BND.TO vs. MGB.TO

Last updated Jul 16, 2026

BND.TO (Purpose Global Bond Fund) and MGB.TO (Mackenzie Core Plus Global Fixed Income ETF) are both Global Bonds funds. Both are actively managed. Over the past 10 years, BND.TO returned 2.95%/yr vs 1.30%/yr for MGB.TO. At a 0.11 correlation, their price movements are largely independent.

Performance

BND.TO vs. MGB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Global Bond Fund (BND.TO) and Mackenzie Core Plus Global Fixed Income ETF (MGB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BND.TO achieves a 1.18% return, which is significantly higher than MGB.TO's -0.02% return. Over the past 10 years, BND.TO has outperformed MGB.TO with an annualized return of 2.95%, while MGB.TO has yielded a comparatively lower 1.30% annualized return.

BND.TO

• 1D: 0.11%
• 1M: -0.36%
• 6M: 0.96%
• YTD: 1.18%
• 1Y: 5.07%
• 3Y*: 7.24%
• 5Y*: 3.10%
• 10Y*: 2.95%

MGB.TO

• 1D: 0.13%
• 1M: 0.38%
• 6M: -0.27%
• YTD: -0.02%
• 1Y: 3.95%
• 3Y*: 3.28%
• 5Y*: 0.03%
• 10Y*: 1.30%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BND.TO vs. MGB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BND.TO Purpose Global Bond Fund	1.18%	7.26%	7.49%	8.45%	-7.80%	2.62%	6.14%	4.16%	-0.91%	1.72%
MGB.TO Mackenzie Core Plus Global Fixed Income ETF	-0.02%	4.03%	2.83%	6.86%	-11.24%	-2.92%	8.47%	4.94%	-0.66%	2.52%

Correlation

The correlation between BND.TO and MGB.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Apr 22, 2016	0.11

The correlation between BND.TO and MGB.TO shifts across timeframes, from 0.11 (all time) to 0.23 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BND.TO vs. MGB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BND.TO

BND.TO Risk / Return Rank: 56
BND.TO Sharpe Ratio Rank: 60
BND.TO Sortino Ratio Rank: 63
BND.TO Omega Ratio Rank: 63
BND.TO Calmar Ratio Rank: 43
BND.TO Martin Ratio Rank: 53

MGB.TO

MGB.TO Risk / Return Rank: 23
MGB.TO Sharpe Ratio Rank: 23
MGB.TO Sortino Ratio Rank: 21
MGB.TO Omega Ratio Rank: 20
MGB.TO Calmar Ratio Rank: 28
MGB.TO Martin Ratio Rank: 25

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BND.TO vs. MGB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Global Bond Fund (BND.TO) and Mackenzie Core Plus Global Fixed Income ETF (MGB.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BND.TO	MGB.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.62	0.68	+0.94
Sortino ratio: Return per unit of downside risk	2.34	1.03	+1.31
Omega ratio: Gain probability vs. loss probability	1.31	1.12	+0.19
Calmar ratio: Return relative to maximum drawdown	1.77	1.17	+0.61
Martin ratio: Return relative to average drawdown	7.29	2.66	+4.64

BND.TO vs. MGB.TO - Sharpe Ratio Comparison

The current BND.TO Sharpe Ratio is 1.62, which is higher than the MGB.TO Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of BND.TO and MGB.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BND.TO vs. MGB.TO - Drawdown Comparison

The maximum BND.TO drawdown since its inception was -16.55%, smaller than the maximum MGB.TO drawdown of -17.54%. Use the drawdown chart below to compare losses from any high point for BND.TO and MGB.TO.

Drawdown Indicators

	BND.TO	MGB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.55%	-17.54%	+0.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-3.39%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-4.46%	-4.66%	+0.20%
Max Drawdown (5Y) Largest decline over 5 years	-12.43%	-16.67%	+4.24%
Max Drawdown (10Y) Largest decline over 10 years	-16.55%	-17.54%	+0.99%
Current Drawdown Current decline from peak	-0.62%	-1.96%	+1.34%
Average Drawdown Average peak-to-trough decline	-2.09%	-4.12%	+2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	1.49%	-0.79%

Volatility

BND.TO vs. MGB.TO - Volatility Comparison

The current volatility for Purpose Global Bond Fund (BND.TO) is 0.82%, while Mackenzie Core Plus Global Fixed Income ETF (MGB.TO) has a volatility of 1.84%. This indicates that BND.TO experiences smaller price fluctuations and is considered to be less risky than MGB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BND.TO	MGB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	1.84%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	4.46%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.15%	5.82%	-2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.11%	7.36%	-2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	7.07%	-1.92%

Dividends

BND.TO vs. MGB.TO - Dividend Comparison

BND.TO's dividend yield for the trailing twelve months is around 5.87%, more than MGB.TO's 3.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND.TO Purpose Global Bond Fund	5.87%	5.70%	5.24%	5.20%	4.14%	3.67%	3.48%	3.11%	3.96%	3.47%	3.26%	0.53%
MGB.TO Mackenzie Core Plus Global Fixed Income ETF	3.67%	4.33%	4.74%	4.62%	6.10%	3.08%	2.00%	2.99%	4.07%	2.77%	2.06%	0.00%

Frequently Asked Questions

Can I hold both BND.TO and MGB.TO in my portfolio?

BND.TO and MGB.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.