VS
iShares Canadian Real Return Bond Index ETF (XRB) and BMO Government Bond Index ETF (ZGB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XRB focuses its top 3 sector exposures on Sovereign and Municipal, while ZGB leans towards Sovereign, Municipal, and Government Agencies. When evaluating costs, XRB features a management fee (MER) of 0.35%, compared to 0.15% for ZGB. Performance-wise, XRB has returned 3.39% year-to-date with +$9 M in net flows, whereas ZGB is at 0.11% with -$198 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
ZGB
| AuM | $262.61 M | $1,244.50 M |
| Management Fees | 0.35% | 0.15% |
| Exp. ratio | 0.39% | 0.17% |
| 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% |
ZGB | -1.27% | -1.77% | -0.11% | +1.64% | +11.47% | |
| Flows | XRB | -$9 M | -$2 M | +$9 M | +$5 M | -$135 M |
ZGB | -$6 M | -$5 M | -$198 M | -$198 M | +$185 M |
XRB vs ZGB exposure
Countries
XRB
Canada
99.99%
ZGB
Canada
100.00%
Sectors
XRB
Sovereign
88.90%
Municipal
11.10%
ZGB
Sovereign
45.02%
Municipal
41.74%
Government Agencies
13.24%
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%
ZGB
Canada, Bond 1.25 1jun2030 10Y
12.45%
Canada, Bonds 2% 1jun2032, CAD
6.22%
Canada, Bonds 1.5% 1dec2031 10Y
6.11%
Canada Housing Trust, 4.25% 15mar2034, CAD (118)
3.48%
Canada, Bonds 3.5% 1mar2028, CAD
3.37%
Canada, Bonds 2.5% 1dec2032, CAD
3.18%
CMHC, 1.75% 15jun2030, CAD (92)
3.16%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
3.16%
Canada, Bonds 2.75% 1dec2055, CAD
2.62%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.33%
Diversification
XRB
Total weight of top 10 holdings out of 13 total
96.64%
ZGB
Total weight of top 10 holdings out of 48 total
46.09%
Characteristics
Compare
XRB
ZGB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Real Return Bond TR Index - CAD | FTSE Canada All Government 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% | 3.15% |
| Meets ESG criteria | No | No |
| Inception Date | December 19, 2005 | March 7, 2018 |
Frequently asked questions about XRB and ZGB
Which ETF has performed better year to date: XRB or ZGB?
As of September 1, 2026, XRB has returned 3.39% year to date, while ZGB has returned -0.11%. XRB is ahead on YTD performance.
Which ETF is larger by assets under management: XRB or ZGB?
As of September 1, 2026, XRB manages $262.61 M in assets, while ZGB manages $1.24 B. ZGB is the larger fund by AUM.
How are XRB and ZGB managed?
XRB is passively managed by iShares. It tracks the FTSE Canada Real Return Bond TR Index - CAD benchmark. ZGB is passively managed by BMO. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do XRB and ZGB emphasize?
XRB is most exposed to Sovereign and Municipal. ZGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: XRB or ZGB?
Year to date, XRB has seen +$9.17 M in net flows, compared with -$197.62 M for ZGB. XRB has attracted more net investor money so far.
How do the fees of XRB and ZGB compare?
XRB has an expense ratio of 0.39%, while ZGB has an expense ratio of 0.17%.
What are the top holdings of XRB and ZGB?
XRB's largest holdings include Canada, RRB 4% 1dec2031, CAD, Canada, RRB 3% 1dec2036, CAD, and Canada, RRB 1.5% 1dec2044, CAD. ZGB's top holdings include Canada, Bond 1.25 1jun2030 10Y, Canada, Bonds 2% 1jun2032, CAD, and Canada, Bonds 1.5% 1dec2031 10Y.
Which ETF is more diversified: XRB or ZGB?
XRB holds 13 securities, while ZGB holds 48. On holdings count, ZGB 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.