VS
iShares Core High Quality Canadian Bond Index ETF (XQB) and Mackenzie Canadian Ultra Short Bond Index ETF (QASH) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XQB focuses its top 3 sector exposures on Finance, Sovereign, and Municipal, while QASH leans towards Finance, Municipal, and Consumer Cyclicals. When evaluating costs, XQB features a management fee (MER) of 0.12%, compared to 0.15% for QASH. Performance-wise, XQB has returned 0.29% year-to-date with -$5 M in net flows, whereas QASH is at 1.93% with -$25 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
XQB
QASH
| AuM | $502.30 M | $125.85 M |
| Management Fees | 0.12% | 0.15% |
| Exp. ratio | 0.13% | 0.17% |
| Tracking Difference | - | -0.03% |
Historical performance and flows
As of October 28, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XQB | +1.14% | -0.55% | +0.29% | -0.41% | +15.22% |
QASH | +0.17% | +0.53% | +1.93% | +2.35% | - | |
| Flows | XQB | -$30 M | -$22 M | -$5 M | +$1 M | +$201 M |
QASH | -$17 M | -$22 M | -$25 M | +$3 M | - |
XQB vs QASH exposure
Countries
XQB
Canada
91.66%
Other
8.34%
QASH
Canada
99.19%
Sectors
XQB
Finance
27.87%
Sovereign
27.43%
Municipal
22.53%
Other
22.18%
QASH
Finance
56.16%
Municipal
33.94%
Other
9.89%
As of October 28, 2026
Top 10 Holdings
XQB
Canada, Bonds 3.25% 1dec2035, CAD
1.32%
Canada, Bonds 2.75% 1sep2030, CAD
1.27%
Canada, Bonds 3.25% 1jun2036, CAD
1.24%
Canada, Bonds 3.25% 1jun2035, CAD
1.14%
Canada, Bonds 2.75% 1mar2031, CAD
1.13%
Canada, Bonds 3.5% 1dec2057, CAD
1.01%
Canada, Bonds 3% 1jun2034, CAD
1.01%
Canada, Bonds 2.75% 1mar2030, CAD
1.00%
Canada, Bonds 3% 1sep2031, CAD
0.98%
Canada, Bonds 2.5% 1nov2027, CAD
0.93%
QASH
British Columbia, 2.55% 18jun2027, CAD (BCCD-37)
22.84%
Toronto, 2.4% 7jun2027, CAD
11.10%
OPB Finance Trust, 2.98% 25jan2027, CAD (F)
8.32%
Original WEMPI, 7.791% 4oct2027, CAD (144A)
3.93%
National Bank of Canada, 5.426% 16aug2032, CAD
3.87%
Federation des caisses Desjardins du Quebec, 5.035% 23aug2032, CAD
3.86%
Toronto-Dominion Bank, 4.21% 1jun2027, CAD
3.34%
Bank of Montreal, 4.309% 1jun2027, CAD
2.75%
Bank of Nova Scotia, 3.934% 3may2032, CAD
2.74%
CIBC, 4.2% 7apr2032, CAD
2.66%
Diversification
XQB
Total weight of top 10 holdings out of 607 total
11.02%
QASH
Total weight of top 10 holdings out of 43 total
65.41%
Characteristics
Compare
XQB
QASH
| Provider | iShares | Mackenzie Investments |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Liquid Universe Capped Bond TR Index - CAD | Solactive Canadian Ultra Short Bond GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.53% | 3.55% |
| Meets ESG criteria | No | No |
| Inception Date | November 19, 2009 | November 20, 2023 |
Frequently asked questions about XQB and QASH
Which ETF has performed better year to date: XQB or QASH?
As of October 28, 2026, XQB has returned 0.29% year to date, while QASH has returned 1.93%. QASH is ahead on YTD performance.
Which ETF is larger by assets under management: XQB or QASH?
As of October 28, 2026, XQB manages $502.30 M in assets, while QASH manages $125.85 M. XQB is the larger fund by AUM.
How are XQB and QASH managed?
XQB is passively managed by iShares. It tracks the FTSE Canada Liquid Universe Capped Bond TR Index - CAD benchmark. QASH is passively managed by Mackenzie Investments. It tracks the Solactive Canadian Ultra Short Bond GTR Index - CAD benchmark.
What sectors do XQB and QASH emphasize?
XQB is most exposed to Finance, Sovereign, and Municipal. QASH is most exposed to Finance, Municipal, and Consumer Cyclicals.
Which ETF is attracting more investor flows: XQB or QASH?
Year to date, XQB has seen -$5.10 M in net flows, compared with -$25.01 M for QASH. XQB has attracted more net investor money so far.
How do the fees of XQB and QASH compare?
XQB has an expense ratio of 0.13%, while QASH has an expense ratio of 0.17%.
What are the top holdings of XQB and QASH?
XQB's largest holdings include Canada, Bonds 3.25% 1dec2035, CAD and Canada, Bonds 2.75% 1sep2030, CAD. QASH's top holdings include British Columbia, 2.55% 18jun2027, CAD (BCCD-37), Toronto, 2.4% 7jun2027, CAD, and OPB Finance Trust, 2.98% 25jan2027, CAD (F).
Which ETF is more diversified: XQB or QASH?
XQB holds 585 securities, while QASH holds 43. On holdings count, XQB is the more diversified portfolio.
The ETF Market Canada is brought to you by Cboe in partnership with Trackinsight SA who is providing all the data, analysis and editorial content on this site. Unless explicitly stated as such, any information that you receive is not real-time.
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.
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.