VS
iShares Canadian Real Return Bond Index ETF (XRB) and BMO Long Federal Bond Index ETF (ZFL) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XRB focuses its top 3 sector exposures on Sovereign and Municipal, while ZFL leans towards Sovereign. When evaluating costs, XRB features a management fee (MER) of 0.35%, compared to 0.2% for ZFL. Performance-wise, XRB has returned 3.39% year-to-date with +$9 M in net flows, whereas ZFL is at 2.93% with +$94 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
ZFL
| AuM | $262.61 M | $1,287.08 M |
| Management Fees | 0.35% | 0.20% |
| Exp. ratio | 0.39% | 0.22% |
| 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% |
ZFL | -3.01% | -5.29% | -2.93% | -1.25% | -0.18% | |
| Flows | XRB | -$9 M | -$2 M | +$9 M | +$5 M | -$135 M |
ZFL | +$32 M | +$56 M | +$94 M | -$2,347 M | -$1,133 M |
XRB vs ZFL exposure
Countries
XRB
Canada
99.99%
ZFL
Canada
100.00%
Sectors
XRB
Sovereign
88.90%
Municipal
11.10%
ZFL
Sovereign
100.00%
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%
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
XRB
Total weight of top 10 holdings out of 13 total
96.64%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
XRB
ZFL
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Real Return 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 | 2.40% | 2.96% |
| Meets ESG criteria | No | No |
| Inception Date | December 19, 2005 | May 19, 2010 |
Frequently asked questions about XRB and ZFL
Which ETF has performed better year to date: XRB or ZFL?
As of September 1, 2026, XRB has returned 3.39% year to date, while ZFL has returned -2.93%. XRB is ahead on YTD performance.
Which ETF is larger by assets under management: XRB or ZFL?
As of September 1, 2026, XRB manages $262.61 M in assets, while ZFL manages $1.29 B. ZFL is the larger fund by AUM.
How are XRB and ZFL managed?
XRB is passively managed by iShares. It tracks the FTSE Canada Real Return 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 XRB and ZFL emphasize?
XRB is most exposed to Sovereign and Municipal. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: XRB or ZFL?
Year to date, XRB has seen +$9.17 M in net flows, compared with +$93.90 M for ZFL. ZFL has attracted more net investor money so far.
How do the fees of XRB and ZFL compare?
XRB has an expense ratio of 0.39%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of XRB and ZFL?
XRB's largest holdings include Canada, RRB 4% 1dec2031, CAD, Canada, RRB 3% 1dec2036, CAD, and Canada, RRB 1.5% 1dec2044, 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: XRB or ZFL?
XRB holds 13 securities, while ZFL holds 7. On holdings count, XRB is the more diversified portfolio.
Recent articles about XRB 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.