VS
BMO Long Corporate Bond Index ETF (ZLC) and iShares Core Canadian Long Term Bond Index ETF (XLB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZLC focuses its top 3 sector exposures on Utilities, Energy, and Industrials, while XLB leans towards Municipal, Sovereign, and Utilities. When evaluating costs, ZLC features a management fee (MER) of 0.3%, compared to 0.18% for XLB. Performance-wise, ZLC has returned 2.92% year-to-date with -$170 M in net flows, whereas XLB is at 3.25% with -$79 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
ZLC
XLB
| AuM | $270.53 M | $715.56 M |
| Management Fees | 0.30% | 0.18% |
| Exp. ratio | 0.33% | 0.20% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZLC | -1.81% | -5.29% | -2.92% | -2.61% | +14.67% |
XLB | -2.04% | -5.65% | -3.25% | -4.44% | +6.52% | |
| Flows | ZLC | -$2 M | -$7 M | -$170 M | -$226 M | -$15 M |
XLB | +$39 M | +$13 M | -$79 M | -$66 M | -$28 M |
ZLC vs XLB exposure
Countries
ZLC
Canada
94.85%
XLB
Canada
98.51%
Sectors
ZLC
Utilities
33.61%
Energy
23.37%
Industrials
22.94%
Telecommunications
10.81%
Other
9.27%
XLB
Municipal
52.25%
Sovereign
18.69%
Utilities
10.96%
Other
18.10%
As of September 11, 2026
Top 10 Holdings
ZLC
Hydro One Inc, 4.85% 30nov2054, CAD (58)
9.17%
CU Inc., 4.085% 2sep2044, CAD
4.87%
Pembina Pipeline Corporation, 5.67% 12jan2054, CAD (22)
4.15%
Amazon.com, 5% 12jun2056, CAD
3.86%
Greater Toronto Airports Authority, 3.26% 1jun2037, CAD (2018-1)
3.71%
Enbridge, 4.24% 27aug2042, CAD
3.61%
TransCanada PipeLines, 4.34% 15oct2049, CAD
3.47%
Greater Toronto Airports Authority, 2.75% 17oct2039, CAD (2019-2)
3.38%
Rogers Communications, 6.75% 9nov2039, CAD
3.10%
Greater Toronto Airports Authority, 5.3% 25feb2041, CAD (2011-1)
2.91%
XLB
Canada, Bonds 3.5% 1dec2057, CAD
5.00%
Canada, Bond 2 1jan2051 30Y
3.33%
Canada, Bonds 2.75% 1dec2055, CAD
3.23%
Canada, Bond 1.75 1dec2053 30Y
2.55%
Province of Quebec, 4.4% 1dec2055, CAD (B133)
2.19%
Province of Ontario, 3.45% 2jun2045, CAD (DMTN220)
1.75%
Province of Ontario, 4.45% 2dec2056, CAD
1.69%
Province of Quebec, 4.2% 1dec2057, CAD (B137)
1.59%
Province of Quebec, 3.1% 1dec2051, CAD (B125-01)
1.50%
Province of Ontario, 2.9% 2dec2046, CAD (DMTN228)
1.47%
Diversification
ZLC
Total weight of top 10 holdings out of 41 total
42.24%
XLB
Total weight of top 10 holdings out of 626 total
24.32%
Characteristics
Compare
ZLC
XLB
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Long Term Corporate Bond TR Index - CAD | FTSE Canada Long Term Overall Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.82% | 4.30% |
| Meets ESG criteria | No | No |
| Inception Date | January 19, 2010 | November 6, 2006 |
Frequently asked questions about ZLC and XLB
Which ETF has performed better year to date: ZLC or XLB?
As of September 11, 2026, ZLC has returned -2.92% year to date, while XLB has returned -3.25%. ZLC is ahead on YTD performance.
Which ETF is larger by assets under management: ZLC or XLB?
As of September 11, 2026, ZLC manages $270.53 M in assets, while XLB manages $715.56 M. XLB is the larger fund by AUM.
How are ZLC and XLB managed?
ZLC is passively managed by BMO. It tracks the FTSE Canada Long Term Corporate Bond TR Index - CAD benchmark. XLB is passively managed by iShares. It tracks the FTSE Canada Long Term Overall Bond TR Index - CAD benchmark.
What sectors do ZLC and XLB emphasize?
ZLC is most exposed to Utilities, Energy, and Industrials. XLB is most exposed to Municipal, Sovereign, and Utilities.
Which ETF is attracting more investor flows: ZLC or XLB?
Year to date, ZLC has seen -$170.26 M in net flows, compared with -$79.48 M for XLB. XLB has attracted more net investor money so far.
How do the fees of ZLC and XLB compare?
ZLC has an expense ratio of 0.33%, while XLB has an expense ratio of 0.20%.
What are the top holdings of ZLC and XLB?
ZLC's largest holdings include Hydro One Inc, 4.85% 30nov2054, CAD (58), CU Inc., 4.085% 2sep2044, CAD, and Pembina Pipeline Corporation, 5.67% 12jan2054, CAD (22). XLB's top holdings include Canada, Bonds 3.5% 1dec2057, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bonds 2.75% 1dec2055, CAD.
Which ETF is more diversified: ZLC or XLB?
ZLC holds 41 securities, while XLB holds 626. On holdings count, XLB is the more diversified portfolio.
Recent articles about ZLC and XLB
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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.