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Compare BMO Aggregate Bond Index ETF (ZAG) vs Mackenzie Canadian Aggregate Bond Index ETF (QBB) to find the best fit for your portfolio. ZAG provides Sovereign, Municipal, and Finance exposures, while QBB is primarily weighted in Municipal, Sovereign, and Finance. When evaluating costs, ZAG features a management fee (MER) of 0.08%, compared to 0.07% for QBB. Performance-wise, ZAG has returned 0.95% year-to-date with +$1 B in net flows, whereas QBB is at 0.63% with +$305 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
QBB
| AuM | $13,282.44 M | $1,578.07 M |
| Management Fees | 0.08% | 0.07% |
| Exp. ratio | 0.09% | 0.08% |
| Tracking Difference | - | -0.03% |
Historical performance and flows
As of October 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZAG | +1.58% | -0.30% | +0.95% | +0.07% | +14.70% |
QBB | +1.45% | -0.35% | +0.63% | -0.31% | +15.70% | |
| Flows | ZAG | +$162 M | +$261 M | +$1,330 M | +$2,027 M | +$7,383 M |
QBB | +$11 M | +$154 M | +$305 M | +$373 M | +$707 M |
ZAG vs QBB exposure
Countries
ZAG
Canada
95.65%
QBB
Canada
95.54%
Sectors
ZAG
Sovereign
34.55%
Municipal
30.80%
Finance
11.12%
Government Agencies
9.39%
Other
14.14%
QBB
Municipal
28.73%
Sovereign
28.56%
Finance
15.82%
Government Agencies
9.62%
Other
17.27%
As of October 30, 2026
Top 10 Holdings
ZAG
Canada, Bonds 3% 1jun2034, CAD
4.26%
Canada, Bonds 2.5% 1nov2027, CAD
3.74%
Canada, Bonds 2.25% 1feb2028, CAD
2.97%
Canada, Bond 2.25 1jun2029 10Y
2.92%
Canada, Bonds 2.75% 1dec2055, CAD
2.80%
Canada Housing Trust, 1.1% 15mar2031, CAD (95)
2.69%
Province of Quebec, 3.5% 1dec2048, CAD (B117)
2.35%
Bank of Montreal, 3.19% 1mar2028, CAD
2.25%
Province of Quebec, 2.75% 1sep2028, CAD (B124)
2.23%
Canada, Bonds 2.75% 1mar2030, CAD
2.20%
QBB
Canada, Bond 1.25 1jun2030 10Y
3.27%
Canada, Bond 1.5 1jun2031 10Y
2.32%
Canada, Bond 2 1jan2051 30Y
2.04%
Canada, Bond 0.5 1oct2030 10Y
1.83%
Province of Ontario, 4.6% 2jun2039, CAD (DMTN182)
1.78%
CMHC, 3.8% 15sep2036, CAD (133)
1.68%
Province of Ontario, 3.75% 2jun2032, CAD (DMTN254)
1.62%
Canada, Bonds 3% 1jun2034, CAD
1.55%
Canada, Bonds 3.25% 1dec2034, CAD
1.44%
Canada, Bonds 2.75% 1dec2055, CAD
1.20%
Diversification
ZAG
Total weight of top 10 holdings out of 86 total
28.40%
QBB
Total weight of top 10 holdings out of 1,204 total
18.72%
Characteristics
Compare
ZAG
QBB
| Provider | BMO | Mackenzie Investments |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Universe Bond TR Index - CAD | Solactive Canadian Float Adjusted Universe Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.44% | 3.22% |
| Meets ESG criteria | No | No |
| Inception Date | January 19, 2010 | January 29, 2018 |
Frequently asked questions about ZAG and QBB
Which ETF has performed better year to date: ZAG or QBB?
As of October 30, 2026, ZAG has returned 0.95% year to date, while QBB has returned 0.63%. ZAG is ahead on YTD performance.
Which ETF is larger by assets under management: ZAG or QBB?
As of October 30, 2026, ZAG manages $13.28 B in assets, while QBB manages $1.58 B. ZAG is the larger fund by AUM.
How are ZAG and QBB managed?
ZAG is passively managed by BMO. It tracks the FTSE Canada Universe Bond TR Index - CAD benchmark. QBB is passively managed by Mackenzie Investments. It tracks the Solactive Canadian Float Adjusted Universe Bond Index - CAD benchmark.
What sectors do ZAG and QBB emphasize?
ZAG is most exposed to Sovereign, Municipal, and Finance. QBB is most exposed to Municipal, Sovereign, and Finance.
Which ETF is attracting more investor flows: ZAG or QBB?
Year to date, ZAG has seen +$1,330.22 M in net flows, compared with +$305.49 M for QBB. ZAG has attracted more net investor money so far.
How do the fees of ZAG and QBB compare?
ZAG has an expense ratio of 0.09%, while QBB has an expense ratio of 0.08%.
What are the top holdings of ZAG and QBB?
ZAG's largest holdings include Canada, Bonds 3% 1jun2034, CAD, Canada, Bonds 2.5% 1nov2027, CAD, and Canada, Bonds 2.25% 1feb2028, CAD. QBB's top holdings include Canada, Bond 1.25 1jun2030 10Y, Canada, Bond 1.5 1jun2031 10Y, and Canada, Bond 2 1jan2051 30Y.
Which ETF is more diversified: ZAG or QBB?
ZAG holds 86 securities, while QBB holds 1203. On holdings count, QBB is the more diversified portfolio.
Recent articles about ZAG and QBB
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