CAGS.TO vs. QSB.TO
CAGS.TO (CI Canadian Short-Term Aggregate Bond Index ETF) and QSB.TO (Mackenzie Canadian Short-Term Bond Index ETF) are both Short-Term Bond funds. Over the past 5 years, CAGS.TO returned 2.15%/yr vs 2.22%/yr for QSB.TO. At a 0.36 correlation, their price movements are largely independent.
Performance
CAGS.TO vs. QSB.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 QSB.TO's 1.28% return.
CAGS.TO
- 1D
- 0.13%
- 1M
- -0.06%
- 6M
- 0.89%
- YTD
- 1.21%
- 1Y
- 3.36%
- 3Y*
- 5.03%
- 5Y*
- 2.15%
- 10Y*
- —
QSB.TO
- 1D
- 0.12%
- 1M
- -0.11%
- 6M
- 0.86%
- YTD
- 1.28%
- 1Y
- 3.29%
- 3Y*
- 4.88%
- 5Y*
- 2.22%
- 10Y*
- —
CAGS.TO vs. QSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | 1.66% |
QSB.TO Mackenzie Canadian Short-Term Bond Index ETF | 1.28% | 3.74% | 5.59% | 5.22% | -3.90% | -1.16% | 4.58% | 4.15% | 0.90% |
Correlation
The correlation between CAGS.TO and QSB.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2018 | 0.36 |
The correlation between CAGS.TO and QSB.TO shifts across timeframes, from 0.36 (all time) to 0.48 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CAGS.TO vs. QSB.TO — Risk / Return Rank
CAGS.TO
QSB.TO
CAGS.TO vs. QSB.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 Bond Index ETF (QSB.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 | QSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.33 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 2.61 | -0.08 |
| Martin ratioReturn relative to average drawdown | 7.65 | 8.75 | -1.11 |
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Drawdowns
CAGS.TO vs. QSB.TO - Drawdown Comparison
The maximum CAGS.TO drawdown since its inception was -11.60%, which is greater than QSB.TO's maximum drawdown of -6.73%. Use the drawdown chart below to compare losses from any high point for CAGS.TO and QSB.TO.
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Drawdown Indicators
| CAGS.TO | QSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.60% | -6.73% | -4.87% |
Max Drawdown (1Y)Largest decline over 1 year | -1.33% | -1.26% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -1.33% | -1.26% | -0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -7.58% | -6.72% | -0.86% |
Current DrawdownCurrent decline from peak | -0.25% | -0.25% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.45% | -1.14% | -0.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.38% | +0.06% |
Volatility
CAGS.TO vs. QSB.TO - Volatility Comparison
CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) has a higher volatility of 0.71% compared to Mackenzie Canadian Short-Term Bond Index ETF (QSB.TO) at 0.52%. This indicates that CAGS.TO's price experiences larger fluctuations and is considered to be riskier than QSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CAGS.TO | QSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.52% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 1.62% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.07% | 2.05% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.76% | 2.57% | +0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 2.45% | +2.18% |
Dividends
CAGS.TO vs. QSB.TO - Dividend Comparison
CAGS.TO's dividend yield for the trailing twelve months is around 3.28%, more than QSB.TO's 2.83% 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% |
QSB.TO Mackenzie Canadian Short-Term Bond Index ETF | 2.83% | 2.96% | 3.13% | 2.63% | 2.02% | 2.21% | 1.60% | 2.22% | 1.91% | 0.00% |
Frequently Asked Questions
CAGS.TO and QSB.TO have a correlation of 0.45, 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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