ISIF.TO vs. MGRW.TO

Last updated Jul 25, 2026

ISIF.TO (IA Clarington Strategic Income Fund) and MGRW.TO (Mackenzie Growth Allocation ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past 5 years, ISIF.TO returned 7.01%/yr vs 11.20%/yr for MGRW.TO. At a 0.30 correlation, their price movements are largely independent. ISIF.TO charges 0.94%/yr vs 0.18%/yr for MGRW.TO.

Performance

ISIF.TO vs. MGRW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in IA Clarington Strategic Income Fund (ISIF.TO) and Mackenzie Growth Allocation ETF (MGRW.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISIF.TO achieves a 6.17% return, which is significantly lower than MGRW.TO's 9.83% return.

ISIF.TO

• 1D: -0.37%
• 1M: 0.68%
• 6M: 5.28%
• YTD: 6.17%
• 1Y: 10.95%
• 3Y*: 11.09%
• 5Y*: 7.01%
• 10Y*: —
• ALL TIME*: 7.42%

MGRW.TO

• 1D: 0.39%
• 1M: -0.11%
• 6M: 7.54%
• YTD: 9.83%
• 1Y: 20.91%
• 3Y*: 18.13%
• 5Y*: 11.20%
• 10Y*: —
• ALL TIME*: 12.75%

*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)
ISIF.TO IA Clarington Strategic Income Fund	CA$409.30	CA$5.79K	CA$2.57K
MGRW.TO Mackenzie Growth Allocation ETF	CA$61.07K	CA$75.48K	CA$74.19K

ISIF.TO vs. MGRW.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ISIF.TO IA Clarington Strategic Income Fund	6.17%	12.42%	11.91%	6.17%	-5.63%	17.60%	6.80%
MGRW.TO Mackenzie Growth Allocation ETF	9.83%	18.19%	21.41%	15.35%	-9.30%	13.37%	7.50%

Correlation

The correlation between ISIF.TO and MGRW.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 29, 2020	0.30

Over the past year, the correlation between ISIF.TO and MGRW.TO has dropped to 0.10 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

Return for Risk

ISIF.TO vs. MGRW.TO — Risk / Return Rank

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

ISIF.TO

ISIF.TO Risk / Return Rank: 73
ISIF.TO Sharpe Ratio Rank: 67
ISIF.TO Sortino Ratio Rank: 71
ISIF.TO Omega Ratio Rank: 76
ISIF.TO Calmar Ratio Rank: 70
ISIF.TO Martin Ratio Rank: 79

MGRW.TO

MGRW.TO Risk / Return Rank: 87
MGRW.TO Sharpe Ratio Rank: 86
MGRW.TO Sortino Ratio Rank: 89
MGRW.TO Omega Ratio Rank: 90
MGRW.TO Calmar Ratio Rank: 82
MGRW.TO Martin Ratio Rank: 86

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.

ISIF.TO vs. MGRW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IA Clarington Strategic Income Fund (ISIF.TO) and Mackenzie Growth Allocation ETF (MGRW.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.

	ISIF.TO	MGRW.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.03	-0.49
Sortino ratio: Return per unit of downside risk	2.33	3.05	-0.72
Omega ratio: Gain probability vs. loss probability	1.32	1.41	-0.09
Calmar ratio: Return relative to maximum drawdown	2.49	3.13	-0.64
Martin ratio: Return relative to average drawdown	10.30	12.41	-2.11

ISIF.TO vs. MGRW.TO - Sharpe Ratio Comparison

The current ISIF.TO Sharpe Ratio is 1.54, which is comparable to the MGRW.TO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of ISIF.TO and MGRW.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

ISIF.TO vs. MGRW.TO - Drawdown Comparison

The maximum ISIF.TO drawdown since its inception was -18.65%, which is greater than MGRW.TO's maximum drawdown of -17.20%. Use the drawdown chart below to compare losses from any high point for ISIF.TO and MGRW.TO.

Drawdown Indicators

	ISIF.TO	MGRW.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.65%	-17.20%	-1.45%
Max Drawdown (1Y) Largest decline over 1 year	-4.64%	-6.72%	+2.08%
Max Drawdown (3Y) Largest decline over 3 years	-8.40%	-12.17%	+3.77%
Max Drawdown (5Y) Largest decline over 5 years	-11.47%	-17.20%	+5.73%
Current Drawdown Current decline from peak	-0.58%	-1.92%	+1.34%
Average Drawdown Average peak-to-trough decline	-3.04%	-3.31%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	1.69%	-0.57%

Volatility

ISIF.TO vs. MGRW.TO - Volatility Comparison

IA Clarington Strategic Income Fund (ISIF.TO) has a higher volatility of 5.06% compared to Mackenzie Growth Allocation ETF (MGRW.TO) at 2.42%. This indicates that ISIF.TO's price experiences larger fluctuations and is considered to be riskier than MGRW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISIF.TO	MGRW.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	2.42%	+2.64%
Volatility (6M) Calculated over the trailing 6-month period	6.64%	8.44%	-1.80%
Volatility (1Y) Calculated over the trailing 1-year period	7.48%	10.33%	-2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.60%	10.76%	-1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.25%	10.48%	-0.23%

ISIF.TO vs. MGRW.TO - Expense Ratio Comparison

ISIF.TO has a 0.94% expense ratio, which is higher than MGRW.TO's 0.18% expense ratio.

Dividends

ISIF.TO vs. MGRW.TO - Dividend Comparison

ISIF.TO's dividend yield for the trailing twelve months is around 2.78%, more than MGRW.TO's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ISIF.TO IA Clarington Strategic Income Fund	2.78%	2.83%	2.85%	2.58%	2.98%	1.59%	2.68%	0.44%
MGRW.TO Mackenzie Growth Allocation ETF	1.73%	1.84%	1.93%	2.28%	2.44%	1.77%	0.79%	0.00%

Frequently Asked Questions

Can I hold both ISIF.TO and MGRW.TO in my portfolio?

ISIF.TO and MGRW.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISIF.TO or MGRW.TO?

On fees, MGRW.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ISIF.TO or MGRW.TO?

MGRW.TO is cheaper with a 0.18% expense ratio, compared with 0.94% for ISIF.TO.

What is the main difference between ISIF.TO and MGRW.TO?

They also come from different issuers: IA Clarington Investments Inc. and Mackenzie. Their fees differ too: 0.94% for ISIF.TO and 0.18% for MGRW.TO.