VS
Compare iShares Canadian Real Return Bond Index ETF (XRB) vs BMO Discount Bond Index ETF (ZDB) to find the best fit for your portfolio. XRB provides Sovereign and Municipal exposures, while ZDB is primarily weighted in Sovereign, Municipal, and Finance. When evaluating costs, XRB features a management fee (MER) of 0.35%, compared to 0.09% for ZDB. Performance-wise, XRB has returned 3.39% year-to-date with +$9 M in net flows, whereas ZDB is at 0.15% with +$223 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
XRB
ZDB
| AuM | $262.61 M | $1,356.60 M |
| Management Fees | 0.35% | 0.09% |
| Exp. ratio | 0.39% | 0.10% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 1, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XRB | -0.31% | -0.68% | +3.39% | +3.76% | +19.01% |
ZDB | -1.19% | -1.72% | -0.15% | +1.57% | +13.01% | |
| Flows | XRB | -$9 M | -$2 M | +$9 M | +$5 M | -$135 M |
ZDB | +$31 M | +$119 M | +$223 M | +$562 M | +$501 M |
XRB vs ZDB exposure
Countries
XRB
Canada
99.99%
ZDB
Canada
100.00%
Sectors
XRB
Sovereign
88.90%
Municipal
11.10%
ZDB
Sovereign
33.15%
Municipal
31.50%
Finance
11.53%
Government Agencies
9.96%
Other
13.86%
As of September 1, 2026
Top 10 Holdings
XRB
Canada, RRB 4% 1dec2031, CAD
14.73%
Canada, RRB 3% 1dec2036, CAD
13.90%
Canada, RRB 1.5% 1dec2044, CAD
12.96%
Canada, RRB 2% 1dec2041, CAD
12.47%
Canada, RRB 4.25% 1dec2026, CAD (VS05)
12.10%
Canada, RRB 1.25% 1dec2047, CAD
11.46%
Canada, RRB 0.5% 1dec2050, CAD
9.20%
Province of Ontario, 2% 1dec2036, CAD (DMTN158)
5.33%
Province of Quebec, 4.25% 1dec2031, CAD (PM)
2.42%
Canada, RRB 0.25r 1dec2054 30Y
2.08%
ZDB
Canada, Bond 0.5 1oct2030 10Y
18.46%
CMHC, 1.9% 15mar2031, CAD (100)
6.90%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
5.47%
Canada, Bonds 2.25% 1dec2029, CAD
5.20%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
5.12%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
5.10%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
5.00%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
3.90%
Canada, Bonds 2% 1jun2032, CAD
3.11%
Pembina Pipeline Corporation, 3.31% 1feb2030, CAD (15)
2.63%
Diversification
XRB
Total weight of top 10 holdings out of 13 total
96.64%
ZDB
Total weight of top 10 holdings out of 48 total
60.88%
Characteristics
Compare
XRB
ZDB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Real Return Bond TR Index - CAD | FTSE Canada Universe Discount Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.40% | 1.89% |
| Meets ESG criteria | No | No |
| Inception Date | December 19, 2005 | February 10, 2014 |
Frequently asked questions about XRB and ZDB
Which ETF has performed better year to date: XRB or ZDB?
As of September 1, 2026, XRB has returned 3.39% year to date, while ZDB has returned -0.15%. XRB is ahead on YTD performance.
Which ETF is larger by assets under management: XRB or ZDB?
As of September 1, 2026, XRB manages $262.61 M in assets, while ZDB manages $1.36 B. ZDB is the larger fund by AUM.
How are XRB and ZDB managed?
XRB is passively managed by iShares. It tracks the FTSE Canada Real Return Bond TR Index - CAD benchmark. ZDB is passively managed by BMO. It tracks the FTSE Canada Universe Discount Bond Index - CAD benchmark.
What sectors do XRB and ZDB emphasize?
XRB is most exposed to Sovereign and Municipal. ZDB is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: XRB or ZDB?
Year to date, XRB has seen +$9.17 M in net flows, compared with +$223.22 M for ZDB. ZDB has attracted more net investor money so far.
How do the fees of XRB and ZDB compare?
XRB has an expense ratio of 0.39%, while ZDB has an expense ratio of 0.10%.
What are the top holdings of XRB and ZDB?
XRB's largest holdings include Canada, RRB 4% 1dec2031, CAD, Canada, RRB 3% 1dec2036, CAD, and Canada, RRB 1.5% 1dec2044, CAD. ZDB's top holdings include Canada, Bond 0.5 1oct2030 10Y, CMHC, 1.9% 15mar2031, CAD (100), and Province of Quebec, 1.5% 1sep2031, CAD (B128).
Which ETF is more diversified: XRB or ZDB?
XRB holds 13 securities, while ZDB holds 48. On holdings count, ZDB is the more diversified portfolio.
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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.