MAAA.TO vs. MCSB.TO
MAAA.TO (Mackenzie AAA CLO ETF) and MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) are both exchange-traded funds - MAAA.TO is a CLO fund tracking the JPM CLOIE AAA Index (CAD-hedged), while MCSB.TO is a Short-Term Bond fund actively managed by Mackenzie. MAAA.TO is passively managed, while MCSB.TO is actively managed. Over the past year, MAAA.TO returned 3.05% vs 3.47% for MCSB.TO. At a correlation of -0.04, they often move in opposite directions.
Performance
MAAA.TO vs. MCSB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MAAA.TO achieves a 1.33% return, which is significantly lower than MCSB.TO's 1.52% return.
MAAA.TO
- 1D
- 0.00%
- 1M
- 0.04%
- 6M
- 1.19%
- YTD
- 1.33%
- 1Y
- 3.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MCSB.TO
- 1D
- 0.05%
- 1M
- 0.06%
- 6M
- 1.01%
- YTD
- 1.52%
- 1Y
- 3.47%
- 3Y*
- 5.36%
- 5Y*
- 5.01%
- 10Y*
- —
MAAA.TO vs. MCSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MAAA.TO Mackenzie AAA CLO ETF | 1.33% | 2.75% |
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF | 1.52% | 2.26% |
Correlation
The correlation between MAAA.TO and MCSB.TO is -0.03, 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 | -0.03 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.04 |
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Return for Risk
MAAA.TO vs. MCSB.TO — Risk / Return Rank
MAAA.TO
MCSB.TO
MAAA.TO vs. MCSB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mackenzie AAA CLO ETF (MAAA.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.
| MAAA.TO | MCSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.31 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 6.02 | 2.34 | +3.68 |
| Martin ratioReturn relative to average drawdown | 21.34 | 6.77 | +14.57 |
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Drawdowns
MAAA.TO vs. MCSB.TO - Drawdown Comparison
The maximum MAAA.TO drawdown since its inception was -0.51%, smaller than the maximum MCSB.TO drawdown of -8.35%. Use the drawdown chart below to compare losses from any high point for MAAA.TO and MCSB.TO.
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Drawdown Indicators
| MAAA.TO | MCSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.51% | -8.35% | +7.84% |
Max Drawdown (1Y)Largest decline over 1 year | -0.51% | -1.49% | +0.98% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.49% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -6.24% | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.29% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -1.05% | +0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.14% | 0.51% | -0.37% |
Volatility
MAAA.TO vs. MCSB.TO - Volatility Comparison
The current volatility for Mackenzie AAA CLO ETF (MAAA.TO) is 0.43%, while Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) has a volatility of 0.71%. This indicates that MAAA.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.
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Volatility by Period
| MAAA.TO | MCSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 0.71% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 1.14% | 1.62% | -0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.40% | 2.26% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.46% | 6.42% | -4.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.46% | 5.82% | -4.36% |
Dividends
MAAA.TO vs. MCSB.TO - Dividend Comparison
MAAA.TO's dividend yield for the trailing twelve months is around 5.09%, more than MCSB.TO's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MAAA.TO Mackenzie AAA CLO ETF | 5.09% | 3.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
MAAA.TO and MCSB.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MAAA.TO is categorized as CLO, while MCSB.TO is Short-Term Bond.
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