VS
iShares Canadian Government Bond Index ETF (XGB) and BMO Equal Weight Utilities Index ETF (ZUT) 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 ZUT leans towards Utilities, Energy, and Industrials. When evaluating costs, XGB features a management fee (MER) of 0.12%, compared to 0.55% for ZUT. Performance-wise, XGB has returned 0.34% year-to-date with -$165 M in net flows, whereas ZUT is at 17.69% with -$112 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
ZUT
| AuM | $1,669.04 M | $834.05 M |
| Management Fees | 0.12% | 0.55% |
| Exp. ratio | 0.13% | 0.61% |
| Tracking Difference | - | -0.82% |
Historical performance and flows
As of August 19, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XGB | -0.62% | +0.86% | +0.34% | +2.29% | +13.11% |
ZUT | -3.73% | +1.25% | +17.69% | +22.10% | +54.98% | |
| Flows | XGB | +$11 M | +$75 M | -$165 M | +$88 M | +$756 M |
ZUT | +$14 M | -$48 M | -$112 M | -$56 M | +$197 M |
XGB vs ZUT exposure
Countries
XGB
Canada
99.23%
ZUT
Canada
84.68%
Bermuda
15.32%
Sectors
XGB
Sovereign
44.37%
Municipal
38.60%
Government Agencies
9.48%
Other
7.55%
ZUT
Utilities
85.04%
Energy
7.95%
Industrials
7.01%
As of August 19, 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%
ZUT
Boralex, Inc.
9.46%
Capital Power Corp.
8.42%
Brookfield Renewable Partners LP
8.31%
AltaGas Ltd.
7.95%
ATCO Ltd.
7.77%
TransAlta Corp.
7.74%
Canadian Utilities Ltd.
7.65%
Emera, Inc.
7.38%
Fortis, Inc.
7.23%
Northland Power, Inc.
7.14%
Diversification
XGB
Total weight of top 10 holdings out of 550 total
17.54%
ZUT
Total weight of top 10 holdings out of 13 total
79.05%
Characteristics
Compare
XGB
ZUT
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada All Government Bond TR Index - CAD | Solactive Equal Weight Canada Utilities Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.17% | 2.81% |
| Meets ESG criteria | No | No |
| Inception Date | November 6, 2006 | January 19, 2010 |
Frequently asked questions about XGB and ZUT
Which ETF has performed better year to date: XGB or ZUT?
As of August 19, 2026, XGB has returned 0.34% year to date, while ZUT has returned 17.69%. ZUT is ahead on YTD performance.
Which ETF is larger by assets under management: XGB or ZUT?
As of August 19, 2026, XGB manages $1.67 B in assets, while ZUT manages $834.05 M. XGB is the larger fund by AUM.
How are XGB and ZUT managed?
XGB is passively managed by iShares. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark. ZUT is passively managed by BMO. It tracks the Solactive Equal Weight Canada Utilities Total Return Index - CAD benchmark.
What sectors do XGB and ZUT emphasize?
XGB is most exposed to Sovereign, Municipal, and Government Agencies. ZUT is most exposed to Utilities, Energy, and Industrials.
Which ETF is attracting more investor flows: XGB or ZUT?
Year to date, XGB has seen -$165.09 M in net flows, compared with -$112.01 M for ZUT. ZUT has attracted more net investor money so far.
How do the fees of XGB and ZUT compare?
XGB has an expense ratio of 0.13%, while ZUT has an expense ratio of 0.61%.
What are the top holdings of XGB and ZUT?
XGB's largest holdings include Canada, Bonds 2.75% 1mar2031, CAD, Canada, Bonds 3.25% 1dec2035, CAD, and Canada, Bonds 2.75% 1sep2030, CAD. ZUT's top holdings include Boralex, Inc., Capital Power Corp., and Brookfield Renewable Partners LP.
Which ETF is more diversified: XGB or ZUT?
XGB holds 550 securities, while ZUT holds 13. On holdings count, XGB is the more diversified portfolio.
Recent articles about XGB and ZUT
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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.