VS
iShares Core Canadian Short Term Corporate + Maple Bond Index ETF (XSH) and BMO Short Corporate Bond Index ETF (ZCS) 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 ZCS leans towards Finance, Energy, and Utilities. When evaluating costs, XSH features a management fee (MER) of 0.09%, compared to 0.1% for ZCS. Performance-wise, XSH has returned 1.49% year-to-date with +$1 B in net flows, whereas ZCS is at 1.5% with +$1 B. 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
ZCS
| AuM | $3,170.23 M | $5,380.86 M |
| Management Fees | 0.09% | 0.10% |
| Exp. ratio | 0.10% | 0.11% |
| Tracking Difference | -0.11% | - |
Historical performance and flows
As of October 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XSH | +0.56% | -0.02% | +1.49% | +1.64% | +18.47% |
ZCS | +0.56% | -0.01% | +1.50% | +1.65% | +18.47% | |
| Flows | XSH | +$198 M | +$508 M | +$1,022 M | +$1,172 M | +$2,111 M |
ZCS | +$737 M | +$645 M | +$1,139 M | +$1,205 M | +$4,020 M |
XSH vs ZCS exposure
Countries
XSH
Canada
86.64%
USA
7.40%
ZCS
Canada
95.00%
Sectors
XSH
Finance
61.34%
Energy
7.50%
Utilities
7.03%
Other
24.13%
ZCS
Finance
64.93%
Energy
13.22%
Other
21.85%
As of October 30, 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%
ZCS
Bank of Montreal, 3.19% 1mar2028, CAD
6.55%
Toronto-Dominion Bank, 4.477% 18jan2028, CAD
5.18%
Royal Bank of Canada, 3.985% 22jul2031, CAD
5.07%
CIBC, 3.8% 10dec2030, CAD
4.34%
Royal Bank of Canada, 4.14% 5may2036, CAD (31)
4.30%
Toronto-Dominion Bank, 3.605% 10sep2031, CAD
4.27%
TransCanada PipeLines, 5.277% 15jul2030, CAD
3.78%
Royal Bank of Canada, 4.632% 1may2028, CAD
3.71%
Royal Bank of Canada, 4.829% 8aug2034, CAD (28)
3.71%
RBC Capital Markets, 4% 17oct2030, CAD
3.64%
Diversification
XSH
Total weight of top 10 holdings out of 665 total
7.25%
ZCS
Total weight of top 10 holdings out of 48 total
44.53%
Characteristics
Compare
XSH
ZCS
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Universe + Maple Short Term Corporate Bond TR Index - CAD | FTSE TMX Canada Short Term Corporate Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.00% | 4.07% |
| Meets ESG criteria | No | No |
| Inception Date | September 13, 2011 | October 20, 2009 |
Frequently asked questions about XSH and ZCS
Which ETF has performed better year to date: XSH or ZCS?
As of October 30, 2026, XSH has returned 1.49% year to date, while ZCS has returned 1.50%. ZCS is ahead on YTD performance.
Which ETF is larger by assets under management: XSH or ZCS?
As of October 30, 2026, XSH manages $3.17 B in assets, while ZCS manages $5.38 B. ZCS is the larger fund by AUM.
How are XSH and ZCS managed?
XSH is passively managed by iShares. It tracks the FTSE Canada Universe + Maple Short Term Corporate Bond TR Index - CAD benchmark. ZCS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Corporate Bond Index - CAD benchmark.
What sectors do XSH and ZCS emphasize?
XSH is most exposed to Finance, Energy, and Utilities. ZCS is most exposed to Finance, Energy, and Utilities.
Which ETF is attracting more investor flows: XSH or ZCS?
Year to date, XSH has seen +$1,022.38 M in net flows, compared with +$1,138.93 M for ZCS. ZCS has attracted more net investor money so far.
How do the fees of XSH and ZCS compare?
XSH has an expense ratio of 0.10%, while ZCS has an expense ratio of 0.11%.
What are the top holdings of XSH and ZCS?
XSH's largest holdings include Bank of Nova Scotia, 3.61% 30jan2032, CAD and Royal Bank of Canada, 3.572% 9dec2031, CAD. ZCS's top holdings include Bank of Montreal, 3.19% 1mar2028, CAD, Toronto-Dominion Bank, 4.477% 18jan2028, CAD, and Royal Bank of Canada, 3.985% 22jul2031, CAD.
Which ETF is more diversified: XSH or ZCS?
XSH holds 631 securities, while ZCS holds 48. On holdings count, XSH is the more diversified portfolio.
Recent articles about XSH and ZCS
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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.