VS
BMO Short Provincial Bond Index ETF (ZPS) and iShares Canadian Short Term Bond Index ETF (XSB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZPS focuses its top 3 sector exposures on Municipal, while XSB leans towards Sovereign, Municipal, and Banks. When evaluating costs, ZPS features a management fee (MER) of 0.25%, compared to 0.09% for XSB. Performance-wise, ZPS has returned 0.01% year-to-date with +$1 M in net flows, whereas XSB is at 0.46% with +$511 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
ZPS
XSB
| AuM | $378.24 M | $4,058.62 M |
| Management Fees | 0.25% | 0.09% |
| Exp. ratio | 0.28% | 0.10% |
| Tracking Difference | - | - |
Historical performance and flows
As of April 28, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZPS | -0.03% | -0.34% | +0.01% | +1.72% | +11.34% |
XSB | +0.40% | +0.10% | +0.46% | +2.71% | +13.03% | |
| Flows | ZPS | -$19 M | -$5 M | +$1 M | +$31 M | +$19 M |
XSB | +$142 M | +$454 M | +$511 M | +$1,179 M | +$1,525 M |
ZPS vs XSB exposure
Countries
ZPS
Canada
100.00%
XSB
Canada
98.71%
Sectors
ZPS
Municipal
100.00%
XSB
Other
27.12%
Sovereign
21.41%
Municipal
14.78%
Banks
9.86%
Government agencies
8.78%
Other
18.06%
As of April 28, 2026
Top 10 Holdings
ZPS
Province of Quebec, 2.3% 1sep2029, CAD (B126)
14.99%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
9.28%
Province of Ontario, 1.55% 1nov2029, CAD (DMTN251)
9.20%
Province of Ontario, 2.9% 2jun2028, CAD (DMTN238)
8.91%
Province of Ontario, 2.6% 2jun2027, CAD (DMTN234)
8.91%
Province of Quebec, 2.75% 1sep2028, CAD (B124)
7.26%
Alberta, 2.05% 1jun2030, CAD
6.19%
British Columbia, 2.95% 18dec2028, CAD (BCCD-38)
5.67%
Province of Ontario, 3.4% 8sep2028, CAD (DMTN259)
4.09%
Alberta, 2.55% 1jun2027, CAD
4.05%
XSB
CA135087T792
3.74%
CA135087T388
3.56%
Canada, Bonds 2.75% 1mar2030, CAD
2.77%
Canada, Bonds 3.5% 1sep2029, CAD
2.65%
CA135087T610
2.56%
CA135087T461
2.56%
CA135087T958
2.54%
Canada, Bonds 4% 1mar2029, CAD
2.44%
Canada, Bonds 2.75% 1may2027, CAD
2.15%
Canada, Bond 1.25 1jun2030 10Y
2.14%
Diversification
ZPS
Total weight of top 10 holdings out of 24 total
78.55%
XSB
Total weight of top 10 holdings out of 738 total
27.12%
Characteristics
Compare
ZPS
XSB
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Short Term Provincial Bond Index - CAD | FTSE Canada Short 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 | 2.76% | 3.13% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | November 20, 2000 |
Frequently asked questions about ZPS and XSB
Which ETF has performed better year to date: ZPS or XSB?
As of April 28, 2026, ZPS has returned 0.01% year to date, while XSB has returned 0.46%. XSB is ahead on YTD performance.
Which ETF is larger by assets under management: ZPS or XSB?
As of April 28, 2026, ZPS manages $378.24 M in assets, while XSB manages $4.06 B. XSB is the larger fund by AUM.
How are ZPS and XSB managed?
ZPS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Provincial Bond Index - CAD benchmark. XSB is passively managed by iShares. It tracks the FTSE Canada Short Term Overall Bond TR Index - CAD benchmark.
What sectors do ZPS and XSB emphasize?
ZPS is most exposed to Municipal. XSB is most exposed to Sovereign, Municipal, and Banks.
Which ETF is attracting more investor flows: ZPS or XSB?
Year to date, ZPS has seen +$0.70 M in net flows, compared with +$510.94 M for XSB. XSB has attracted more net investor money so far.
How do the fees of ZPS and XSB compare?
ZPS has an expense ratio of 0.28%, while XSB has an expense ratio of 0.10%.
What are the top holdings of ZPS and XSB?
ZPS's largest holdings include Province of Quebec, 2.3% 1sep2029, CAD (B126), Province of Ontario, 2.05% 2jun2030, CAD (DMTN243), and Province of Ontario, 1.55% 1nov2029, CAD (DMTN251). XSB's top holdings include Canada, Bonds 2.75% 1mar2030, CAD and Canada, Bonds 3.5% 1sep2029, CAD.
Which ETF is more diversified: ZPS or XSB?
ZPS holds 24 securities, while XSB holds 572. On holdings count, XSB is the more diversified portfolio.
Recent articles about ZPS and XSB
Divergence in Canadian & US Yields
How can ETF investors take advantage of diverging yields between Canada and the U.S?
Posted on 1/31/2023 by ETF Market Canada inGlobal Markets
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