Compare BMO Discount Bond Index ETF (ZDB) vs BMO Aggregate Bond Index ETF (ZAG) to find the best fit for your portfolio. ZDB provides Sovereign, Municipal, and Government agencies exposures, while ZAG is primarily weighted in Municipal, Sovereign, and Government agencies. When evaluating costs, ZDB features a management fee (MER) of 0.09%, compared to 0.08% for ZAG. Performance-wise, ZDB has returned 0.76% year-to-date with +$70 M in net flows, whereas ZAG is at 0.87% with +$106 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
ZDB
ZAG
| AuM | $1,225.21 M | $12,302.54 M |
| Management Fees | 0.09% | 0.08% |
| Exp. ratio | 0.10% | 0.09% |
| Tracking Difference | - | - |
Historical performance and flows
As of April 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZDB | +1.46% | +0.01% | +0.76% | +2.44% | +10.37% |
ZAG | +1.50% | +0.07% | +0.87% | +2.90% | +11.01% | |
| Flows | ZDB | +$20 M | +$67 M | +$70 M | +$441 M | +$365 M |
ZAG | +$30 M | +$65 M | +$106 M | +$1,629 M | +$6,009 M |
ZDB vs ZAG exposure
Countries
ZDB
Canada
100.00%
ZAG
Canada
100.00%
Sectors
ZDB
Sovereign
33.26%
Municipal
32.65%
Government agencies
9.33%
Banks
7.15%
Other
17.60%
ZAG
Municipal
29.15%
Sovereign
25.83%
Other
14.55%
Government agencies
9.37%
Other
21.10%
As of April 24, 2026
Top 10 Holdings
ZDB
Canada, Bond 0.5 1oct2030 10Y
18.41%
CMHC, 1.9% 15mar2031, CAD (100)
6.90%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
5.74%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
5.64%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
5.46%
Canada, Bonds 2.25% 1dec2029, CAD
5.21%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
3.89%
Canada, Bonds 2% 1jun2032, CAD
3.11%
Canada, Bond 2.75 1dec2048 30Y
2.80%
Greater Toronto Airports Authority, 2.75% 17oct2039, CAD (2019-2)
2.71%
ZAG
Canada, Bonds 3% 1jun2034, CAD
4.29%
Canada, Bond 2.25 1jun2029 10Y
3.59%
Province of Quebec, 2.75% 1sep2028, CAD (B124)
2.92%
Canada Housing Trust, 1.1% 15mar2031, CAD (95)
2.65%
Canada, Bond 2.75 1dec2048 30Y
2.46%
Province of Quebec, 3.5% 1dec2048, CAD (B117)
2.41%
Canada, Bonds 4% 1mar2029, CAD
2.27%
Canada Housing Trust, 3.55% 15sep2032, CAD (107)
2.22%
Bank of Montreal, 3.19% 1mar2028, CAD
2.20%
Province of Ontario, 2.9% 2jun2028, CAD (DMTN238)
2.20%
Diversification
ZDB
Total weight of top 10 holdings out of 41 total
59.87%
ZAG
Total weight of top 10 holdings out of 86 total
27.20%
Characteristics
Compare
ZDB
ZAG
| Provider | BMO | BMO |
| 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 | 2.12% | 3.46% |
| Meets ESG criteria | No | No |
| Inception Date | February 10, 2014 | January 19, 2010 |
Frequently asked questions about ZDB and ZAG
Which ETF has performed better year to date: ZDB or ZAG?
As of April 24, 2026, ZDB has returned 0.76% year to date, while ZAG has returned 0.87%. ZAG is ahead on YTD performance.
Which ETF is larger by assets under management: ZDB or ZAG?
As of April 24, 2026, ZDB manages $1.23 B in assets, while ZAG manages $12.30 B. ZAG is the larger fund by AUM.
How are ZDB and ZAG managed?
ZDB is passively managed by BMO. It tracks the FTSE Canada Universe Discount Bond Index - CAD benchmark. ZAG is passively managed by BMO. It tracks the FTSE Canada Universe Bond TR Index - CAD benchmark.
What sectors do ZDB and ZAG emphasize?
ZDB is most exposed to Sovereign, Municipal, and Government agencies. ZAG is most exposed to Municipal, Sovereign, and Government agencies.
Which ETF is attracting more investor flows: ZDB or ZAG?
Year to date, ZDB has seen +$69.71 M in net flows, compared with +$105.84 M for ZAG. ZAG has attracted more net investor money so far.
How do the fees of ZDB and ZAG compare?
ZDB has an expense ratio of 0.10%, while ZAG has an expense ratio of 0.09%.
What are the top holdings of ZDB and ZAG?
ZDB's largest holdings include Canada, Bond 0.5 1oct2030 10Y, CMHC, 1.9% 15mar2031, CAD (100), and Province of Ontario, 2.05% 2jun2030, CAD (DMTN243). ZAG's top holdings include Canada, Bonds 3% 1jun2034, CAD and Canada, Bond 2.25 1jun2029 10Y.
Which ETF is more diversified: ZDB or ZAG?
ZDB holds 41 securities, while ZAG holds 75. On holdings count, ZAG is the more diversified portfolio.
Recent articles about ZDB and ZAG
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