VS
BMO Short Corporate Bond Index ETF (ZCS) and iShares Core S&P/TSX Capped Composite Index ETF (XIC) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZCS focuses its top 3 sector exposures on Finance, Energy, and Industrials, while XIC leans towards Finance, Energy, and Non-Energy Materials. When evaluating costs, ZCS features a management fee (MER) of 0.1%, compared to 0.05% for XIC. Performance-wise, ZCS has returned 1.52% year-to-date with +$389 M in net flows, whereas XIC is at 17.14% with +$7 B. 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
ZCS
XIC
| AuM | $4,680.43 M | $33,385.70 M |
| Management Fees | 0.10% | 0.05% |
| Exp. ratio | 0.11% | 0.06% |
| Tracking Difference | - | -0.10% |
Historical performance and flows
As of August 17, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZCS | +0.05% | +1.19% | +1.52% | +3.29% | +19.50% |
XIC | +4.12% | +9.23% | +17.14% | +34.27% | +100.76% | |
| Flows | ZCS | -$144 M | +$500 M | +$389 M | +$307 M | +$3,252 M |
XIC | +$811 M | +$1,876 M | +$7,296 M | +$8,473 M | +$13,423 M |
ZCS vs XIC exposure
Countries
ZCS
Canada
97.11%
XIC
Canada
96.25%
Sectors
ZCS
Finance
64.25%
Energy
13.19%
Other
22.56%
XIC
Finance
42.08%
Energy
16.27%
Non-Energy Materials
15.91%
Industrials
8.25%
Other
17.49%
As of August 17, 2026
Top 10 Holdings
ZCS
Bank of Montreal, 3.19% 1mar2028, CAD
6.49%
Toronto-Dominion Bank, 4.477% 18jan2028, CAD
5.13%
Royal Bank of Canada, 3.985% 22jul2031, CAD
5.10%
CIBC, 3.8% 10dec2030, CAD
4.34%
Toronto-Dominion Bank, 3.605% 10sep2031, CAD
4.31%
TransCanada PipeLines, 5.277% 15jul2030, CAD
3.80%
Royal Bank of Canada, 4.829% 8aug2034, CAD (28)
3.71%
Royal Bank of Canada, 4.632% 1may2028, CAD
3.68%
Bank of Montreal, 4.709% 7dec2027, CAD
3.67%
RBC Capital Markets, 4% 17oct2030, CAD
3.65%
XIC
Royal Bank of Canada
8.22%
The Toronto-Dominion Bank
5.77%
Shopify, Inc.
3.97%
Bank of Montreal
3.52%
Enbridge, Inc.
3.36%
The Bank of Nova Scotia
3.04%
Canadian Imperial Bank of Commerce
3.01%
Brookfield Corp.
2.59%
Canadian Natural Resources Ltd.
2.35%
Agnico Eagle Mines Ltd.
2.25%
Diversification
ZCS
Total weight of top 10 holdings out of 46 total
43.87%
XIC
Total weight of top 10 holdings out of 221 total
38.08%
Characteristics
Compare
ZCS
XIC
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Short Term Corporate Bond Index - CAD | S&P/TSX Capped Composite Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.98% | 1.92% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | February 16, 2001 |
Frequently asked questions about ZCS and XIC
Which ETF has performed better year to date: ZCS or XIC?
As of August 17, 2026, ZCS has returned 1.52% year to date, while XIC has returned 17.14%. XIC is ahead on YTD performance.
Which ETF is larger by assets under management: ZCS or XIC?
As of August 17, 2026, ZCS manages $4.68 B in assets, while XIC manages $33.39 B. XIC is the larger fund by AUM.
How are ZCS and XIC managed?
ZCS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Corporate Bond Index - CAD benchmark. XIC is passively managed by iShares. It tracks the S&P/TSX Capped Composite Total Return Index - CAD benchmark.
What sectors do ZCS and XIC emphasize?
ZCS is most exposed to Finance, Energy, and Industrials. XIC is most exposed to Finance, Energy, and Non-Energy Materials.
Which ETF is attracting more investor flows: ZCS or XIC?
Year to date, ZCS has seen +$388.58 M in net flows, compared with +$7,296.15 M for XIC. XIC has attracted more net investor money so far.
How do the fees of ZCS and XIC compare?
ZCS has an expense ratio of 0.11%, while XIC has an expense ratio of 0.06%.
What are the top holdings of ZCS and XIC?
ZCS's largest holdings include Bank of Montreal, 3.19% 1mar2028, CAD, Toronto-Dominion Bank, 4.477% 18jan2028, CAD, and Royal Bank of Canada, 3.985% 22jul2031, CAD. XIC's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Shopify, Inc..
Which ETF is more diversified: ZCS or XIC?
ZCS holds 46 securities, while XIC holds 219. On holdings count, XIC is the more diversified portfolio.
Recent articles about ZCS and XIC
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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.