VS
Compare BMO Real Return Bond Index ETF (ZRR) vs BMO Government Bond Index ETF (ZGB) to find the best fit for your portfolio. ZRR provides Sovereign exposures, while ZGB is primarily weighted in Sovereign, Municipal, and Government Agencies. When evaluating costs, ZRR features a management fee (MER) of 0.25%, compared to 0.15% for ZGB. Performance-wise, ZRR has returned 3.93% year-to-date with -$8 M in net flows, whereas ZGB is at 0.12% with -$204 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
ZGB
| AuM | $92.73 M | $1,238.02 M |
| Management Fees | 0.25% | 0.15% |
| Exp. ratio | 0.28% | 0.16% |
| 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% |
ZGB | +1.08% | -1.07% | +0.12% | -1.07% | +13.78% | |
| Flows | ZRR | -$7 M | -$9 M | -$8 M | +$3 M | +$0 M |
ZGB | -$2 M | +$1 M | -$204 M | -$187 M | +$173 M |
ZRR vs ZGB exposure
Countries
ZRR
Canada
100.00%
ZGB
Canada
100.00%
Sectors
ZRR
Sovereign
100.00%
ZGB
Sovereign
45.15%
Municipal
41.48%
Government Agencies
13.37%
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%
ZGB
Canada, Bond 1.25 1jun2030 10Y
12.58%
Canada, Bonds 2% 1jun2032, CAD
6.26%
Canada, Bonds 1.5% 1dec2031 10Y
6.16%
Canada Housing Trust, 4.25% 15mar2034, CAD (118)
3.50%
Canada, Bonds 3.5% 1mar2028, CAD
3.41%
Canada, Bonds 2.5% 1dec2032, CAD
3.20%
CMHC, 1.75% 15jun2030, CAD (92)
3.20%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
3.19%
Canada, Bonds 2.75% 1dec2055, CAD
2.59%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.32%
Diversification
ZRR
Total weight of top 10 holdings out of 8 total
100.00%
ZGB
Total weight of top 10 holdings out of 50 total
46.41%
Characteristics
Compare
ZRR
ZGB
| Provider | BMO | BMO |
| 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% | 2.69% |
| Meets ESG criteria | No | No |
| Inception Date | May 19, 2010 | March 7, 2018 |
Frequently asked questions about ZRR and ZGB
Which ETF has performed better year to date: ZRR or ZGB?
As of October 16, 2026, ZRR has returned 3.93% year to date, while ZGB has returned 0.12%. ZRR is ahead on YTD performance.
Which ETF is larger by assets under management: ZRR or ZGB?
As of October 16, 2026, ZRR manages $92.73 M in assets, while ZGB manages $1.24 B. ZGB is the larger fund by AUM.
How are ZRR and ZGB managed?
ZRR is passively managed by BMO. It tracks the FTSE TMX Canada Real Return Non-Agency Bond Index - CAD benchmark. ZGB is passively managed by BMO. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do ZRR and ZGB emphasize?
ZRR is most exposed to Sovereign. ZGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: ZRR or ZGB?
Year to date, ZRR has seen -$8.30 M in net flows, compared with -$203.91 M for ZGB. ZRR has attracted more net investor money so far.
How do the fees of ZRR and ZGB compare?
ZRR has an expense ratio of 0.28%, while ZGB has an expense ratio of 0.16%.
What are the top holdings of ZRR and ZGB?
ZRR's largest holdings include Canada, RRB 4% 1dec2031, CAD, Canada, RRB 1.5% 1dec2044, CAD, and Canada, RRB 3% 1dec2036, CAD. ZGB's top holdings include Canada, Bond 1.25 1jun2030 10Y, Canada, Bonds 2% 1jun2032, CAD, and Canada, Bonds 1.5% 1dec2031 10Y.
Which ETF is more diversified: ZRR or ZGB?
ZRR holds 8 securities, while ZGB holds 50. On holdings count, ZGB is the more diversified portfolio.
The ETF Market Canada is brought to you by Cboe in partnership with Trackinsight SA who is providing all the data, analysis and editorial content on this site. Unless explicitly stated as such, any information that you receive is not real-time.
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.
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.