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iShares Global Government Bond Index ETF (XGGB) and BMO Global Multi-Sector Bond Fund ETF (ZMSB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XGGB focuses its top 3 sector exposures on Sovereign, while ZMSB leans towards Finance, Industrials, and Utilities. When evaluating costs, XGGB features a management fee (MER) of 0.2%, compared to 0.6% for ZMSB. Performance-wise, XGGB has returned 2.13% year-to-date with -$87 M in net flows, whereas ZMSB is at 1.55% with -$0 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
XGGB
ZMSB
| AuM | $425.34 M | $18.51 M |
| Management Fees | 0.20% | 0.60% |
| Exp. ratio | 0.22% | 0.64% |
| Tracking Difference | -0.17% | - |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XGGB | -1.24% | -1.71% | -2.13% | -2.15% | +5.50% |
ZMSB | -1.34% | -1.29% | -1.55% | -0.25% | +14.89% | |
| Flows | XGGB | +$41 M | -$6 M | -$87 M | +$62 M | +$146 M |
ZMSB | +$1 M | +$1 M | -$0 M | +$5 M | +$4 M |
XGGB vs ZMSB exposure
Countries
XGGB
USA
40.80%
China
11.68%
Japan
8.21%
Other
39.31%
ZMSB
USA
40.47%
United Kingdom
21.38%
Germany
10.07%
France
7.04%
Other
21.04%
Sectors
XGGB
Sovereign
98.89%
ZMSB
Finance
40.47%
Industrials
7.92%
Utilities
7.47%
Other
44.15%
As of September 11, 2026
Top 10 Holdings
XGGB
USA, Notes 4.25% 15nov2034, USD (F-2034)
0.56%
USA, Notes 4.375% 15may2034, USD (C-2034)
0.53%
USA, Notes 3.875% 15aug2034, USD (E-2034)
0.52%
USA, Notes 4.25% 15aug2035, USD (E-2035)
0.51%
USA, Notes 4.25% 15may2035, USD (C-2035)
0.50%
China, TB 1.79% 25mar2032, CNY
0.42%
USA, Notes 2.875% 15may2032, USD (C-2032)
0.40%
USA, Notes 3.5% 31jan2028, USD (U-2028)
0.37%
China, TB 1.44% 15sep2027, CNY
0.37%
USA, Notes 3.375% 31dec2027, USD (BM-2027)
0.37%
ZMSB
Treasury Corporation of Victoria, 2% 17sep2035, AUD (58)
1.61%
United Kingdom, Gilt 4.75% 22oct2043, GBP
1.45%
Asian Development Bank (ADB), 0% 6oct2040, ZAR (5479D)
1.42%
New South Wales Treasury Corp., 2.5% 22nov2032, AUD (11-2032)
1.36%
EBRD, 0% 30jan2046, ZAR (7305D)
1.30%
Cote d`Ivoire, 8.075% 1apr2036, USD
1.17%
Abbott Laboratories, 4.65% 15mar2036, USD
1.00%
Asian Development Bank (ADB), 0% 30apr2040, ZAR (1137-00-2, 7305D)
0.93%
HSBC Holdings plc, 5.286% 19nov2030, USD
0.90%
Lowe's, 3.75% 1apr2032, USD
0.89%
Diversification
XGGB
Total weight of top 10 holdings out of 1,170 total
4.56%
ZMSB
Total weight of top 10 holdings out of 324 total
12.04%
Characteristics
Compare
XGGB
ZMSB
| Provider | iShares | BMO |
| Management | Passively managed | Actively managed |
| Benchmark | FTSE World Government Bond Index Currency-hedged in CAD - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.86% | 3.51% |
| Meets ESG criteria | No | No |
| Inception Date | September 21, 2017 | May 29, 2018 |
Frequently asked questions about XGGB and ZMSB
Which ETF has performed better year to date: XGGB or ZMSB?
As of September 11, 2026, XGGB has returned -2.13% year to date, while ZMSB has returned -1.55%. ZMSB is ahead on YTD performance.
Which ETF is larger by assets under management: XGGB or ZMSB?
As of September 11, 2026, XGGB manages $425.34 M in assets, while ZMSB manages $18.51 M. XGGB is the larger fund by AUM.
How are XGGB and ZMSB managed?
XGGB is passively managed by iShares. It tracks the FTSE World Government Bond Index Currency-hedged in CAD - CAD benchmark. ZMSB is actively managed by BMO. It does not track an index.
What sectors do XGGB and ZMSB emphasize?
XGGB is most exposed to Sovereign. ZMSB is most exposed to Finance, Industrials, and Utilities.
Which ETF is attracting more investor flows: XGGB or ZMSB?
Year to date, XGGB has seen -$86.93 M in net flows, compared with -$0.34 M for ZMSB. ZMSB has attracted more net investor money so far.
How do the fees of XGGB and ZMSB compare?
XGGB has an expense ratio of 0.22%, while ZMSB has an expense ratio of 0.64%.
What are the top holdings of XGGB and ZMSB?
XGGB's largest holdings include USA, Notes 4.25% 15nov2034, USD (F-2034), USA, Notes 4.375% 15may2034, USD (C-2034), and USA, Notes 3.875% 15aug2034, USD (E-2034). ZMSB's top holdings include Treasury Corporation of Victoria, 2% 17sep2035, AUD (58), United Kingdom, Gilt 4.75% 22oct2043, GBP, and Asian Development Bank (ADB), 0% 6oct2040, ZAR (5479D).
Which ETF is more diversified: XGGB or ZMSB?
XGGB holds 1161 securities, while ZMSB holds 323. On holdings count, XGGB is the more diversified portfolio.
Recent articles about XGGB and ZMSB
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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.