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Compare iShares S&P/TSX Capped Materials Index ETF (XMA) vs BMO Equal Weight Banks Index ETF (ZEB) to find the best fit for your portfolio. XMA provides Non-Energy Materials and Business Services exposures, while ZEB is primarily weighted in Finance. When evaluating costs, XMA features a management fee (MER) of 0.55%, compared to 0.25% for ZEB. Performance-wise, XMA has returned 14.66% year-to-date with +$298 M in net flows, whereas ZEB is at 30.38% with +$444 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
XMA
ZEB
| AuM | $767.20 M | $7,334.93 M |
| Management Fees | 0.55% | 0.25% |
| Exp. ratio | 0.61% | 0.28% |
| Tracking Difference | 0.49% | -0.54% |
Historical performance and flows
As of September 1, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XMA | +15.23% | +4.77% | +14.66% | +49.47% | +161.33% |
ZEB | -1.81% | +8.90% | +30.38% | +54.61% | +157.36% | |
| Flows | XMA | +$48 M | +$28 M | +$298 M | +$341 M | +$372 M |
ZEB | +$396 M | +$1,654 M | +$444 M | +$651 M | -$319 M |
XMA vs ZEB exposure
Countries
XMA
Canada
96.60%
ZEB
Canada
100.00%
Sectors
XMA
Non-Energy Materials
96.72%
ZEB
Finance
100.00%
As of September 1, 2026
Top 10 Holdings
XMA
Agnico Eagle Mines Ltd.
13.31%
Barrick Mining Corp.
10.95%
Wheaton Precious Metals Corp.
8.93%
Franco-Nevada Corp.
7.40%
Nutrien Ltd.
5.90%
Kinross Gold Corp.
4.89%
Teck Resources Limited
4.86%
First Quantum Minerals Ltd.
3.26%
Pan American Silver Corp.
3.22%
Lundin Mining Corp.
2.98%
ZEB
Royal Bank of Canada
17.39%
Bank of Montreal
17.03%
The Toronto-Dominion Bank
16.96%
The Bank of Nova Scotia
16.51%
Canadian Imperial Bank of Commerce
16.09%
National Bank of Canada
16.03%
Diversification
XMA
Total weight of top 10 holdings out of 60 total
65.71%
ZEB
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
XMA
ZEB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | S&P/TSX Capped Materials Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 0.41% | 2.34% |
| Meets ESG criteria | No | No |
| Inception Date | December 19, 2005 | October 20, 2009 |
Frequently asked questions about XMA and ZEB
Which ETF has performed better year to date: XMA or ZEB?
As of September 1, 2026, XMA has returned 14.66% year to date, while ZEB has returned 30.38%. ZEB is ahead on YTD performance.
Which ETF is larger by assets under management: XMA or ZEB?
As of September 1, 2026, XMA manages $767.20 M in assets, while ZEB manages $7.33 B. ZEB is the larger fund by AUM.
How are XMA and ZEB managed?
XMA is passively managed by iShares. It tracks the S&P/TSX Capped Materials Index - CAD benchmark. ZEB is passively managed by BMO. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do XMA and ZEB emphasize?
XMA is most exposed to Non-Energy Materials and Business Services. ZEB is most exposed to Finance.
Which ETF is attracting more investor flows: XMA or ZEB?
Year to date, XMA has seen +$297.87 M in net flows, compared with +$444.26 M for ZEB. ZEB has attracted more net investor money so far.
How do the fees of XMA and ZEB compare?
XMA has an expense ratio of 0.61%, while ZEB has an expense ratio of 0.28%.
What are the top holdings of XMA and ZEB?
XMA's largest holdings include Agnico Eagle Mines Ltd., Barrick Mining Corp., and Wheaton Precious Metals Corp.. ZEB's top holdings include Royal Bank of Canada, Bank of Montreal, and The Toronto-Dominion Bank.
Which ETF is more diversified: XMA or ZEB?
XMA holds 58 securities, while ZEB holds 6. On holdings count, XMA is the more diversified portfolio.
Recent articles about XMA and ZEB
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