VS
BMO Real Return Bond Index ETF (ZRR) and RBC Canadian Discount Bond ETF (RCDB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZRR focuses its top 3 sector exposures on Sovereign, while RCDB leans towards Finance, Municipal, and Sovereign. When evaluating costs, ZRR features a management fee (MER) of 0.25%, compared to 0.15% for RCDB. Performance-wise, ZRR has returned 3.93% year-to-date with -$8 M in net flows, whereas RCDB is at 1.23% with +$139 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
RCDB
| AuM | $92.73 M | $1,400.14 M |
| Management Fees | 0.25% | 0.15% |
| Exp. ratio | 0.28% | 0.17% |
| 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% |
RCDB | +0.64% | -0.04% | +1.23% | +1.16% | +15.49% | |
| Flows | ZRR | -$7 M | -$9 M | -$8 M | +$3 M | +$0 M |
RCDB | -$33 M | -$9 M | +$139 M | +$160 M | +$348 M |
ZRR vs RCDB exposure
Countries
ZRR
Canada
100.00%
RCDB
Canada
99.08%
Sectors
ZRR
Sovereign
100.00%
RCDB
Finance
32.14%
Municipal
16.92%
Sovereign
16.13%
Utilities
7.90%
Government Agencies
7.17%
Other
19.73%
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%
RCDB
Canada, Bond 2 1jun2028 10Y
4.51%
Canada, Bond 0.5 1oct2030 10Y
3.70%
CMHC, 2.35% 15mar2028, CAD (80)
3.42%
Province of Ontario, 1.55% 1nov2029, CAD (DMTN251)
3.40%
Bell Canada, 1.65% 16aug2027, CAD (M-53)
2.24%
Province of Quebec, 1.9% 1sep2030, CAD (B127)
2.05%
CMHC, 1.75% 15jun2030, CAD (92)
2.02%
Royal Bank of Canada, 3.572% 9dec2031, CAD
1.92%
Hydro-Quebec, 2% 1sep2028, CAD (0082)
1.88%
Canada, Bonds 1.5% 1dec2031 10Y
1.78%
Diversification
ZRR
Total weight of top 10 holdings out of 8 total
100.00%
RCDB
Total weight of top 10 holdings out of 111 total
26.91%
Characteristics
Compare
ZRR
RCDB
| Provider | BMO | RBC Global Asset Management |
| 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% | 2.26% |
| Meets ESG criteria | No | No |
| Inception Date | May 19, 2010 | June 12, 2019 |
Frequently asked questions about ZRR and RCDB
Which ETF has performed better year to date: ZRR or RCDB?
As of October 16, 2026, ZRR has returned 3.93% year to date, while RCDB has returned 1.23%. ZRR is ahead on YTD performance.
Which ETF is larger by assets under management: ZRR or RCDB?
As of October 16, 2026, ZRR manages $92.73 M in assets, while RCDB manages $1.40 B. RCDB is the larger fund by AUM.
How are ZRR and RCDB managed?
ZRR is passively managed by BMO. It tracks the FTSE TMX Canada Real Return Non-Agency Bond Index - CAD benchmark. RCDB is actively managed by RBC Global Asset Management. It does not track an index.
What sectors do ZRR and RCDB emphasize?
ZRR is most exposed to Sovereign. RCDB is most exposed to Finance, Municipal, and Sovereign.
Which ETF is attracting more investor flows: ZRR or RCDB?
Year to date, ZRR has seen -$8.30 M in net flows, compared with +$139.16 M for RCDB. RCDB has attracted more net investor money so far.
How do the fees of ZRR and RCDB compare?
ZRR has an expense ratio of 0.28%, while RCDB has an expense ratio of 0.17%.
What are the top holdings of ZRR and RCDB?
ZRR's largest holdings include Canada, RRB 4% 1dec2031, CAD, Canada, RRB 1.5% 1dec2044, CAD, and Canada, RRB 3% 1dec2036, CAD. RCDB's top holdings include Canada, Bond 2 1jun2028 10Y, Canada, Bond 0.5 1oct2030 10Y, and CMHC, 2.35% 15mar2028, CAD (80).
Which ETF is more diversified: ZRR or RCDB?
ZRR holds 8 securities, while RCDB holds 111. On holdings count, RCDB is the more diversified portfolio.
Recent articles about ZRR and RCDB
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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.