CAGS.TO vs. MCSB.TO
CAGS.TO (CI Canadian Short-Term Aggregate Bond Index ETF) and MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) are both Short-Term Bond funds. Over the past 5 years, CAGS.TO returned 2.15%/yr vs 5.01%/yr for MCSB.TO. At a 0.24 correlation, their price movements are largely independent.
Performance
CAGS.TO vs. MCSB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CAGS.TO achieves a 1.21% return, which is significantly lower than MCSB.TO's 1.52% return.
CAGS.TO
- 1D
- 0.00%
- 1M
- 0.13%
- 6M
- 0.87%
- YTD
- 1.21%
- 1Y
- 3.30%
- 3Y*
- 4.99%
- 5Y*
- 2.15%
- 10Y*
- —
MCSB.TO
- 1D
- 0.05%
- 1M
- 0.06%
- 6M
- 1.01%
- YTD
- 1.52%
- 1Y
- 3.47%
- 3Y*
- 5.36%
- 5Y*
- 5.01%
- 10Y*
- —
CAGS.TO vs. MCSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CAGS.TO CI Canadian Short-Term Aggregate Bond Index ETF | 1.21% | 3.95% | 6.07% | 5.02% | -4.30% | -1.22% | 4.47% | 4.33% | 1.41% | -0.28% |
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF | 1.52% | 3.93% | 6.41% | 5.77% | -4.18% | 11.34% | 5.66% | 3.79% | 1.50% | -0.06% |
Correlation
The correlation between CAGS.TO and MCSB.TO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2017 | 0.24 |
The correlation between CAGS.TO and MCSB.TO shifts across timeframes, from 0.19 (1 year) to 0.32 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CAGS.TO vs. MCSB.TO — Risk / Return Rank
CAGS.TO
MCSB.TO
CAGS.TO vs. MCSB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) and Mackenzie Canadian Short Term Fixed Income ETF (MCSB.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.
| CAGS.TO | MCSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.31 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.34 | +0.15 |
| Martin ratioReturn relative to average drawdown | 7.50 | 6.77 | +0.72 |
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Drawdowns
CAGS.TO vs. MCSB.TO - Drawdown Comparison
The maximum CAGS.TO drawdown since its inception was -11.60%, which is greater than MCSB.TO's maximum drawdown of -8.35%. Use the drawdown chart below to compare losses from any high point for CAGS.TO and MCSB.TO.
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Drawdown Indicators
| CAGS.TO | MCSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.60% | -8.35% | -3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -1.33% | -1.49% | +0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -1.33% | -1.49% | +0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -7.58% | -6.24% | -1.34% |
Current DrawdownCurrent decline from peak | -0.25% | -0.29% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -1.45% | -1.05% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.51% | -0.07% |
Volatility
CAGS.TO vs. MCSB.TO - Volatility Comparison
CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) and Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) have volatilities of 0.68% and 0.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CAGS.TO | MCSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 0.71% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 1.62% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.06% | 2.26% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.76% | 6.42% | -3.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 5.82% | -1.20% |
Dividends
CAGS.TO vs. MCSB.TO - Dividend Comparison
CAGS.TO's dividend yield for the trailing twelve months is around 3.28%, more than MCSB.TO's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CAGS.TO CI Canadian Short-Term Aggregate Bond Index ETF | 3.28% | 3.16% | 3.37% | 2.62% | 2.61% | 1.96% | 2.59% | 2.83% | 2.72% | 1.06% |
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF | 3.12% | 3.16% | 3.17% | 3.18% | 2.47% | 12.93% | 2.47% | 2.31% | 2.91% | 0.14% |
Frequently Asked Questions
CAGS.TO and MCSB.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: CI and Mackenzie.
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