VS
Compare BMO Short-Term Bond Index ETF (ZSB) vs iShares Core Canadian Long Term Bond Index ETF (XLB) to find the best fit for your portfolio. ZSB provides Sovereign, Finance, and Municipal exposures, while XLB is primarily weighted in Municipal, Sovereign, and Utilities. When evaluating costs, ZSB features a management fee (MER) of 0.09%, compared to 0.18% for XLB. Performance-wise, ZSB has returned 0.8% year-to-date with +$63 M in net flows, whereas XLB is at 1.66% with +$45 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
ZSB
XLB
| AuM | $217.95 M | $850.59 M |
| Management Fees | 0.09% | 0.18% |
| Exp. ratio | 0.10% | 0.20% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 20, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZSB | +0.09% | -0.38% | +0.80% | +0.64% | +14.73% |
XLB | -0.26% | -2.12% | -1.66% | -4.30% | +14.07% | |
| Flows | ZSB | +$37 M | +$37 M | +$63 M | +$73 M | +$77 M |
XLB | +$112 M | +$170 M | +$45 M | +$15 M | +$38 M |
ZSB vs XLB exposure
Countries
ZSB
Canada
97.94%
XLB
Canada
98.26%
Sectors
ZSB
Sovereign
39.23%
Finance
19.87%
Municipal
15.92%
Government Agencies
13.47%
Other
11.51%
XLB
Municipal
51.71%
Sovereign
19.48%
Utilities
10.74%
Other
18.07%
As of October 20, 2026
Top 10 Holdings
ZSB
Canada, Bonds 4% 1mar2029, CAD
7.44%
Canada, Bonds 3.25% 1sep2028, CAD
6.27%
Canada, Bonds 2.75% 1mar2031, CAD
6.09%
Canada, Bonds 3.5% 1sep2029, CAD
5.25%
Canada, Bonds 2.75% 1mar2030, CAD
5.12%
Canada, Bonds 2.75% 1sep2030, CAD
4.08%
Canada, Bonds 3.5% 1mar2028, CAD
3.15%
CMHC, 2.65% 15dec2028, CAD (85)
3.09%
Canada Housing Trust, 2.9% 15dec2029, CAD (123)
3.09%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
2.97%
XLB
Canada, Bonds 3.5% 1dec2057, CAD
4.72%
Canada, Bond 2 1jan2051 30Y
3.14%
Canada, Bonds 2.75% 1dec2055, CAD
3.05%
Canada, Bond 1.75 1dec2053 30Y
2.40%
Province of Quebec, 4.4% 1dec2055, CAD (B133)
2.04%
Province of Ontario, 3.45% 2jun2045, CAD (DMTN220)
1.75%
Province of Ontario, 4.45% 2dec2056, CAD
1.69%
Province of Quebec, 3.1% 1dec2051, CAD (B125-01)
1.58%
Province of Quebec, 4.2% 1dec2057, CAD (B137)
1.57%
Province of Ontario, 4.7% 2jun2037, CAD (DMTN164)
1.41%
Diversification
ZSB
Total weight of top 10 holdings out of 52 total
46.53%
XLB
Total weight of top 10 holdings out of 626 total
23.35%
Characteristics
Compare
ZSB
XLB
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Short Term Overall Bond TR Index - CAD | FTSE Canada Long 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 | 3.18% | 4.25% |
| Meets ESG criteria | No | No |
| Inception Date | March 7, 2018 | November 6, 2006 |
Frequently asked questions about ZSB and XLB
Which ETF has performed better year to date: ZSB or XLB?
As of October 20, 2026, ZSB has returned 0.80% year to date, while XLB has returned -1.66%. ZSB is ahead on YTD performance.
Which ETF is larger by assets under management: ZSB or XLB?
As of October 20, 2026, ZSB manages $217.95 M in assets, while XLB manages $850.59 M. XLB is the larger fund by AUM.
How are ZSB and XLB managed?
ZSB is passively managed by BMO. It tracks the FTSE Canada Short Term Overall Bond TR Index - CAD benchmark. XLB is passively managed by iShares. It tracks the FTSE Canada Long Term Overall Bond TR Index - CAD benchmark.
What sectors do ZSB and XLB emphasize?
ZSB is most exposed to Sovereign, Finance, and Municipal. XLB is most exposed to Municipal, Sovereign, and Utilities.
Which ETF is attracting more investor flows: ZSB or XLB?
Year to date, ZSB has seen +$63.42 M in net flows, compared with +$45.12 M for XLB. ZSB has attracted more net investor money so far.
How do the fees of ZSB and XLB compare?
ZSB has an expense ratio of 0.10%, while XLB has an expense ratio of 0.20%.
What are the top holdings of ZSB and XLB?
ZSB's largest holdings include Canada, Bonds 4% 1mar2029, CAD, Canada, Bonds 3.25% 1sep2028, CAD, and Canada, Bonds 2.75% 1mar2031, CAD. XLB's top holdings include Canada, Bonds 3.5% 1dec2057, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bonds 2.75% 1dec2055, CAD.
Which ETF is more diversified: ZSB or XLB?
ZSB holds 52 securities, while XLB holds 624. On holdings count, XLB is the more diversified portfolio.
Recent articles about ZSB and XLB
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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.