VS
BMO Aggregate Bond Index ETF (ZAG) and TD Target 2027 Investment Grade Bond ETF (TBCG) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZAG focuses its top 3 sector exposures on Sovereign, Municipal, and Finance, while TBCG leans towards Finance, Consumer Non-Cyclicals, and Utilities. When evaluating costs, ZAG features a management fee (MER) of 0.08%, compared to 0.2% for TBCG. Performance-wise, ZAG has returned 0.63% year-to-date with +$1 B in net flows, whereas TBCG is at 2.08% with +$59 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
TBCG
| AuM | $13,241.41 M | $251.04 M |
| Management Fees | 0.08% | 0.20% |
| Exp. ratio | 0.09% | 0.22% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZAG | +1.49% | -0.34% | +0.63% | -0.33% | +15.82% |
TBCG | +0.22% | +0.57% | +2.08% | +2.43% | - | |
| Flows | ZAG | +$140 M | +$269 M | +$1,332 M | +$1,985 M | +$7,383 M |
TBCG | +$7 M | +$5 M | +$59 M | +$63 M | - |
ZAG vs TBCG exposure
Countries
ZAG
Canada
95.65%
TBCG
Canada
95.25%
Sectors
ZAG
Sovereign
34.55%
Municipal
30.80%
Finance
11.12%
Government Agencies
9.39%
Other
14.14%
TBCG
Finance
56.71%
Consumer Non-Cyclicals
10.29%
Utilities
9.68%
Energy
9.44%
Other
13.88%
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%
TBCG
Dream Industrial REIT, 2.057% 17jun2027, CAD
4.91%
iA Financial Corporation, 3.187% 25feb2032, CAD
4.73%
Sun Life Financial, 2.58% 10may2032, CAD (2020-1)
4.58%
Canadian Western Bank, 1.818% 16dec2027, CAD
4.30%
Cameco, 2.95% 21oct2027, CAD (H)
4.30%
Dollarama Inc., 1.505% 20sep2027, CAD
4.25%
Royal Bank of Canada, 2.94% 3may2032, CAD (25)
3.99%
Enbridge Gas, 2.88% 22nov2027, CAD
3.93%
Saputo, 2.242% 16jun2027, CAD (7)
3.89%
JP Morgan, 1.896% 5mar2028, CAD
3.79%
Diversification
ZAG
Total weight of top 10 holdings out of 86 total
28.40%
TBCG
Total weight of top 10 holdings out of 35 total
42.66%
Characteristics
Compare
ZAG
TBCG
| Provider | BMO | TD Asset Management |
| Management | Passively managed | Actively managed |
| Benchmark | FTSE Canada Universe Bond TR Index - CAD | - |
| Replication Method | Direct (Physical) | - |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.45% | 2.33% |
| Meets ESG criteria | No | No |
| Inception Date | January 19, 2010 | April 9, 2024 |
Frequently asked questions about ZAG and TBCG
Which ETF has performed better year to date: ZAG or TBCG?
As of October 30, 2026, ZAG has returned 0.63% year to date, while TBCG has returned 2.08%. TBCG is ahead on YTD performance.
Which ETF is larger by assets under management: ZAG or TBCG?
As of October 30, 2026, ZAG manages $13.24 B in assets, while TBCG manages $251.04 M. ZAG is the larger fund by AUM.
How are ZAG and TBCG managed?
ZAG is passively managed by BMO. It tracks the FTSE Canada Universe Bond TR Index - CAD benchmark. TBCG is actively managed by TD Asset Management. It does not track an index.
What sectors do ZAG and TBCG emphasize?
ZAG is most exposed to Sovereign, Municipal, and Finance. TBCG is most exposed to Finance, Consumer Non-Cyclicals, and Utilities.
Which ETF is attracting more investor flows: ZAG or TBCG?
Year to date, ZAG has seen +$1,331.57 M in net flows, compared with +$59.11 M for TBCG. ZAG has attracted more net investor money so far.
How do the fees of ZAG and TBCG compare?
ZAG has an expense ratio of 0.09%, while TBCG has an expense ratio of 0.22%.
What are the top holdings of ZAG and TBCG?
ZAG's largest holdings include Canada, Bonds 3% 1jun2034, CAD, Canada, Bonds 2.5% 1nov2027, CAD, and Canada, Bonds 2.25% 1feb2028, CAD. TBCG's top holdings include Dream Industrial REIT, 2.057% 17jun2027, CAD, iA Financial Corporation, 3.187% 25feb2032, CAD, and Sun Life Financial, 2.58% 10may2032, CAD (2020-1).
Which ETF is more diversified: ZAG or TBCG?
ZAG holds 86 securities, while TBCG holds 35. On holdings count, ZAG is the more diversified portfolio.
Recent articles about ZAG and TBCG
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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.