VS
iShares Canadian Real Return Bond Index ETF (XRB) and BMO Real Return Bond Index ETF (ZRR) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XRB focuses its top 3 sector exposures on Sovereign and Municipal, while ZRR leans towards Sovereign. When evaluating costs, XRB features a management fee (MER) of 0.35%, compared to 0.25% for ZRR. Performance-wise, XRB has returned 1.77% year-to-date with +$9 M in net flows, whereas ZRR is at 1.11% with -$6 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
ZRR
| AuM | $261.40 M | $94.43 M |
| Management Fees | 0.35% | 0.25% |
| Exp. ratio | 0.39% | 0.28% |
| Tracking Difference | - | - |
Historical performance and flows
As of April 28, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XRB | +0.76% | +1.25% | +1.77% | +1.78% | +12.63% |
ZRR | +0.15% | +0.53% | +1.11% | +0.40% | +7.40% | |
| Flows | XRB | +$9 M | +$5 M | +$9 M | +$9 M | -$159 M |
ZRR | +$2 M | -$6 M | -$6 M | +$20 M | +$12 M |
XRB vs ZRR exposure
Countries
XRB
Canada
99.98%
ZRR
Canada
100.00%
Sectors
XRB
Sovereign
88.16%
Municipal
11.81%
ZRR
Sovereign
100.00%
As of April 28, 2026
Top 10 Holdings
XRB
Canada, RRB 4r 1dec2031 30Y
14.72%
Canada, RRB 3r 1dec2036 30Y
13.31%
Canada, RRB 1.5r 1dec2044 30Y
12.91%
Canada, RRB 2r 1dec2041 30Y
12.35%
Canada, RRB 4.25r 1dec2026 30Y
12.20%
Canada, RRB 1.25r 1dec2047 30Y
11.43%
Canada, RRB 0.5r 1dec2050 30Y
9.17%
Province of Ontario, 2% 1dec2036, CAD (DMTN158)
5.61%
Province of Quebec, 4.25% 1dec2031, CAD (PM)
2.59%
Province of Quebec, 4.5% 1dec2026, CAD (OP)
2.20%
ZRR
Canada, RRB 4r 1dec2031 30Y
17.04%
Canada, RRB 3r 1dec2036 30Y
14.96%
Canada, RRB 1.5r 1dec2044 30Y
14.61%
Canada, RRB 4.25r 1dec2026 30Y
14.02%
Canada, RRB 2r 1dec2041 30Y
13.85%
Canada, RRB 1.25r 1dec2047 30Y
12.83%
Canada, RRB 0.5r 1dec2050 30Y
10.25%
Canada, RRB 0.25% 1dec2054, CAD 30Y
2.46%
Diversification
XRB
Total weight of top 10 holdings out of 13 total
96.48%
ZRR
Total weight of top 10 holdings out of 8 total
100.00%
Characteristics
Compare
XRB
ZRR
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Real Return Bond TR Index - CAD | FTSE TMX Canada Real Return Non-Agency Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.46% | 4.29% |
| Meets ESG criteria | No | No |
| Inception Date | December 19, 2005 | May 19, 2010 |
Frequently asked questions about XRB and ZRR
Which ETF has performed better year to date: XRB or ZRR?
As of April 28, 2026, XRB has returned 1.77% year to date, while ZRR has returned 1.11%. XRB is ahead on YTD performance.
Which ETF is larger by assets under management: XRB or ZRR?
As of April 28, 2026, XRB manages $261.40 M in assets, while ZRR manages $94.43 M. XRB is the larger fund by AUM.
How are XRB and ZRR managed?
XRB is passively managed by iShares. It tracks the FTSE Canada Real Return Bond TR Index - CAD benchmark. ZRR is passively managed by BMO. It tracks the FTSE TMX Canada Real Return Non-Agency Bond Index - CAD benchmark.
What sectors do XRB and ZRR emphasize?
XRB is most exposed to Sovereign and Municipal. ZRR is most exposed to Sovereign.
Which ETF is attracting more investor flows: XRB or ZRR?
Year to date, XRB has seen +$9.09 M in net flows, compared with -$6.00 M for ZRR. XRB has attracted more net investor money so far.
How do the fees of XRB and ZRR compare?
XRB has an expense ratio of 0.39%, while ZRR has an expense ratio of 0.28%.
What are the top holdings of XRB and ZRR?
XRB's largest holdings include Canada, RRB 4r 1dec2031 30Y, Canada, RRB 3r 1dec2036 30Y, and Canada, RRB 1.5r 1dec2044 30Y. ZRR's top holdings include Canada, RRB 4r 1dec2031 30Y, Canada, RRB 3r 1dec2036 30Y, and Canada, RRB 1.5r 1dec2044 30Y.
Which ETF is more diversified: XRB or ZRR?
XRB holds 13 securities, while ZRR holds 8. On holdings count, XRB 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.