VS
iShares Canadian Real Return Bond Index ETF (XRB) and BMO Short Federal Bond Index ETF (ZFS) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XRB focuses its top 3 sector exposures on Sovereign and Municipal, while ZFS leans towards Sovereign and Government Agencies. When evaluating costs, XRB features a management fee (MER) of 0.35%, compared to 0.2% for ZFS. Performance-wise, XRB has returned 3.39% year-to-date with +$9 M in net flows, whereas ZFS is at 0.61% with +$607 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
ZFS
| AuM | $262.61 M | $960.83 M |
| Management Fees | 0.35% | 0.20% |
| Exp. ratio | 0.39% | 0.21% |
| 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% |
ZFS | -0.46% | -0.19% | +0.61% | +1.58% | +11.98% | |
| Flows | XRB | -$9 M | -$2 M | +$9 M | +$5 M | -$135 M |
ZFS | +$61 M | +$124 M | +$607 M | +$506 M | -$67 M |
XRB vs ZFS exposure
Countries
XRB
Canada
99.99%
ZFS
Canada
100.00%
Sectors
XRB
Sovereign
88.90%
Municipal
11.10%
ZFS
Sovereign
74.18%
Government Agencies
25.82%
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%
ZFS
Canada, Bonds 2.75% 1sep2030, CAD
10.71%
Canada, Bonds 3.25% 1sep2028, CAD
8.77%
Canada, Bonds 2.75% 1mar2031, CAD
8.54%
Canada, Bonds 4% 1mar2029, CAD
8.18%
Canada, Bonds 2.75% 1mar2030, CAD
7.88%
Canada, Bonds 3.5% 1sep2029, CAD
7.35%
Canada, Bond 1.25 1jun2030 10Y
6.09%
Canada, Bonds 2.25% 1feb2028, CAD
5.76%
Canada, Bonds 3.5% 1mar2028, CAD
4.40%
CMHC, 1.75% 15jun2030, CAD (92)
4.13%
Diversification
XRB
Total weight of top 10 holdings out of 13 total
96.64%
ZFS
Total weight of top 10 holdings out of 24 total
71.81%
Characteristics
Compare
XRB
ZFS
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Real Return Bond TR Index - CAD | FTSE TMX Canada Short Term Federal 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% | 2.56% |
| Meets ESG criteria | No | No |
| Inception Date | December 19, 2005 | October 20, 2009 |
Frequently asked questions about XRB and ZFS
Which ETF has performed better year to date: XRB or ZFS?
As of September 1, 2026, XRB has returned 3.39% year to date, while ZFS has returned 0.61%. XRB is ahead on YTD performance.
Which ETF is larger by assets under management: XRB or ZFS?
As of September 1, 2026, XRB manages $262.61 M in assets, while ZFS manages $960.83 M. ZFS is the larger fund by AUM.
How are XRB and ZFS managed?
XRB is passively managed by iShares. It tracks the FTSE Canada Real Return Bond TR Index - CAD benchmark. ZFS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Federal Bond Index - CAD benchmark.
What sectors do XRB and ZFS emphasize?
XRB is most exposed to Sovereign and Municipal. ZFS is most exposed to Sovereign and Government Agencies.
Which ETF is attracting more investor flows: XRB or ZFS?
Year to date, XRB has seen +$9.17 M in net flows, compared with +$607.42 M for ZFS. ZFS has attracted more net investor money so far.
How do the fees of XRB and ZFS compare?
XRB has an expense ratio of 0.39%, while ZFS has an expense ratio of 0.21%.
What are the top holdings of XRB and ZFS?
XRB's largest holdings include Canada, RRB 4% 1dec2031, CAD, Canada, RRB 3% 1dec2036, CAD, and Canada, RRB 1.5% 1dec2044, CAD. ZFS's top holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 3.25% 1sep2028, CAD, and Canada, Bonds 2.75% 1mar2031, CAD.
Which ETF is more diversified: XRB or ZFS?
XRB holds 13 securities, while ZFS holds 24. On holdings count, ZFS 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.