VS
BMO Balanced ETF (ZBAL) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZBAL focuses its top 3 sector exposures on Technology, Finance, and Sovereign, while HEWB leans towards Finance. When evaluating costs, ZBAL features a management fee (MER) of 0.18%, compared to 0.28% for HEWB. Performance-wise, ZBAL has returned 7.63% year-to-date with +$161 M in net flows, whereas HEWB is at 32.58% with +$23 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
ZBAL
HEWB
| AuM | $636.43 M | $345.76 M |
| Management Fees | 0.18% | 0.28% |
| Exp. ratio | 0.20% | 0.28% |
| Tracking Difference | - | -0.83% |
Historical performance and flows
As of July 20, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZBAL | -0.67% | +3.19% | +7.63% | +16.20% | +47.71% |
HEWB | +1.97% | +16.45% | +32.58% | +67.04% | +147.84% | |
| Flows | ZBAL | +$26 M | +$85 M | +$161 M | +$213 M | +$383 M |
HEWB | +$4 M | +$16 M | +$23 M | +$22 M | +$25 M |
ZBAL vs HEWB exposure
Countries
ZBAL
Canada
42.46%
USA
35.99%
Other
21.55%
HEWB
Canada
100.00%
Sectors
ZBAL
Technology
17.29%
Finance
14.18%
Sovereign
13.31%
Municipal
8.89%
Other
46.33%
HEWB
Finance
100.00%
As of July 20, 2026
Top 10 Holdings
ZBAL
Canada, Bond 0.5 1oct2030 10Y
5.12%
NVIDIA Corp.
2.02%
CMHC, 1.9% 15mar2031, CAD (100)
1.92%
Apple, Inc.
1.77%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
1.52%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
1.47%
Canada, Bonds 2.25% 1dec2029, CAD
1.44%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
1.41%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
1.39%
Royal Bank of Canada
1.22%
HEWB
The Toronto-Dominion Bank
17.42%
Royal Bank of Canada
17.32%
Bank of Montreal
17.15%
The Bank of Nova Scotia
16.61%
Canadian Imperial Bank of Commerce
15.79%
National Bank of Canada
15.70%
Diversification
ZBAL
Total weight of top 10 holdings out of 19,849 total
19.28%
HEWB
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
ZBAL
HEWB
| Provider | BMO | Global X |
| Management | Actively managed | Passively managed |
| Benchmark | - | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity, Fixed Income | Equity |
| Dividend Policy | Distributing | Capitalization |
| Trailing 12m distribution yield | 1.66% | 0.00% |
| Meets ESG criteria | No | No |
| Inception Date | February 15, 2019 | January 23, 2019 |
Frequently asked questions about ZBAL and HEWB
Which ETF has performed better year to date: ZBAL or HEWB?
As of July 20, 2026, ZBAL has returned 7.63% year to date, while HEWB has returned 32.58%. HEWB is ahead on YTD performance.
Which ETF is larger by assets under management: ZBAL or HEWB?
As of July 20, 2026, ZBAL manages $636.43 M in assets, while HEWB manages $345.76 M. ZBAL is the larger fund by AUM.
How are ZBAL and HEWB managed?
ZBAL is actively managed by BMO. It does not track an index. HEWB is passively managed by Global X. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do ZBAL and HEWB emphasize?
ZBAL is most exposed to Technology, Finance, and Sovereign. HEWB is most exposed to Finance.
Which ETF is attracting more investor flows: ZBAL or HEWB?
Year to date, ZBAL has seen +$160.56 M in net flows, compared with +$23.13 M for HEWB. ZBAL has attracted more net investor money so far.
How do the fees of ZBAL and HEWB compare?
ZBAL has an expense ratio of 0.20%, while HEWB has an expense ratio of 0.28%.
What are the top holdings of ZBAL and HEWB?
ZBAL's largest holdings include Canada, Bond 0.5 1oct2030 10Y and NVIDIA Corp.. HEWB's top holdings include The Toronto-Dominion Bank, Royal Bank of Canada, and Bank of Montreal.
Which ETF is more diversified: ZBAL or HEWB?
ZBAL holds 10678 securities, while HEWB holds 6. On holdings count, ZBAL is the more diversified portfolio.
Recent articles about ZBAL and HEWB
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