VS
BMO Emerging Markets Bond Hedged to CAD Index ETF (ZEF) and Global X Equal Weight Canadian Banks Index ETF (HBNK) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZEF focuses its top 3 sector exposures on Sovereign and Municipal, while HBNK leans towards Financials. When evaluating costs, ZEF features a management fee (MER) of 0.5%, compared to 0.09% for HBNK. Performance-wise, ZEF has returned 0.15% year-to-date with +$92 M in net flows, whereas HBNK is at 14.35% with -$447 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
ZEF
HBNK
| AuM | $808.02 M | $692.03 M |
| Management Fees | 0.50% | 0.09% |
| Exp. ratio | 0.55% | 0.10% |
| Tracking Difference | -0.05% | -0.43% |
Historical performance and flows
As of April 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZEF | +1.57% | -0.27% | -0.15% | +5.24% | +19.85% |
HBNK | +15.00% | +14.77% | +14.35% | +66.58% | - | |
| Flows | ZEF | -$1 M | +$20 M | +$92 M | +$176 M | +$131 M |
HBNK | -$181 M | -$397 M | -$447 M | -$703 M | - |
ZEF vs HBNK exposure
Countries
ZEF
Mexico
10.20%
Brazil
10.05%
China
9.96%
Indonesia
9.90%
Saudi Arabia
9.23%
Turkey
8.70%
Other
41.96%
HBNK
Canada
99.99%
Sectors
ZEF
Sovereign
99.14%
HBNK
Financials
99.99%
As of April 30, 2026
Top 10 Holdings
ZEF
Argentina, 1% 9jul2029, USD
4.17%
Mexico, 3.5% 12feb2034, USD
3.42%
Mexico, 4.5% 22apr2029, USD
3.40%
China, 1.2% 21oct2030, USD
3.39%
Mexico, 2.659% 24may2031, USD
3.39%
Brazil, 6.625% 15mar2035, USD
3.38%
Brazil, 3.875% 12jun2030, USD
3.35%
Indonesia, 3.85% 15oct2030, USD
3.34%
China, 2.125% 3dec2029, USD
3.32%
Brazil, 4.5% 30may2029, USD
3.31%
HBNK
ROYAL BK CANADA
17.11%
TORONTO DOMINION
16.89%
BNS
16.66%
BANK OF MONTREAL
16.52%
CDN IMPERIAL BK
16.47%
NATIONAL BANK OF CANADA
16.34%
Diversification
ZEF
Total weight of top 10 holdings out of 59 total
34.46%
HBNK
Total weight of top 10 holdings out of 6 total
99.99%
Characteristics
Compare
ZEF
HBNK
| Provider | BMO | Global X |
| Management | Passively managed | Passively managed |
| Benchmark | Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped (CAD Hedged) Net Total Return Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.26% | 2.90% |
| Meets ESG criteria | No | No |
| Inception Date | May 21, 2010 | July 5, 2023 |
Frequently asked questions about ZEF and HBNK
Which ETF has performed better year to date: ZEF or HBNK?
As of April 30, 2026, ZEF has returned -0.15% year to date, while HBNK has returned 14.35%. HBNK is ahead on YTD performance.
Which ETF is larger by assets under management: ZEF or HBNK?
As of April 30, 2026, ZEF manages $808.02 M in assets, while HBNK manages $692.03 M. ZEF is the larger fund by AUM.
How are ZEF and HBNK managed?
ZEF is passively managed by BMO. It tracks the Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped (CAD Hedged) Net Total Return Index - CAD benchmark. HBNK is passively managed by Global X. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do ZEF and HBNK emphasize?
ZEF is most exposed to Sovereign and Municipal. HBNK is most exposed to Financials.
Which ETF is attracting more investor flows: ZEF or HBNK?
Year to date, ZEF has seen +$91.74 M in net flows, compared with -$447.16 M for HBNK. ZEF has attracted more net investor money so far.
How do the fees of ZEF and HBNK compare?
ZEF has an expense ratio of 0.55%, while HBNK has an expense ratio of 0.10%.
What are the top holdings of ZEF and HBNK?
ZEF's largest holdings include Argentina, 1% 9jul2029, USD, Mexico, 3.5% 12feb2034, USD, and Mexico, 4.5% 22apr2029, USD. HBNK's top holdings include ROYAL BK CANADA, TORONTO DOMINION, and BNS.
Which ETF is more diversified: ZEF or HBNK?
ZEF holds 59 securities, while HBNK holds 6. On holdings count, ZEF is the more diversified portfolio.
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