VS
BMO Short Federal Bond Index ETF (ZFS) and Global X Equal Weight Canadian Banks Index ETF (HBNK) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZFS focuses its top 3 sector exposures on Sovereign and Government agencies, while HBNK leans towards Finance. When evaluating costs, ZFS features a management fee (MER) of 0.2%, compared to 0.09% for HBNK. Performance-wise, ZFS has returned 0.9% year-to-date with +$544 M in net flows, whereas HBNK is at 35.86% with -$461 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
ZFS
HBNK
| AuM | $904.52 M | $807.27 M |
| Management Fees | 0.20% | 0.09% |
| Exp. ratio | 0.21% | 0.10% |
| Tracking Difference | - | -0.44% |
Historical performance and flows
As of July 17, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZFS | +0.02% | +0.35% | +0.90% | +2.69% | +12.54% |
HBNK | +6.04% | +19.91% | +35.86% | +71.53% | +159.08% | |
| Flows | ZFS | +$13 M | +$84 M | +$544 M | +$455 M | -$139 M |
HBNK | -$44 M | +$39 M | -$461 M | -$767 M | +$3 M |
ZFS vs HBNK exposure
Countries
ZFS
Canada
71.37%
Other
28.63%
HBNK
Canada
100.00%
Sectors
ZFS
Sovereign
46.96%
Other
28.63%
Government agencies
24.41%
HBNK
Finance
100.00%
As of July 17, 2026
Top 10 Holdings
ZFS
CA135087T388
10.70%
Canada, Bonds 3.25% 1sep2028, CAD
8.74%
Canada, Bonds 4% 1mar2029, CAD
8.17%
Canada, Bonds 2.75% 1mar2030, CAD
7.16%
Canada, Bonds 3.5% 1sep2029, CAD
6.61%
Canada, Bonds 3.5% 1mar2028, CAD
5.85%
CA135087T461
5.77%
Canada, Bond 1.25 1jun2030 10Y
5.39%
Canada Housing Trust, 3.6% 15dec2027, CAD (110)
4.39%
CA135087T792
4.27%
HBNK
The Toronto-Dominion Bank
17.52%
Royal Bank of Canada
17.09%
Bank of Montreal
16.85%
The Bank of Nova Scotia
16.38%
Canadian Imperial Bank of Commerce
16.27%
National Bank of Canada
15.89%
Diversification
ZFS
Total weight of top 10 holdings out of 22 total
67.06%
HBNK
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
ZFS
HBNK
| Provider | BMO | Global X |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Short Term Federal Bond 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 | 2.55% | 2.48% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | July 5, 2023 |
Frequently asked questions about ZFS and HBNK
Which ETF has performed better year to date: ZFS or HBNK?
As of July 17, 2026, ZFS has returned 0.90% year to date, while HBNK has returned 35.86%. HBNK is ahead on YTD performance.
Which ETF is larger by assets under management: ZFS or HBNK?
As of July 17, 2026, ZFS manages $904.52 M in assets, while HBNK manages $807.27 M. ZFS is the larger fund by AUM.
How are ZFS and HBNK managed?
ZFS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Federal Bond 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 ZFS and HBNK emphasize?
ZFS is most exposed to Sovereign and Government agencies. HBNK is most exposed to Finance.
Which ETF is attracting more investor flows: ZFS or HBNK?
Year to date, ZFS has seen +$544.44 M in net flows, compared with -$461.23 M for HBNK. ZFS has attracted more net investor money so far.
How do the fees of ZFS and HBNK compare?
ZFS has an expense ratio of 0.21%, while HBNK has an expense ratio of 0.10%.
What are the top holdings of ZFS and HBNK?
ZFS's largest holdings include Canada, Bonds 3.25% 1sep2028, CAD and Canada, Bonds 4% 1mar2029, CAD. HBNK's top holdings include The Toronto-Dominion Bank, Royal Bank of Canada, and Bank of Montreal.
Which ETF is more diversified: ZFS or HBNK?
ZFS holds 17 securities, while HBNK holds 6. On holdings count, ZFS is the more diversified portfolio.
Recent articles about ZFS and HBNK
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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.