VS
Compare BMO Discount Bond Index ETF (ZDB) vs iShares Canadian Universe Bond Index ETF (XBB) to find the best fit for your portfolio. ZDB and XBB provide the same top sector exposures: Sovereign, Municipal, and Finance. When evaluating costs, ZDB features a management fee (MER) of 0.09%, compared to 0.09% for XBB. Performance-wise, ZDB has returned 1.06% year-to-date with +$248 M in net flows, whereas XBB is at 0.87% with +$2 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
ZDB
XBB
| AuM | $1,368.58 M | $10,584.22 M |
| Management Fees | 0.09% | 0.09% |
| Exp. ratio | 0.10% | 0.10% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 10, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZDB | -1.12% | -2.09% | -1.06% | -1.18% | +11.97% |
XBB | -1.12% | -2.03% | -0.87% | -0.85% | +12.43% | |
| Flows | ZDB | +$54 M | +$114 M | +$248 M | +$585 M | +$525 M |
XBB | +$674 M | +$870 M | +$1,810 M | +$2,610 M | +$5,156 M |
ZDB vs XBB exposure
Countries
ZDB
Canada
100.00%
XBB
Canada
97.34%
Sectors
ZDB
Sovereign
33.15%
Municipal
31.50%
Finance
11.53%
Government Agencies
9.96%
Other
13.86%
XBB
Sovereign
33.61%
Municipal
28.99%
Finance
14.34%
Government Agencies
7.06%
Other
16.00%
As of September 10, 2026
Top 10 Holdings
ZDB
Canada, Bond 0.5 1oct2030 10Y
18.46%
CMHC, 1.9% 15mar2031, CAD (100)
6.90%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
5.47%
Canada, Bonds 2.25% 1dec2029, CAD
5.20%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
5.12%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
5.10%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
5.00%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
3.90%
Canada, Bonds 2% 1jun2032, CAD
3.11%
Pembina Pipeline Corporation, 3.31% 1feb2030, CAD (15)
2.63%
XBB
Canada, Bonds 2.75% 1mar2031, CAD
1.52%
Canada, Bonds 2.75% 1sep2030, CAD
1.52%
Canada, Bonds 3.25% 1dec2035, CAD
1.51%
Canada, Bonds 3.25% 1jun2035, CAD
1.42%
Canada, Bonds 3.25% 1jun2036, CAD
1.35%
Canada, Bonds 3.5% 1dec2057, CAD
1.24%
Canada, Bonds 3% 1jun2034, CAD
1.23%
Canada, Bonds 2.75% 1mar2030, CAD
1.22%
Canada, Bonds 3.5% 1sep2029, CAD
1.13%
Canada, Bonds 2.5% 1may2028, CAD
1.12%
Diversification
ZDB
Total weight of top 10 holdings out of 48 total
60.88%
XBB
Total weight of top 10 holdings out of 1,889 total
13.27%
Characteristics
Compare
ZDB
XBB
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Universe Discount Bond Index - CAD | FTSE Canada Universe Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.90% | 3.54% |
| Meets ESG criteria | No | No |
| Inception Date | February 10, 2014 | November 20, 2000 |
Frequently asked questions about ZDB and XBB
Which ETF has performed better year to date: ZDB or XBB?
As of September 10, 2026, ZDB has returned -1.06% year to date, while XBB has returned -0.87%. XBB is ahead on YTD performance.
Which ETF is larger by assets under management: ZDB or XBB?
As of September 10, 2026, ZDB manages $1.37 B in assets, while XBB manages $10.58 B. XBB is the larger fund by AUM.
How are ZDB and XBB managed?
ZDB is passively managed by BMO. It tracks the FTSE Canada Universe Discount Bond Index - CAD benchmark. XBB is passively managed by iShares. It tracks the FTSE Canada Universe Bond TR Index - CAD benchmark.
What sectors do ZDB and XBB emphasize?
ZDB is most exposed to Sovereign, Municipal, and Finance. XBB is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: ZDB or XBB?
Year to date, ZDB has seen +$247.82 M in net flows, compared with +$1,809.53 M for XBB. XBB has attracted more net investor money so far.
How do the fees of ZDB and XBB compare?
ZDB has an expense ratio of 0.10%, while XBB has an expense ratio of 0.10%.
What are the top holdings of ZDB and XBB?
ZDB's largest holdings include Canada, Bond 0.5 1oct2030 10Y, CMHC, 1.9% 15mar2031, CAD (100), and Province of Quebec, 1.5% 1sep2031, CAD (B128). XBB's top holdings include Canada, Bonds 2.75% 1mar2031, CAD, Canada, Bonds 2.75% 1sep2030, CAD, and Canada, Bonds 3.25% 1dec2035, CAD.
Which ETF is more diversified: ZDB or XBB?
ZDB holds 48 securities, while XBB holds 1889. On holdings count, XBB 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.