VS
BMO Conservative ETF (ZCON) and Vanguard Retirement Income ETF Portfolio (VRIF) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZCON focuses its top 3 sector exposures on Sovereign, Finance, and Municipal, while VRIF leans towards Finance, Sovereign, and Energy. When evaluating costs, ZCON features a management fee (MER) of 0.18%, compared to 0.29% for VRIF. Performance-wise, ZCON has returned 5.53% year-to-date with +$35 M in net flows, whereas VRIF is at 4.44% with +$64 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
ZCON
VRIF
| AuM | $118.15 M | $372.82 M |
| Management Fees | 0.18% | 0.29% |
| Exp. ratio | 0.20% | 0.32% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZCON | -1.16% | -0.41% | +5.53% | +10.05% | +35.17% |
VRIF | -1.11% | -0.65% | +4.44% | +8.57% | +34.27% | |
| Flows | ZCON | +$7 M | +$17 M | +$35 M | +$47 M | +$64 M |
VRIF | +$8 M | +$21 M | +$64 M | +$76 M | +$23 M |
ZCON vs VRIF exposure
Countries
ZCON
Canada
52.05%
USA
32.65%
Other
15.30%
VRIF
Canada
62.43%
USA
15.79%
Other
21.78%
Sectors
ZCON
Sovereign
22.43%
Finance
16.59%
Municipal
13.27%
Technology
11.43%
Other
36.28%
VRIF
Finance
29.92%
Sovereign
14.51%
Energy
7.95%
Municipal
7.70%
Other
39.92%
As of September 2, 2026
Top 10 Holdings
ZCON
Canada, Bond 0.5 1oct2030 10Y
7.74%
CMHC, 1.9% 15mar2031, CAD (100)
2.89%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
2.29%
Canada, Bonds 2.25% 1dec2029, CAD
2.18%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.15%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
2.14%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
2.09%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
1.63%
Apple, Inc.
1.39%
NVIDIA Corp.
1.34%
VRIF
Royal Bank of Canada
0.74%
The Toronto-Dominion Bank
0.51%
NVIDIA Corp.
0.48%
Apple, Inc.
0.47%
Canada, Bonds 2.75% 1mar2031, CAD
0.45%
Canada, Bonds 2.75% 1sep2030, CAD
0.40%
Samsung Electronics Co., Ltd.
0.40%
Canada, Bonds 3.25% 1dec2035, CAD
0.38%
Canada, Bonds 3.25% 1jun2036, CAD
0.38%
Shopify, Inc.
0.36%
Diversification
ZCON
Total weight of top 10 holdings out of 19,892 total
25.86%
VRIF
Total weight of top 10 holdings out of 29,847 total
4.57%
Characteristics
Compare
ZCON
VRIF
| Provider | BMO | Vanguard |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | ||
| Asset Class | Equity, Fixed Income | Equity, Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.91% | 3.83% |
| Meets ESG criteria | No | No |
| Inception Date | February 15, 2019 | September 9, 2020 |
Frequently asked questions about ZCON and VRIF
Which ETF has performed better year to date: ZCON or VRIF?
As of September 2, 2026, ZCON has returned 5.53% year to date, while VRIF has returned 4.44%. ZCON is ahead on YTD performance.
Which ETF is larger by assets under management: ZCON or VRIF?
As of September 2, 2026, ZCON manages $118.15 M in assets, while VRIF manages $372.82 M. VRIF is the larger fund by AUM.
How are ZCON and VRIF managed?
ZCON is actively managed by BMO. It does not track an index. VRIF is actively managed by Vanguard. It does not track an index.
What sectors do ZCON and VRIF emphasize?
ZCON is most exposed to Sovereign, Finance, and Municipal. VRIF is most exposed to Finance, Sovereign, and Energy.
Which ETF is attracting more investor flows: ZCON or VRIF?
Year to date, ZCON has seen +$35.23 M in net flows, compared with +$64.42 M for VRIF. VRIF has attracted more net investor money so far.
How do the fees of ZCON and VRIF compare?
ZCON has an expense ratio of 0.20%, while VRIF has an expense ratio of 0.32%.
What are the top holdings of ZCON and VRIF?
ZCON's largest holdings include Canada, Bond 0.5 1oct2030 10Y and CMHC, 1.9% 15mar2031, CAD (100). VRIF's top holdings include Royal Bank of Canada and The Toronto-Dominion Bank.
Which ETF is more diversified: ZCON or VRIF?
ZCON holds 11634 securities, while VRIF holds 24900. On holdings count, VRIF is the more diversified portfolio.
The ETF Market Canada is brought to you by Cboe in partnership with Trackinsight SA who is providing all the data, analysis and editorial content on this site. Unless explicitly stated as such, any information that you receive is not real-time.
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.
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.