MAAA.TO vs. QEBL.TO
MAAA.TO (Mackenzie AAA CLO ETF) and QEBL.TO (Mackenzie Emerging Markets Local Currency Bond Index ETF) are both exchange-traded funds - MAAA.TO is a CLO fund tracking the JPM CLOIE AAA Index (CAD-hedged), while QEBL.TO is a Emerging Markets Bonds fund actively managed by Mackenzie. MAAA.TO is passively managed, while QEBL.TO is actively managed. Over the past year, MAAA.TO returned 3.05% vs 5.83% for QEBL.TO. At a 0.09 correlation, their price movements are largely independent.
Performance
MAAA.TO vs. QEBL.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MAAA.TO achieves a 1.33% return, which is significantly lower than QEBL.TO's 1.78% return.
MAAA.TO
- 1D
- 0.00%
- 1M
- 0.04%
- 6M
- 1.19%
- YTD
- 1.33%
- 1Y
- 3.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QEBL.TO
- 1D
- -1.07%
- 1M
- -1.29%
- 6M
- 0.05%
- YTD
- 1.78%
- 1Y
- 5.83%
- 3Y*
- 9.60%
- 5Y*
- 5.70%
- 10Y*
- —
MAAA.TO vs. QEBL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MAAA.TO Mackenzie AAA CLO ETF | 1.33% | 2.75% |
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF | 1.78% | 7.39% |
Correlation
The correlation between MAAA.TO and QEBL.TO is 0.10, 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 | 0.10 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | 0.09 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MAAA.TO vs. QEBL.TO — Risk / Return Rank
MAAA.TO
QEBL.TO
MAAA.TO vs. QEBL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mackenzie AAA CLO ETF (MAAA.TO) and Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL.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 | QEBL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.50 | ||
| Sortino ratioReturn per unit of downside risk | +2.27 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.13 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 6.02 | 0.94 | +5.08 |
| Martin ratioReturn relative to average drawdown | 21.34 | 2.85 | +18.49 |
Loading charts...
Drawdowns
MAAA.TO vs. QEBL.TO - Drawdown Comparison
The maximum MAAA.TO drawdown since its inception was -0.51%, smaller than the maximum QEBL.TO drawdown of -21.90%. Use the drawdown chart below to compare losses from any high point for MAAA.TO and QEBL.TO.
Loading charts...
Drawdown Indicators
| MAAA.TO | QEBL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.51% | -21.90% | +21.39% |
Max Drawdown (1Y)Largest decline over 1 year | -0.51% | -6.24% | +5.73% |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.01% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.85% | — |
Current DrawdownCurrent decline from peak | -0.24% | -2.54% | +2.30% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -5.63% | +5.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.14% | 2.05% | -1.91% |
Volatility
MAAA.TO vs. QEBL.TO - Volatility Comparison
The current volatility for Mackenzie AAA CLO ETF (MAAA.TO) is 0.43%, while Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL.TO) has a volatility of 2.74%. This indicates that MAAA.TO experiences smaller price fluctuations and is considered to be less risky than QEBL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MAAA.TO | QEBL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 2.74% | -2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 1.14% | 6.86% | -5.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.40% | 8.45% | -7.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.46% | 10.14% | -8.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.46% | 10.62% | -9.16% |
Dividends
MAAA.TO vs. QEBL.TO - Dividend Comparison
MAAA.TO's dividend yield for the trailing twelve months is around 5.09%, less than QEBL.TO's 5.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
MAAA.TO Mackenzie AAA CLO ETF | 5.09% | 3.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF | 5.32% | 5.45% | 4.83% | 22.34% | 4.82% | 4.64% | 4.99% | 0.69% |
Frequently Asked Questions
MAAA.TO and QEBL.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.
MAAA.TO is categorized as CLO, while QEBL.TO is Emerging Markets Bonds.
Find the right allocation for MAAA.TO and QEBL.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer