VS
iShares Core Canadian Short Term Corporate + Maple Bond Index ETF (XSH) and BMO Corporate Bond Index ETF (ZCB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XSH focuses its top 3 sector exposures on Finance, Energy, and Utilities, while ZCB leans towards Finance, Energy, and Industrials. When evaluating costs, XSH features a management fee (MER) of 0.09%, compared to 0.15% for ZCB. Performance-wise, XSH has returned 1.6% year-to-date with +$1 B in net flows, whereas ZCB is at 1.18% with +$496 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
XSH
ZCB
| AuM | $3,167.77 M | $2,159.21 M |
| Management Fees | 0.09% | 0.15% |
| Exp. ratio | 0.10% | 0.17% |
| Tracking Difference | -0.11% | - |
Historical performance and flows
As of November 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XSH | +0.40% | -0.05% | +1.60% | +1.70% | +18.01% |
ZCB | +1.01% | -0.22% | +1.18% | +0.87% | +19.05% | |
| Flows | XSH | +$164 M | +$483 M | +$1,017 M | +$1,157 M | +$2,043 M |
ZCB | +$45 M | +$185 M | +$496 M | +$1,006 M | +$2,116 M |
XSH vs ZCB exposure
Countries
XSH
Canada
86.64%
USA
7.40%
ZCB
Canada
91.60%
USA
7.35%
Sectors
XSH
Finance
61.34%
Energy
7.50%
Utilities
7.03%
Other
24.13%
ZCB
Finance
45.09%
Energy
21.95%
Industrials
8.27%
Other
24.69%
As of November 2, 2026
Top 10 Holdings
XSH
Bank of Nova Scotia, 3.61% 30jan2032, CAD
0.89%
Royal Bank of Canada, 3.572% 9dec2031, CAD
0.88%
Toronto-Dominion Bank, 3.687% 9jan2032, CAD
0.78%
CIBC, 3.65% 13jan2032, CAD
0.75%
Toronto-Dominion Bank, 3.857% 7apr2032, CAD
0.69%
Toronto-Dominion Bank, 4.68% 8jan2029, CAD
0.67%
Bank of Nova Scotia, 3.734% 27jun2031, CAD
0.66%
Amazon.com, 3.7% 12jun2031, CAD
0.65%
Royal Bank of Canada, 4.632% 1may2028, CAD
0.65%
Bank of Montreal, 4.709% 7dec2027, CAD
0.64%
ZCB
Royal Bank of Canada, 5.228% 24jun2030, CAD
4.54%
Toronto-Dominion Bank, 5.491% 8sep2028, CAD
4.50%
Bank of Nova Scotia, 4.442% 15nov2035, CAD
4.28%
Alimentation Couche-Tard, 4.603% 25jan2029, CAD (8)
3.32%
Hydro One Inc, 4.25% 4jan2035, CAD (60)
3.20%
Choice Properties REIT, 6.003% 24jun2032, CAD (R)
2.33%
Rogers Communications, 5.8% 21sep2030, CAD
2.30%
TransCanada PipeLines, 5.33% 12may2032, CAD
2.27%
TransCanada PipeLines, 5.277% 15jul2030, CAD
2.26%
Enbridge, 5.75% 2sep2039, CAD
2.24%
Diversification
XSH
Total weight of top 10 holdings out of 665 total
7.25%
ZCB
Total weight of top 10 holdings out of 66 total
31.25%
Characteristics
Compare
XSH
ZCB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Universe + Maple Short Term Corporate Bond TR Index - CAD | FTSE Canada All Corporate Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.00% | 4.21% |
| Meets ESG criteria | No | No |
| Inception Date | September 13, 2011 | March 2, 2018 |
Frequently asked questions about XSH and ZCB
Which ETF has performed better year to date: XSH or ZCB?
As of November 2, 2026, XSH has returned 1.60% year to date, while ZCB has returned 1.18%. XSH is ahead on YTD performance.
Which ETF is larger by assets under management: XSH or ZCB?
As of November 2, 2026, XSH manages $3.17 B in assets, while ZCB manages $2.16 B. XSH is the larger fund by AUM.
How are XSH and ZCB managed?
XSH is passively managed by iShares. It tracks the FTSE Canada Universe + Maple Short Term Corporate Bond TR Index - CAD benchmark. ZCB is passively managed by BMO. It tracks the FTSE Canada All Corporate Bond TR Index - CAD benchmark.
What sectors do XSH and ZCB emphasize?
XSH is most exposed to Finance, Energy, and Utilities. ZCB is most exposed to Finance, Energy, and Industrials.
Which ETF is attracting more investor flows: XSH or ZCB?
Year to date, XSH has seen +$1,016.73 M in net flows, compared with +$495.73 M for ZCB. XSH has attracted more net investor money so far.
How do the fees of XSH and ZCB compare?
XSH has an expense ratio of 0.10%, while ZCB has an expense ratio of 0.17%.
What are the top holdings of XSH and ZCB?
XSH's largest holdings include Bank of Nova Scotia, 3.61% 30jan2032, CAD and Royal Bank of Canada, 3.572% 9dec2031, CAD. ZCB's top holdings include Royal Bank of Canada, 5.228% 24jun2030, CAD, Toronto-Dominion Bank, 5.491% 8sep2028, CAD, and Bank of Nova Scotia, 4.442% 15nov2035, CAD.
Which ETF is more diversified: XSH or ZCB?
XSH holds 631 securities, while ZCB holds 66. On holdings count, XSH is the more diversified portfolio.
Recent articles about XSH and ZCB
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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.