FSB.TO vs. MCSB.TO

Last updated Jul 25, 2026

FSB.TO (CI Enhanced Short Duration Bond Fund) and MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) are both Short-Term Bond funds. Both are actively managed. Over the past 5 years, FSB.TO returned 2.59%/yr vs 4.99%/yr for MCSB.TO. At a 0.18 correlation, their price movements are largely independent.

Performance

FSB.TO vs. MCSB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Enhanced Short Duration Bond Fund (FSB.TO) and Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSB.TO achieves a 1.28% return, which is significantly lower than MCSB.TO's 1.57% return.

FSB.TO

• 1D: 0.00%
• 1M: -0.10%
• 6M: 0.86%
• YTD: 1.28%
• 1Y: 2.77%
• 3Y*: 4.21%
• 5Y*: 2.59%
• 10Y*: —
• ALL TIME*: 2.54%

MCSB.TO

• 1D: 0.25%
• 1M: 0.17%
• 6M: 1.26%
• YTD: 1.57%
• 1Y: 3.57%
• 3Y*: 5.49%
• 5Y*: 4.99%
• 10Y*: —
• ALL TIME*: 4.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSB.TO CI Enhanced Short Duration Bond Fund	CA$46.58K	CA$37.38K	CA$75.82K
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF	CA$616.29K	CA$345.89K	CA$152.56K

FSB.TO vs. MCSB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSB.TO CI Enhanced Short Duration Bond Fund	1.28%	3.84%	4.40%	5.21%	-1.97%	0.67%	4.09%	3.49%	0.91%	0.60%
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF	1.57%	3.93%	6.41%	5.77%	-4.18%	11.34%	5.66%	3.79%	1.50%	-0.06%

Correlation

The correlation between FSB.TO and MCSB.TO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Nov 22, 2017	0.18

The correlation between FSB.TO and MCSB.TO shifts across timeframes, from -0.01 (1 year) to 0.22 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FSB.TO vs. MCSB.TO — Risk / Return Rank

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

FSB.TO

FSB.TO Risk / Return Rank: 64
FSB.TO Sharpe Ratio Rank: 48
FSB.TO Sortino Ratio Rank: 50
FSB.TO Omega Ratio Rank: 47
FSB.TO Calmar Ratio Rank: 86
FSB.TO Martin Ratio Rank: 88

MCSB.TO

MCSB.TO Risk / Return Rank: 67
MCSB.TO Sharpe Ratio Rank: 68
MCSB.TO Sortino Ratio Rank: 69
MCSB.TO Omega Ratio Rank: 74
MCSB.TO Calmar Ratio Rank: 68
MCSB.TO Martin Ratio Rank: 58

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.

FSB.TO vs. MCSB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Enhanced Short Duration Bond Fund (FSB.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.

	FSB.TO	MCSB.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.58	-0.39
Sortino ratio: Return per unit of downside risk	1.79	2.24	-0.46
Omega ratio: Gain probability vs. loss probability	1.22	1.31	-0.10
Calmar ratio: Return relative to maximum drawdown	3.44	2.41	+1.04
Martin ratio: Return relative to average drawdown	13.37	6.96	+6.41

FSB.TO vs. MCSB.TO - Sharpe Ratio Comparison

The current FSB.TO Sharpe Ratio is 1.19, which is comparable to the MCSB.TO Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of FSB.TO and MCSB.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

FSB.TO vs. MCSB.TO - Drawdown Comparison

The maximum FSB.TO drawdown since its inception was -5.94%, smaller than the maximum MCSB.TO drawdown of -8.35%. Use the drawdown chart below to compare losses from any high point for FSB.TO and MCSB.TO.

Drawdown Indicators

	FSB.TO	MCSB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-5.94%	-8.35%	+2.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.81%	-1.49%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-1.24%	-1.49%	+0.25%
Max Drawdown (5Y) Largest decline over 5 years	-3.99%	-6.24%	+2.25%
Current Drawdown Current decline from peak	-0.31%	-0.24%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.47%	-1.04%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	0.51%	-0.30%

Volatility

FSB.TO vs. MCSB.TO - Volatility Comparison

The current volatility for CI Enhanced Short Duration Bond Fund (FSB.TO) is 0.63%, while Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) has a volatility of 0.77%. This indicates that FSB.TO experiences smaller price fluctuations and is considered to be less risky than MCSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSB.TO	MCSB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.77%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	1.71%	1.64%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	2.27%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.63%	6.42%	-3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.61%	5.82%	-3.21%

Dividends

FSB.TO vs. MCSB.TO - Dividend Comparison

FSB.TO's dividend yield for the trailing twelve months is around 4.02%, more than MCSB.TO's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSB.TO CI Enhanced Short Duration Bond Fund	4.02%	3.99%	3.98%	3.99%	2.25%	1.87%	2.68%	2.42%	2.44%	1.20%
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

Can I hold both FSB.TO and MCSB.TO in my portfolio?

FSB.TO and MCSB.TO have a correlation of -0.01, 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 FSB.TO and MCSB.TO?

They also come from different issuers: CI Global Asset Management and Mackenzie.