VS
iShares Canadian HYBrid Corporate Bond Index ETF (XHB) and Manulife Smart Corporate Bond ETF (CBND) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XHB focuses its top 3 sector exposures on Energy, Telecommunications, and Finance, while CBND leans towards Finance, Municipal, and Utilities. When evaluating costs, XHB features a management fee (MER) of 0.45%, compared to 0.24% for CBND. Performance-wise, XHB has returned 1.34% year-to-date with +$8 M in net flows, whereas CBND is at 0.71% with +$121 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
XHB
CBND
| AuM | $225.67 M | $334.62 M |
| Management Fees | 0.45% | 0.24% |
| Exp. ratio | 0.50% | 0.27% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 17, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XHB | -0.26% | -0.86% | +1.34% | +2.30% | +23.22% |
CBND | -0.13% | -1.13% | +0.71% | +0.76% | +19.22% | |
| Flows | XHB | +$0 M | +$3 M | +$8 M | +$9 M | +$7 M |
CBND | +$20 M | +$56 M | +$121 M | +$136 M | +$261 M |
XHB vs CBND exposure
Countries
XHB
Canada
94.35%
CBND
Canada
94.43%
Sectors
XHB
Energy
25.86%
Telecommunications
18.80%
Finance
17.37%
Utilities
11.92%
Industrials
10.23%
Other
15.82%
CBND
Finance
36.79%
Municipal
35.12%
Utilities
8.67%
Other
19.42%
As of September 17, 2026
Top 10 Holdings
XHB
Air Canada, 4.625% 15aug2029, CAD
1.72%
TELUS, 6.25% 21jul2055, CAD (CAR)
1.22%
Bell Canada, 5.625% 27mar2055, CAD (C)
1.09%
Rogers Communications, 6.25% 31jul2056, CAD
1.06%
Rogers Communications, 5.625% 15apr2055, CAD (NC5)
0.85%
TELUS, 6.75% 21jul2055, CAD (CAS)
0.79%
Bell Canada, 5.875% 12may2056, CAD (E)
0.67%
Inter Pipeline Ltd, 6.875% 26mar2079, CAD (2019-A)
0.66%
Inter Pipeline Ltd, 6.625% 19nov2079, CAD (2019-B, Conv.)
0.64%
Bell Canada, 5.375% 12may2056, CAD (D)
0.58%
CBND
Province of Quebec, 4.45% 1sep2034, CAD (B136)
2.82%
Province of Ontario, 3.8% 2dec2034, CAD (DMTN266)
2.23%
PSP Capital, 4.15% 1jun2033, CAD (G-11)
2.14%
Hydro-Quebec, 2.1% 15feb2060, CAD (JR)
2.00%
Province of Ontario, 3.6% 2jun2035, CAD
1.82%
Brookfield Infrastructure Finance ULC, 5.616% 14nov2027, CAD (11)
1.81%
CDP Financial, 3.7% 8mar2028, CAD (13)
1.64%
CPPIB Capital, 4% 2jun2035, CAD (72)
1.38%
Canada Pension Plan Investment Board, 3% 15jun2028, CAD (8)
1.37%
Province of Ontario, 2.95% 8sep2030, CAD
1.32%
Diversification
XHB
Total weight of top 10 holdings out of 687 total
9.28%
CBND
Total weight of top 10 holdings out of 184 total
18.52%
Characteristics
Compare
XHB
CBND
| Provider | iShares | Manulife Investments |
| Management | Passively managed | Actively managed |
| Benchmark | FTSE Canada HYBrid Bond TR Index - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.64% | 3.54% |
| Meets ESG criteria | No | No |
| Inception Date | September 22, 2010 | November 10, 2020 |
Frequently asked questions about XHB and CBND
Which ETF has performed better year to date: XHB or CBND?
As of September 17, 2026, XHB has returned 1.34% year to date, while CBND has returned 0.71%. XHB is ahead on YTD performance.
Which ETF is larger by assets under management: XHB or CBND?
As of September 17, 2026, XHB manages $225.67 M in assets, while CBND manages $334.62 M. CBND is the larger fund by AUM.
How are XHB and CBND managed?
XHB is passively managed by iShares. It tracks the FTSE Canada HYBrid Bond TR Index - CAD benchmark. CBND is actively managed by Manulife Investments. It does not track an index.
What sectors do XHB and CBND emphasize?
XHB is most exposed to Energy, Telecommunications, and Finance. CBND is most exposed to Finance, Municipal, and Utilities.
Which ETF is attracting more investor flows: XHB or CBND?
Year to date, XHB has seen +$8.01 M in net flows, compared with +$120.50 M for CBND. CBND has attracted more net investor money so far.
How do the fees of XHB and CBND compare?
XHB has an expense ratio of 0.50%, while CBND has an expense ratio of 0.27%.
What are the top holdings of XHB and CBND?
XHB's largest holdings include Air Canada, 4.625% 15aug2029, CAD, TELUS, 6.25% 21jul2055, CAD (CAR), and Bell Canada, 5.625% 27mar2055, CAD (C). CBND's top holdings include Province of Quebec, 4.45% 1sep2034, CAD (B136), Province of Ontario, 3.8% 2dec2034, CAD (DMTN266), and PSP Capital, 4.15% 1jun2033, CAD (G-11).
Which ETF is more diversified: XHB or CBND?
XHB holds 685 securities, while CBND holds 184. On holdings count, XHB is the more diversified portfolio.
Recent articles about XHB and CBND
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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.