VS
iShares Core Canadian Long Term Bond Index ETF (XLB) and BMO Long Federal Bond Index ETF (ZFL) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XLB focuses its top 3 sector exposures on Municipal, Sovereign, and Utilities, while ZFL leans towards Sovereign. When evaluating costs, XLB features a management fee (MER) of 0.18%, compared to 0.2% for ZFL. Performance-wise, XLB has returned 3.25% year-to-date with -$79 M in net flows, whereas ZFL is at 4.6% with +$105 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
XLB
ZFL
| AuM | $715.56 M | $1,276.18 M |
| Management Fees | 0.18% | 0.20% |
| Exp. ratio | 0.20% | 0.22% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XLB | -2.04% | -5.65% | -3.25% | -4.44% | +6.52% |
ZFL | -2.57% | -6.57% | -4.60% | -7.52% | -2.02% | |
| Flows | XLB | +$39 M | +$13 M | -$79 M | -$66 M | -$28 M |
ZFL | +$39 M | +$66 M | +$105 M | -$2,351 M | -$1,119 M |
XLB vs ZFL exposure
Countries
XLB
Canada
98.51%
ZFL
Canada
100.00%
Sectors
XLB
Municipal
52.25%
Sovereign
18.69%
Utilities
10.96%
Other
18.10%
ZFL
Sovereign
100.00%
As of September 11, 2026
Top 10 Holdings
XLB
Canada, Bonds 3.5% 1dec2057, CAD
5.00%
Canada, Bond 2 1jan2051 30Y
3.33%
Canada, Bonds 2.75% 1dec2055, CAD
3.23%
Canada, Bond 1.75 1dec2053 30Y
2.55%
Province of Quebec, 4.4% 1dec2055, CAD (B133)
2.19%
Province of Ontario, 3.45% 2jun2045, CAD (DMTN220)
1.75%
Province of Ontario, 4.45% 2dec2056, CAD
1.69%
Province of Quebec, 4.2% 1dec2057, CAD (B137)
1.59%
Province of Quebec, 3.1% 1dec2051, CAD (B125-01)
1.50%
Province of Ontario, 2.9% 2dec2046, CAD (DMTN228)
1.47%
ZFL
Canada, Bonds 3.5% 1dec2057, CAD
22.02%
Canada, Bond 2 1jan2051 30Y
20.08%
Canada, Bonds 2.75% 1dec2055, CAD
14.90%
Canada, Bond 3.5 1dec2045 30Y
14.77%
Canada, Bond 2.75 1dec2048 30Y
11.40%
Canada, Bond 1.75 1dec2053 30Y
9.75%
Canada, Bond 4 1jun2041 30Y
7.08%
Diversification
XLB
Total weight of top 10 holdings out of 626 total
24.32%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
XLB
ZFL
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Long Term Overall Bond TR Index - CAD | FTSE TMX Canada Long Term Federal Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.30% | 3.01% |
| Meets ESG criteria | No | No |
| Inception Date | November 6, 2006 | May 19, 2010 |
Frequently asked questions about XLB and ZFL
Which ETF has performed better year to date: XLB or ZFL?
As of September 11, 2026, XLB has returned -3.25% year to date, while ZFL has returned -4.60%. XLB is ahead on YTD performance.
Which ETF is larger by assets under management: XLB or ZFL?
As of September 11, 2026, XLB manages $715.56 M in assets, while ZFL manages $1.28 B. ZFL is the larger fund by AUM.
How are XLB and ZFL managed?
XLB is passively managed by iShares. It tracks the FTSE Canada Long Term Overall Bond TR Index - CAD benchmark. ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark.
What sectors do XLB and ZFL emphasize?
XLB is most exposed to Municipal, Sovereign, and Utilities. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: XLB or ZFL?
Year to date, XLB has seen -$79.48 M in net flows, compared with +$105.23 M for ZFL. ZFL has attracted more net investor money so far.
How do the fees of XLB and ZFL compare?
XLB has an expense ratio of 0.20%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of XLB and ZFL?
XLB's largest holdings include Canada, Bonds 3.5% 1dec2057, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bonds 2.75% 1dec2055, CAD. ZFL's top holdings include Canada, Bonds 3.5% 1dec2057, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bonds 2.75% 1dec2055, CAD.
Which ETF is more diversified: XLB or ZFL?
XLB holds 626 securities, while ZFL holds 7. On holdings count, XLB is the more diversified portfolio.
Recent articles about XLB and ZFL
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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.