CDLB.TO vs. MKB.TO

Last updated Jul 17, 2026

CDLB.TO (CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series) and MKB.TO (Mackenzie Canadian Strategic Fixed Income ETF) are both exchange-traded funds - CDLB.TO is a Intermediate Core-Plus Bond fund actively managed by CI Global Asset Management, while MKB.TO is a Total Bond Market fund actively managed by Mackenzie. Both are actively managed. Over the past 5 years, CDLB.TO returned -0.57%/yr vs 0.67%/yr for MKB.TO. At a 0.16 correlation, their price movements are largely independent.

Performance

CDLB.TO vs. MKB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series (CDLB.TO) and Mackenzie Canadian Strategic Fixed Income ETF (MKB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDLB.TO achieves a -0.42% return, which is significantly lower than MKB.TO's 1.40% return.

CDLB.TO

• 1D: 0.00%
• 1M: 0.43%
• 6M: -0.42%
• YTD: -0.42%
• 1Y: 2.92%
• 3Y*: 3.31%
• 5Y*: -0.57%
• 10Y*: —

MKB.TO

• 1D: -0.05%
• 1M: -0.54%
• 6M: 0.40%
• YTD: 1.40%
• 1Y: 4.40%
• 3Y*: 4.44%
• 5Y*: 0.67%
• 10Y*: 1.66%

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

CDLB.TO vs. MKB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CDLB.TO CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series	-0.42%	5.44%	2.91%	2.39%	-12.02%	-0.11%	3.68%
MKB.TO Mackenzie Canadian Strategic Fixed Income ETF	1.40%	2.54%	4.70%	6.67%	-11.07%	-2.34%	1.46%

Correlation

The correlation between CDLB.TO and MKB.TO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since May 8, 2020	0.16

The correlation between CDLB.TO and MKB.TO shifts across timeframes, from 0.16 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CDLB.TO vs. MKB.TO — Risk / Return Rank

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

CDLB.TO

CDLB.TO Risk / Return Rank: 32
CDLB.TO Sharpe Ratio Rank: 26
CDLB.TO Sortino Ratio Rank: 24
CDLB.TO Omega Ratio Rank: 49
CDLB.TO Calmar Ratio Rank: 33
CDLB.TO Martin Ratio Rank: 27

MKB.TO

MKB.TO Risk / Return Rank: 34
MKB.TO Sharpe Ratio Rank: 36
MKB.TO Sortino Ratio Rank: 34
MKB.TO Omega Ratio Rank: 32
MKB.TO Calmar Ratio Rank: 36
MKB.TO Martin Ratio Rank: 32

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.

CDLB.TO vs. MKB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series (CDLB.TO) and Mackenzie Canadian Strategic Fixed Income ETF (MKB.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.

	CDLB.TO	MKB.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.06	-0.29
Sortino ratio: Return per unit of downside risk	1.15	1.52	-0.37
Omega ratio: Gain probability vs. loss probability	1.26	1.18	+0.07
Calmar ratio: Return relative to maximum drawdown	1.39	1.48	-0.08
Martin ratio: Return relative to average drawdown	2.87	3.82	-0.95

CDLB.TO vs. MKB.TO - Sharpe Ratio Comparison

The current CDLB.TO Sharpe Ratio is 0.77, which is comparable to the MKB.TO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of CDLB.TO and MKB.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

CDLB.TO vs. MKB.TO - Drawdown Comparison

The maximum CDLB.TO drawdown since its inception was -16.85%, smaller than the maximum MKB.TO drawdown of -19.78%. Use the drawdown chart below to compare losses from any high point for CDLB.TO and MKB.TO.

Drawdown Indicators

	CDLB.TO	MKB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.85%	-19.78%	+2.93%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-2.99%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-5.32%	-4.67%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-16.85%	-16.05%	-0.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.78%	—
Current Drawdown Current decline from peak	-3.30%	-1.73%	-1.57%
Average Drawdown Average peak-to-trough decline	-6.34%	-5.55%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.15%	-0.13%

Volatility

CDLB.TO vs. MKB.TO - Volatility Comparison

The current volatility for CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series (CDLB.TO) is 0.69%, while Mackenzie Canadian Strategic Fixed Income ETF (MKB.TO) has a volatility of 1.27%. This indicates that CDLB.TO experiences smaller price fluctuations and is considered to be less risky than MKB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDLB.TO	MKB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	1.27%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	2.45%	3.16%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	4.18%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.36%	6.39%	-1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.91%	11.96%	-7.05%

Dividends

CDLB.TO vs. MKB.TO - Dividend Comparison

CDLB.TO's dividend yield for the trailing twelve months is around 4.54%, more than MKB.TO's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CDLB.TO CI DoubleLine Total Return Bond US$ Fund ETF C$ Hedged Series	4.54%	4.45%	4.65%	3.87%	2.81%	2.38%	1.14%	0.00%	0.00%	0.00%	0.00%
MKB.TO Mackenzie Canadian Strategic Fixed Income ETF	3.50%	3.75%	3.45%	2.98%	2.86%	2.16%	2.11%	2.44%	3.02%	2.19%	1.78%

Frequently Asked Questions

Can I hold both CDLB.TO and MKB.TO in my portfolio?

CDLB.TO and MKB.TO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between CDLB.TO and MKB.TO?

CDLB.TO is categorized as Intermediate Core-Plus Bond, while MKB.TO is Total Bond Market. They also come from different issuers: CI Global Asset Management and Mackenzie.