HBB.TO vs. MKB.TO

Last updated Jul 16, 2026

HBB.TO (Global X Canadian Select Universe Bond Index Corporate Class ETF) and MKB.TO (Mackenzie Canadian Strategic Fixed Income ETF) are both Total Bond Market funds. HBB.TO is passively managed, while MKB.TO is actively managed. Over the past 10 years, HBB.TO returned 1.21%/yr vs 1.66%/yr for MKB.TO. A 0.66 correlation means they provide meaningful diversification when combined.

Performance

HBB.TO vs. MKB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Canadian Select Universe Bond Index Corporate Class ETF (HBB.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, HBB.TO achieves a 1.06% return, which is significantly lower than MKB.TO's 1.45% return. Over the past 10 years, HBB.TO has underperformed MKB.TO with an annualized return of 1.21%, while MKB.TO has yielded a comparatively higher 1.66% annualized return.

HBB.TO

• 1D: 0.24%
• 1M: -0.51%
• 6M: 0.42%
• YTD: 1.06%
• 1Y: 3.95%
• 3Y*: 3.71%
• 5Y*: -0.04%
• 10Y*: 1.21%

MKB.TO

• 1D: 0.26%
• 1M: -0.33%
• 6M: 0.56%
• YTD: 1.45%
• 1Y: 4.73%
• 3Y*: 4.44%
• 5Y*: 0.68%
• 10Y*: 1.66%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HBB.TO Global X Canadian Select Universe Bond Index Corporate Class ETF	1.06%	1.84%	3.96%	5.76%	-11.94%	-2.35%	8.33%	5.81%	1.19%	1.98%
MKB.TO Mackenzie Canadian Strategic Fixed Income ETF	1.45%	2.54%	4.70%	6.67%	-11.07%	-2.34%	8.29%	6.55%	-1.13%	2.87%

Correlation

The correlation between HBB.TO and MKB.TO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Apr 19, 2016	0.66

The correlation between HBB.TO and MKB.TO shifts across timeframes, from 0.66 (all time) to 0.88 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

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

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

HBB.TO

HBB.TO Risk / Return Rank: 29
HBB.TO Sharpe Ratio Rank: 29
HBB.TO Sortino Ratio Rank: 26
HBB.TO Omega Ratio Rank: 27
HBB.TO Calmar Ratio Rank: 33
HBB.TO Martin Ratio Rank: 29

MKB.TO

MKB.TO Risk / Return Rank: 35
MKB.TO Sharpe Ratio Rank: 37
MKB.TO Sortino Ratio Rank: 36
MKB.TO Omega Ratio Rank: 34
MKB.TO Calmar Ratio Rank: 36
MKB.TO Martin Ratio Rank: 33

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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X Canadian Select Universe Bond Index Corporate Class ETF (HBB.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.

	HBB.TO	MKB.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.13	-0.23
Sortino ratio: Return per unit of downside risk	1.25	1.63	-0.38
Omega ratio: Gain probability vs. loss probability	1.16	1.20	-0.04
Calmar ratio: Return relative to maximum drawdown	1.43	1.59	-0.16
Martin ratio: Return relative to average drawdown	3.44	4.11	-0.67

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

The current HBB.TO Sharpe Ratio is 0.91, which is comparable to the MKB.TO Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of HBB.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

HBB.TO vs. MKB.TO - Drawdown Comparison

The maximum HBB.TO drawdown since its inception was -18.23%, smaller than the maximum MKB.TO drawdown of -19.78%. Use the drawdown chart below to compare losses from any high point for HBB.TO and MKB.TO.

Drawdown Indicators

	HBB.TO	MKB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.23%	-19.78%	+1.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-2.99%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-5.16%	-4.67%	-0.49%
Max Drawdown (5Y) Largest decline over 5 years	-16.19%	-16.05%	-0.14%
Max Drawdown (10Y) Largest decline over 10 years	-18.23%	-19.78%	+1.55%
Current Drawdown Current decline from peak	-3.37%	-1.68%	-1.69%
Average Drawdown Average peak-to-trough decline	-4.57%	-5.55%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	1.15%	0.00%

Volatility

HBB.TO vs. MKB.TO - Volatility Comparison

The current volatility for Global X Canadian Select Universe Bond Index Corporate Class ETF (HBB.TO) is 1.20%, while Mackenzie Canadian Strategic Fixed Income ETF (MKB.TO) has a volatility of 1.28%. This indicates that HBB.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

	HBB.TO	MKB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	1.28%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	3.45%	3.16%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	4.43%	4.23%	+0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.55%	6.39%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.09%	11.96%	-4.87%

Dividends

HBB.TO vs. MKB.TO - Dividend Comparison

HBB.TO has not paid dividends to shareholders, while MKB.TO's dividend yield for the trailing twelve months is around 3.50%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HBB.TO Global X Canadian Select Universe Bond Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 HBB.TO and MKB.TO in my portfolio?

HBB.TO and MKB.TO have a correlation of 0.85, 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 HBB.TO and MKB.TO?

They also come from different issuers: Global X and Mackenzie.