VS
BMO Aggregate Bond Index ETF (ZAG) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZAG focuses its top 3 sector exposures on Municipal, Sovereign, and Government agencies, while HEWB leans towards Financials. When evaluating costs, ZAG features a management fee (MER) of 0.08%, compared to 0.28% for HEWB. Performance-wise, ZAG has returned 0.9% year-to-date with +$611 M in net flows, whereas HEWB is at 21.64% with +$12 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
ZAG
HEWB
| AuM | $12,743.80 M | $307.01 M |
| Management Fees | 0.08% | 0.28% |
| Exp. ratio | 0.09% | 0.28% |
| Tracking Difference | - | -0.78% |
Historical performance and flows
As of June 8, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZAG | -0.07% | +0.02% | +0.90% | +3.02% | +13.55% |
HEWB | +5.66% | +18.78% | +21.64% | +62.64% | +139.85% | |
| Flows | ZAG | +$571 M | +$631 M | +$611 M | +$1,593 M | +$6,367 M |
HEWB | +$0 M | +$8 M | +$12 M | +$9 M | +$14 M |
ZAG vs HEWB exposure
Countries
ZAG
Canada
99.27%
HEWB
Canada
99.99%
Sectors
ZAG
Municipal
28.61%
Sovereign
24.95%
Other
17.41%
Government agencies
9.35%
Other
19.68%
HEWB
Financials
99.99%
As of June 8, 2026
Top 10 Holdings
ZAG
Canada, Bonds 3% 1jun2034, CAD
4.26%
Canada, Bond 2.25 1jun2029 10Y
3.59%
Province of Quebec, 2.75% 1sep2028, CAD (B124)
2.92%
Canada Housing Trust, 1.1% 15mar2031, CAD (95)
2.65%
Canada, Bond 2.75 1dec2048 30Y
2.43%
Province of Quebec, 3.5% 1dec2048, CAD (B117)
2.42%
Canada Housing Trust, 3.55% 15sep2032, CAD (107)
2.21%
Bank of Montreal, 3.19% 1mar2028, CAD
2.20%
Province of Ontario, 2.9% 2jun2028, CAD (DMTN238)
2.20%
CA135087T461
2.20%
HEWB
ROYAL BK CANADA
17.10%
TORONTO DOMINION
16.90%
BNS
16.65%
BANK OF MONTREAL
16.51%
CDN IMPERIAL BK
16.48%
NATIONAL BANK OF CANADA
16.35%
Diversification
ZAG
Total weight of top 10 holdings out of 88 total
27.07%
HEWB
Total weight of top 10 holdings out of 6 total
99.99%
Characteristics
Compare
ZAG
HEWB
| Provider | BMO | Global X |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Universe Bond TR Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Equity |
| Dividend Policy | Distributing | Capitalization |
| Trailing 12m distribution yield | 3.44% | 0.00% |
| Meets ESG criteria | No | No |
| Inception Date | January 19, 2010 | January 23, 2019 |
Frequently asked questions about ZAG and HEWB
Which ETF has performed better year to date: ZAG or HEWB?
As of June 8, 2026, ZAG has returned 0.90% year to date, while HEWB has returned 21.64%. HEWB is ahead on YTD performance.
Which ETF is larger by assets under management: ZAG or HEWB?
As of June 8, 2026, ZAG manages $12.74 B in assets, while HEWB manages $307.01 M. ZAG is the larger fund by AUM.
How are ZAG and HEWB managed?
ZAG is passively managed by BMO. It tracks the FTSE Canada Universe Bond TR Index - CAD benchmark. HEWB is passively managed by Global X. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do ZAG and HEWB emphasize?
ZAG is most exposed to Municipal, Sovereign, and Government agencies. HEWB is most exposed to Financials.
Which ETF is attracting more investor flows: ZAG or HEWB?
Year to date, ZAG has seen +$611.11 M in net flows, compared with +$12.25 M for HEWB. ZAG has attracted more net investor money so far.
How do the fees of ZAG and HEWB compare?
ZAG has an expense ratio of 0.09%, while HEWB has an expense ratio of 0.28%.
What are the top holdings of ZAG and HEWB?
ZAG's largest holdings include Canada, Bonds 3% 1jun2034, CAD and Canada, Bond 2.25 1jun2029 10Y. HEWB's top holdings include ROYAL BK CANADA, TORONTO DOMINION, and BNS.
Which ETF is more diversified: ZAG or HEWB?
ZAG holds 73 securities, while HEWB holds 6. On holdings count, ZAG is the more diversified portfolio.
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