VS
Compare BMO Short Federal Bond Index ETF (ZFS) vs iShares Canadian Government Bond Index ETF (XGB) to find the best fit for your portfolio. ZFS provides Sovereign and Government Agencies exposures, while XGB is primarily weighted in Sovereign, Municipal, and Government Agencies. When evaluating costs, ZFS features a management fee (MER) of 0.2%, compared to 0.12% for XGB. Performance-wise, ZFS has returned 0.87% year-to-date with +$741 M in net flows, whereas XGB is at 0.46% with -$231 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
XGB
| AuM | $1,093.36 M | $1,589.80 M |
| Management Fees | 0.20% | 0.12% |
| Exp. ratio | 0.21% | 0.13% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZFS | +0.74% | -0.11% | +0.87% | +0.74% | +11.85% |
XGB | +1.64% | -0.41% | +0.46% | -0.70% | +14.06% | |
| Flows | ZFS | +$38 M | +$195 M | +$741 M | +$734 M | +$139 M |
XGB | -$56 M | -$70 M | -$231 M | -$146 M | +$670 M |
ZFS vs XGB exposure
Countries
ZFS
Canada
100.00%
XGB
Canada
98.12%
Sectors
ZFS
Sovereign
75.70%
Government Agencies
24.30%
XGB
Sovereign
43.89%
Municipal
37.85%
Government Agencies
9.36%
Other
8.90%
As of October 30, 2026
Top 10 Holdings
ZFS
Canada, Bonds 2.75% 1sep2030, CAD
11.33%
Canada, Bonds 4% 1mar2029, CAD
9.63%
Canada, Bonds 3.25% 1sep2028, CAD
8.76%
Canada, Bonds 2.25% 1feb2028, CAD
7.95%
Canada, Bonds 2.75% 1mar2030, CAD
7.83%
Canada, Bonds 2.75% 1mar2031, CAD
7.75%
Canada, Bonds 3.5% 1sep2029, CAD
7.31%
Canada, Bond 1.25 1jun2030 10Y
6.06%
Canada, Bond 1.5 1jun2031 10Y
3.98%
Canada, Bonds 3.5% 1mar2028, CAD
3.67%
XGB
Canada, Bonds 2.75% 1sep2030, CAD
2.12%
Canada, Bonds 2.75% 1mar2031, CAD
2.02%
Canada, Bonds 3.25% 1jun2035, CAD
1.98%
Canada, Bonds 3.25% 1jun2036, CAD
1.96%
Canada, Bonds 3.25% 1dec2035, CAD
1.89%
Canada, Bonds 3% 1sep2031, CAD
1.88%
Canada, Bonds 3% 1jun2034, CAD
1.62%
Canada, Bonds 3.5% 1dec2057, CAD
1.48%
Canada, Bonds 3.5% 1sep2029, CAD
1.47%
Canada, Bond 1.5 1jun2031 10Y
1.45%
Diversification
ZFS
Total weight of top 10 holdings out of 22 total
74.28%
XGB
Total weight of top 10 holdings out of 552 total
17.88%
Characteristics
Compare
ZFS
XGB
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Short Term Federal Bond 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 | 2.53% | 3.21% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | November 6, 2006 |
Frequently asked questions about ZFS and XGB
Which ETF has performed better year to date: ZFS or XGB?
As of October 30, 2026, ZFS has returned 0.87% year to date, while XGB has returned 0.46%. ZFS is ahead on YTD performance.
Which ETF is larger by assets under management: ZFS or XGB?
As of October 30, 2026, ZFS manages $1.09 B in assets, while XGB manages $1.59 B. XGB is the larger fund by AUM.
How are ZFS and XGB managed?
ZFS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Federal Bond Index - CAD benchmark. XGB is passively managed by iShares. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do ZFS and XGB emphasize?
ZFS is most exposed to Sovereign and Government Agencies. XGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: ZFS or XGB?
Year to date, ZFS has seen +$741.10 M in net flows, compared with -$231.31 M for XGB. ZFS has attracted more net investor money so far.
How do the fees of ZFS and XGB compare?
ZFS has an expense ratio of 0.21%, while XGB has an expense ratio of 0.13%.
What are the top holdings of ZFS and XGB?
ZFS's largest holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 4% 1mar2029, CAD, and Canada, Bonds 3.25% 1sep2028, CAD. XGB's top holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 2.75% 1mar2031, CAD, and Canada, Bonds 3.25% 1jun2035, CAD.
Which ETF is more diversified: ZFS or XGB?
ZFS holds 22 securities, while XGB holds 545. On holdings count, XGB is the more diversified portfolio.
Recent articles about ZFS and XGB
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