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Compare BMO Real Return Bond Index ETF (ZRR) vs iShares Canadian Government Bond Index ETF (XGB) to find the best fit for your portfolio. ZRR provides Sovereign exposures, while XGB is primarily weighted in Sovereign, Municipal, and Government Agencies. When evaluating costs, ZRR features a management fee (MER) of 0.25%, compared to 0.12% for XGB. Performance-wise, ZRR has returned 3.93% year-to-date with -$8 M in net flows, whereas XGB is at 0.08% with -$212 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
XGB
| AuM | $92.73 M | $1,606.98 M |
| Management Fees | 0.25% | 0.12% |
| Exp. ratio | 0.28% | 0.13% |
| 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% |
XGB | +1.07% | -1.09% | +0.08% | -1.09% | +13.82% | |
| Flows | ZRR | -$7 M | -$9 M | -$8 M | +$3 M | +$0 M |
XGB | -$65 M | -$34 M | -$212 M | -$117 M | +$680 M |
ZRR vs XGB exposure
Countries
ZRR
Canada
100.00%
XGB
Canada
99.18%
Sectors
ZRR
Sovereign
100.00%
XGB
Sovereign
44.40%
Municipal
38.41%
Government Agencies
9.61%
Other
7.58%
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%
XGB
Canada, Bonds 2.75% 1sep2030, CAD
2.01%
Canada, Bonds 3.25% 1jun2036, CAD
2.00%
Canada, Bonds 2.75% 1mar2031, CAD
1.99%
Canada, Bonds 3.25% 1dec2035, CAD
1.98%
Canada, Bonds 3.25% 1jun2035, CAD
1.81%
Canada, Bonds 3% 1jun2034, CAD
1.57%
Canada, Bonds 3% 1sep2031, CAD
1.55%
Canada, Bonds 2.75% 1mar2030, CAD
1.55%
Canada, Bonds 3.5% 1sep2029, CAD
1.51%
Canada, Bonds 3.5% 1dec2057, CAD
1.50%
Diversification
ZRR
Total weight of top 10 holdings out of 8 total
100.00%
XGB
Total weight of top 10 holdings out of 550 total
17.48%
Characteristics
Compare
ZRR
XGB
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Real Return Non-Agency 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 | 4.50% | 3.20% |
| Meets ESG criteria | No | No |
| Inception Date | May 19, 2010 | November 6, 2006 |
Frequently asked questions about ZRR and XGB
Which ETF has performed better year to date: ZRR or XGB?
As of October 16, 2026, ZRR has returned 3.93% year to date, while XGB has returned 0.08%. ZRR is ahead on YTD performance.
Which ETF is larger by assets under management: ZRR or XGB?
As of October 16, 2026, ZRR manages $92.73 M in assets, while XGB manages $1.61 B. XGB is the larger fund by AUM.
How are ZRR and XGB managed?
ZRR is passively managed by BMO. It tracks the FTSE TMX Canada Real Return Non-Agency 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 ZRR and XGB emphasize?
ZRR is most exposed to Sovereign. XGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: ZRR or XGB?
Year to date, ZRR has seen -$8.30 M in net flows, compared with -$212.49 M for XGB. ZRR has attracted more net investor money so far.
How do the fees of ZRR and XGB compare?
ZRR has an expense ratio of 0.28%, while XGB has an expense ratio of 0.13%.
What are the top holdings of ZRR and XGB?
ZRR's largest holdings include Canada, RRB 4% 1dec2031, CAD, Canada, RRB 1.5% 1dec2044, CAD, and Canada, RRB 3% 1dec2036, CAD. XGB's top holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 3.25% 1jun2036, CAD, and Canada, Bonds 2.75% 1mar2031, CAD.
Which ETF is more diversified: ZRR or XGB?
ZRR holds 8 securities, while XGB holds 549. On holdings count, XGB is the more diversified portfolio.
Recent articles about ZRR and XGB
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