VS
Compare BMO Long Federal Bond Index ETF (ZFL) vs iShares Canadian Government Bond Index ETF (XGB) to find the best fit for your portfolio. ZFL provides Sovereign exposures, while XGB is primarily weighted in Sovereign, Municipal, and Government Agencies. When evaluating costs, ZFL features a management fee (MER) of 0.2%, compared to 0.12% for XGB. Performance-wise, ZFL has returned 4.58% year-to-date with +$176 M in net flows, whereas XGB is at 0.94% with -$239 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
ZFL
XGB
| AuM | $1,344.20 M | $1,564.54 M |
| Management Fees | 0.20% | 0.12% |
| Exp. ratio | 0.22% | 0.13% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZFL | -1.70% | -6.03% | -4.58% | -6.81% | +3.05% |
XGB | -0.80% | -2.59% | -0.94% | -1.41% | +13.03% | |
| Flows | ZFL | +$76 M | +$137 M | +$176 M | -$2,103 M | -$1,066 M |
XGB | -$102 M | -$32 M | -$239 M | -$37 M | +$660 M |
ZFL vs XGB exposure
Countries
ZFL
Canada
100.00%
XGB
Canada
99.18%
Sectors
ZFL
Sovereign
100.00%
XGB
Sovereign
44.40%
Municipal
38.41%
Government Agencies
9.61%
Other
7.58%
As of October 2, 2026
Top 10 Holdings
ZFL
Canada, Bond 2 1jan2051 30Y
21.12%
Canada, Bonds 2.75% 1dec2055, CAD
16.14%
Canada, Bonds 3.5% 1dec2057, CAD
15.61%
Canada, Bond 3.5 1dec2045 30Y
14.76%
Canada, Bond 4 1jun2041 30Y
12.42%
Canada, Bond 2.75 1dec2048 30Y
11.36%
Canada, Bond 1.75 1dec2053 30Y
8.59%
XGB
Canada, Bonds 2.75% 1sep2030, CAD
2.01%
Canada, Bonds 3.25% 1jun2036, CAD
2.00%
Canada, Bonds 2.75% 1mar2031, CAD
1.99%
Canada, Bonds 3.25% 1dec2035, CAD
1.98%
Canada, Bonds 3.25% 1jun2035, CAD
1.81%
Canada, Bonds 3% 1jun2034, CAD
1.57%
Canada, Bonds 3% 1sep2031, CAD
1.55%
Canada, Bonds 2.75% 1mar2030, CAD
1.55%
Canada, Bonds 3.5% 1sep2029, CAD
1.51%
Canada, Bonds 3.5% 1dec2057, CAD
1.50%
Diversification
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
XGB
Total weight of top 10 holdings out of 550 total
17.48%
Characteristics
Compare
ZFL
XGB
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Long Term Federal Bond TR Index - CAD | FTSE Canada All Government Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.99% | 3.24% |
| Meets ESG criteria | No | No |
| Inception Date | May 19, 2010 | November 6, 2006 |
Frequently asked questions about ZFL and XGB
Which ETF has performed better year to date: ZFL or XGB?
As of October 2, 2026, ZFL has returned -4.58% year to date, while XGB has returned -0.94%. XGB is ahead on YTD performance.
Which ETF is larger by assets under management: ZFL or XGB?
As of October 2, 2026, ZFL manages $1.34 B in assets, while XGB manages $1.56 B. XGB is the larger fund by AUM.
How are ZFL and XGB managed?
ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark. XGB is passively managed by iShares. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do ZFL and XGB emphasize?
ZFL is most exposed to Sovereign. XGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: ZFL or XGB?
Year to date, ZFL has seen +$176.06 M in net flows, compared with -$238.83 M for XGB. ZFL has attracted more net investor money so far.
How do the fees of ZFL and XGB compare?
ZFL has an expense ratio of 0.22%, while XGB has an expense ratio of 0.13%.
What are the top holdings of ZFL and XGB?
ZFL's largest holdings include Canada, Bond 2 1jan2051 30Y, Canada, Bonds 2.75% 1dec2055, CAD, and Canada, Bonds 3.5% 1dec2057, CAD. XGB's top holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 3.25% 1jun2036, CAD, and Canada, Bonds 2.75% 1mar2031, CAD.
Which ETF is more diversified: ZFL or XGB?
ZFL holds 7 securities, while XGB holds 549. On holdings count, XGB is the more diversified portfolio.
Recent articles about ZFL and XGB
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.