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Compare iShares S&P/TSX Capped REIT Index ETF (XRE) vs BMO Equal Weight Banks Index ETF (ZEB) to find the best fit for your portfolio. XRE and ZEB provide the same top sector exposures: Finance. When evaluating costs, XRE features a management fee (MER) of 0.55%, compared to 0.25% for ZEB. Performance-wise, XRE has returned 4.04% year-to-date with -$42 M in net flows, whereas ZEB is at 29.33% with +$505 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
XRE
ZEB
| AuM | $1,036.36 M | $7,335.26 M |
| Management Fees | 0.55% | 0.25% |
| Exp. ratio | 0.60% | 0.28% |
| Tracking Difference | -0.65% | -0.54% |
Historical performance and flows
As of September 10, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XRE | -5.19% | -6.77% | +4.04% | +0.76% | +13.29% |
ZEB | -2.88% | +5.74% | +29.33% | +49.51% | +157.58% | |
| Flows | XRE | -$28 M | -$29 M | -$42 M | -$182 M | +$97 M |
ZEB | +$247 M | +$1,595 M | +$505 M | +$935 M | -$460 M |
XRE vs ZEB exposure
Countries
XRE
Canada
99.98%
ZEB
Canada
100.00%
Sectors
XRE
Finance
99.98%
ZEB
Finance
100.00%
As of September 10, 2026
Top 10 Holdings
XRE
RioCan Real Estate Investment Trust
12.89%
Granite Real Estate Investment Trust
11.61%
Canadian Apartment Properties Real Estate Investment Trust
10.64%
First Capital Real Estate Investment Trust
9.65%
Choice Properties Real Estate Investment Trust
8.58%
Dream Industrial Real Estate Investment Trust
8.07%
SmartCentres Real Estate Investment Trust
7.60%
H&R Real Estate Investment Trust
5.82%
Primaris Real Estate Investment Trust
5.35%
Boardwalk Real Estate Investment Trust
5.20%
ZEB
Royal Bank of Canada
17.39%
Bank of Montreal
17.03%
The Toronto-Dominion Bank
16.96%
The Bank of Nova Scotia
16.51%
Canadian Imperial Bank of Commerce
16.09%
National Bank of Canada
16.03%
Diversification
XRE
Total weight of top 10 holdings out of 14 total
85.42%
ZEB
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
XRE
ZEB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | S&P/TSX Capped REIT Total Return Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.68% | 2.36% |
| Meets ESG criteria | No | No |
| Inception Date | October 17, 2002 | October 20, 2009 |
Frequently asked questions about XRE and ZEB
Which ETF has performed better year to date: XRE or ZEB?
As of September 10, 2026, XRE has returned 4.04% year to date, while ZEB has returned 29.33%. ZEB is ahead on YTD performance.
Which ETF is larger by assets under management: XRE or ZEB?
As of September 10, 2026, XRE manages $1.04 B in assets, while ZEB manages $7.34 B. ZEB is the larger fund by AUM.
How are XRE and ZEB managed?
XRE is passively managed by iShares. It tracks the S&P/TSX Capped REIT Total Return Index - CAD benchmark. ZEB is passively managed by BMO. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do XRE and ZEB emphasize?
XRE is most exposed to Finance. ZEB is most exposed to Finance.
Which ETF is attracting more investor flows: XRE or ZEB?
Year to date, XRE has seen -$42.02 M in net flows, compared with +$504.52 M for ZEB. ZEB has attracted more net investor money so far.
How do the fees of XRE and ZEB compare?
XRE has an expense ratio of 0.60%, while ZEB has an expense ratio of 0.28%.
What are the top holdings of XRE and ZEB?
XRE's largest holdings include RioCan Real Estate Investment Trust, Granite Real Estate Investment Trust, and Canadian Apartment Properties Real Estate Investment Trust. ZEB's top holdings include Royal Bank of Canada, Bank of Montreal, and The Toronto-Dominion Bank.
Which ETF is more diversified: XRE or ZEB?
XRE holds 14 securities, while ZEB holds 6. On holdings count, XRE is the more diversified portfolio.
Recent articles about XRE and ZEB
Build Canada Homes: A Boost for Real Estate ETFs?
The Canadian government's $26B prefab housing plan and a U.S. tariff ruling have injected optimism into real estate markets, with analysts anticipating gains for REITs and construction-focused funds.
Posted on 6/2/2025 by Edouard Caillieux inReal Estate
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