VS
BMO Real Return Bond Index ETF (ZRR) and NBI Sustainable Canadian Bond ETF (NSCB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZRR focuses its top 3 sector exposures on Sovereign, while NSCB leans towards Finance, Sovereign, and Utilities. When evaluating costs, ZRR features a management fee (MER) of 0.25%, compared to 0.63% for NSCB. Performance-wise, ZRR has returned 3.93% year-to-date with -$8 M in net flows, whereas NSCB is at 2.35% with +$39 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
ZRR
NSCB
| AuM | $92.73 M | $2,812.23 M |
| Management Fees | 0.25% | 0.63% |
| Exp. ratio | 0.28% | 0.61% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZRR | +1.13% | +0.46% | +3.93% | +1.29% | +18.00% |
NSCB | +0.71% | -1.86% | -2.35% | -4.32% | +5.41% | |
| Flows | ZRR | -$7 M | -$9 M | -$8 M | +$3 M | +$0 M |
NSCB | +$1 M | +$42 M | +$39 M | +$52 M | +$914 M |
ZRR vs NSCB exposure
Countries
ZRR
Canada
100.00%
NSCB
Canada
94.79%
Sectors
ZRR
Sovereign
100.00%
NSCB
Finance
28.83%
Sovereign
19.54%
Utilities
19.38%
Municipal
16.63%
Industrials
7.35%
Other
8.27%
As of October 16, 2026
Top 10 Holdings
ZRR
Canada, RRB 4% 1dec2031, CAD
16.66%
Canada, RRB 1.5% 1dec2044, CAD
14.86%
Canada, RRB 3% 1dec2036, CAD
14.79%
Canada, RRB 2% 1dec2041, CAD
14.25%
Canada, RRB 4.25% 1dec2026, CAD (VS05)
13.62%
Canada, RRB 1.25% 1dec2047, CAD
12.98%
Canada, RRB 0.5% 1dec2050, CAD
10.37%
Canada, RRB 0.25r 1dec2054 30Y
2.47%
NSCB
Canada, Bonds 3.5% 1mar2034, CAD
9.82%
Canada, Bonds 3.25% 1mar2036, CAD
4.47%
Hydro-Quebec, 5% 15feb2050, CAD (JN)
3.20%
Canada, Bonds 3.5% 1dec2056, CAD (D)
2.72%
Province of Ontario, 4.1% 7oct2054, CAD (DMTN267)
2.62%
Canada, Bonds 3% 1mar2032, CAD (C)
2.53%
PSP Capital, 4.4% 2dec2030, CAD (G-13)
2.49%
PSP Capital, 2.6% 1mar2032, CAD (G-4)
2.40%
Hydro-Quebec, 4% 15feb2055, CAD (JQ)
2.29%
Province of Ontario, FRN 19nov2030, CAD (DMTN274)
2.19%
Diversification
ZRR
Total weight of top 10 holdings out of 8 total
100.00%
NSCB
Total weight of top 10 holdings out of 158 total
34.72%
Characteristics
Compare
ZRR
NSCB
| Provider | BMO | National Bank Investments |
| Management | Passively managed | Actively managed |
| Benchmark | FTSE TMX Canada Real Return Non-Agency Bond Index - CAD | - |
| Replication Method | Direct (Physical) | - |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.50% | 0.00% |
| Meets ESG criteria | No | Yes |
| Inception Date | May 19, 2010 | January 23, 2020 |
Frequently asked questions about ZRR and NSCB
Which ETF has performed better year to date: ZRR or NSCB?
As of October 16, 2026, ZRR has returned 3.93% year to date, while NSCB has returned -2.35%. ZRR is ahead on YTD performance.
Which ETF is larger by assets under management: ZRR or NSCB?
As of October 16, 2026, ZRR manages $92.73 M in assets, while NSCB manages $2.81 B. NSCB is the larger fund by AUM.
How are ZRR and NSCB managed?
ZRR is passively managed by BMO. It tracks the FTSE TMX Canada Real Return Non-Agency Bond Index - CAD benchmark. NSCB is actively managed by National Bank Investments. It does not track an index.
What sectors do ZRR and NSCB emphasize?
ZRR is most exposed to Sovereign. NSCB is most exposed to Finance, Sovereign, and Utilities.
Which ETF is attracting more investor flows: ZRR or NSCB?
Year to date, ZRR has seen -$8.30 M in net flows, compared with +$38.61 M for NSCB. NSCB has attracted more net investor money so far.
How do the fees of ZRR and NSCB compare?
ZRR has an expense ratio of 0.28%, while NSCB has an expense ratio of 0.61%.
What are the top holdings of ZRR and NSCB?
ZRR's largest holdings include Canada, RRB 4% 1dec2031, CAD, Canada, RRB 1.5% 1dec2044, CAD, and Canada, RRB 3% 1dec2036, CAD. NSCB's top holdings include Canada, Bonds 3.5% 1mar2034, CAD, Canada, Bonds 3.25% 1mar2036, CAD, and Hydro-Quebec, 5% 15feb2050, CAD (JN).
Which ETF is more diversified: ZRR or NSCB?
ZRR holds 8 securities, while NSCB holds 152. On holdings count, NSCB is the more diversified portfolio.
Recent articles about ZRR and NSCB
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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.