VS
BMO Emerging Markets Bond Hedged to CAD Index ETF (ZEF) and iShares Core S&P/TSX Capped Composite Index ETF (XIC) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZEF focuses its top 3 sector exposures on Sovereign and Municipal, while XIC leans towards Financials, Energy, and Materials. When evaluating costs, ZEF features a management fee (MER) of 0.5%, compared to 0.05% for XIC. Performance-wise, ZEF has returned 0% year-to-date with +$92 M in net flows, whereas XIC is at 7.87% with +$5 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
ZEF
XIC
| AuM | $809.21 M | $28,822.16 M |
| Management Fees | 0.50% | 0.05% |
| Exp. ratio | 0.55% | 0.06% |
| Tracking Difference | -0.05% | -0.12% |
Historical performance and flows
As of April 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZEF | +1.03% | -0.12% | -0.00% | +5.40% | +20.02% |
XIC | +6.57% | +6.98% | +7.87% | +39.98% | +79.31% | |
| Flows | ZEF | -$1 M | +$20 M | +$92 M | +$176 M | +$131 M |
XIC | +$1,151 M | +$4,154 M | +$5,138 M | +$7,659 M | +$11,101 M |
ZEF vs XIC 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%
XIC
Canada
98.95%
Sectors
ZEF
Sovereign
99.14%
XIC
Financials
28.13%
Energy
18.01%
Materials
15.92%
Other
13.03%
Other
24.92%
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%
XIC
ROYAL BK CANADA
6.69%
TORONTO DOMINION
4.64%
SHOPIFY SUBORDINATE VOTING
4.31%
ENBRIDGE
3.50%
AGNICO EAGLE MINES LTD
3.01%
CDN NATURAL RESOURCE
3.01%
BANK OF MONTREAL
2.83%
CA11271J1075
2.65%
CDN IMPERIAL BK
2.61%
BNS
2.53%
Diversification
ZEF
Total weight of top 10 holdings out of 59 total
34.46%
XIC
Total weight of top 10 holdings out of 221 total
35.80%
Characteristics
Compare
ZEF
XIC
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped (CAD Hedged) Net Total Return 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 | 4.26% | 2.08% |
| Meets ESG criteria | No | No |
| Inception Date | May 21, 2010 | February 16, 2001 |
Frequently asked questions about ZEF and XIC
Which ETF has performed better year to date: ZEF or XIC?
As of April 30, 2026, ZEF has returned -0.00% year to date, while XIC has returned 7.87%. XIC is ahead on YTD performance.
Which ETF is larger by assets under management: ZEF or XIC?
As of April 30, 2026, ZEF manages $809.21 M in assets, while XIC manages $28.82 B. XIC is the larger fund by AUM.
How are ZEF and XIC 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. XIC is passively managed by iShares. It tracks the S&P/TSX Capped Composite Total Return Index - CAD benchmark.
What sectors do ZEF and XIC emphasize?
ZEF is most exposed to Sovereign and Municipal. XIC is most exposed to Financials, Energy, and Materials.
Which ETF is attracting more investor flows: ZEF or XIC?
Year to date, ZEF has seen +$91.74 M in net flows, compared with +$5,138.12 M for XIC. XIC has attracted more net investor money so far.
How do the fees of ZEF and XIC compare?
ZEF has an expense ratio of 0.55%, while XIC has an expense ratio of 0.06%.
What are the top holdings of ZEF and XIC?
ZEF's largest holdings include Argentina, 1% 9jul2029, USD, Mexico, 3.5% 12feb2034, USD, and Mexico, 4.5% 22apr2029, USD. XIC's top holdings include ROYAL BK CANADA and TORONTO DOMINION.
Which ETF is more diversified: ZEF or XIC?
ZEF holds 59 securities, while XIC holds 193. On holdings count, XIC is the more diversified portfolio.
Recent articles about ZEF and XIC
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