canada, Bonds 2.75% 1mar2031, CAD
2.02%
Canada, Bonds 3.25% 1dec2035, CAD
1.98%
Canada, Bonds 2.75% 1sep2030, CAD
1.93%
Canada, Bonds 3.25% 1jun2035, CAD
1.85%
Canada, Bonds 3% 1jun2034, CAD
1.60%
Canada, Bonds 2.75% 1mar2030, CAD
1.57%
Canada, Bonds 3.5% 1dec2057, CAD
1.55%
Canada, Bonds 3.5% 1sep2029, CAD
1.53%
Canada, Bond 1.5 1jun2031 10Y
1.49%
ZGB
Canada, Bond 1.25 1jun2030 10Y
12.45%
Canada, Bonds 2% 1jun2032, CAD
6.22%
Canada, Bonds 1.5% 1dec2031 10Y
6.11%
Canada Housing Trust, 4.25% 15mar2034, CAD (118)
3.48%
Canada, Bonds 3.5% 1mar2028, CAD
3.37%
Canada, Bonds 2.5% 1dec2032, CAD
3.18%
CMHC, 1.75% 15jun2030, CAD (92)
3.16%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
3.16%
Canada, Bonds 2.75% 1dec2055, CAD
2.62%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.33%
Diversification
XGB
Total weight of top 10 holdings out of 549 total
17.58%
ZGB
Total weight of top 10 holdings out of 48 total
46.09%
Characteristics
Compare
XGB
ZGB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada All Government Bond TR Index - CAD | FTSE Canada All Government Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.23% | 3.18% |
| Meets ESG criteria | No | No |
| Inception Date | November 6, 2006 | March 7, 2018 |
Frequently asked questions about XGB and ZGB
Which ETF has performed better year to date: XGB or ZGB?
As of September 11, 2026, XGB has returned -1.10% year to date, while ZGB has returned -1.07%. ZGB is ahead on YTD performance.
Which ETF is larger by assets under management: XGB or ZGB?
As of September 11, 2026, XGB manages $1.67 B in assets, while ZGB manages $1.23 B. XGB is the larger fund by AUM.
How are XGB and ZGB managed?
XGB is passively managed by iShares. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark. ZGB is passively managed by BMO. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do XGB and ZGB emphasize?
XGB is most exposed to Sovereign, Municipal, and Government Agencies. ZGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: XGB or ZGB?
Year to date, XGB has seen -$132.83 M in net flows, compared with -$202.15 M for ZGB. XGB has attracted more net investor money so far.
How do the fees of XGB and ZGB compare?
XGB has an expense ratio of 0.13%, while ZGB has an expense ratio of 0.17%.
What are the top holdings of XGB and ZGB?
XGB's largest holdings include Canada, Bonds 3.25% 1jun2036, CAD, Canada, Bonds 2.75% 1mar2031, CAD, and Canada, Bonds 3.25% 1dec2035, CAD. ZGB's top holdings include Canada, Bond 1.25 1jun2030 10Y, Canada, Bonds 2% 1jun2032, CAD, and Canada, Bonds 1.5% 1dec2031 10Y.
Which ETF is more diversified: XGB or ZGB?
XGB holds 549 securities, while ZGB holds 48. On holdings count, XGB is the more diversified portfolio.
Recent articles about XGB and ZGB
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