MCSB.TO vs. HBIL.TO
MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both exchange-traded funds - MCSB.TO is a Short-Term Bond fund actively managed by Mackenzie, while HBIL.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past year, MCSB.TO returned 3.36% vs 2.41% for HBIL.TO. At a 0.30 correlation, their price movements are largely independent.
Performance
MCSB.TO vs. HBIL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MCSB.TO achieves a 1.47% return, which is significantly higher than HBIL.TO's 0.55% return.
MCSB.TO
- 1D
- 0.15%
- 1M
- 0.06%
- 6M
- 1.06%
- YTD
- 1.47%
- 1Y
- 3.36%
- 3Y*
- 5.41%
- 5Y*
- 5.00%
- 10Y*
- —
HBIL.TO
- 1D
- 0.07%
- 1M
- -0.18%
- 6M
- 0.27%
- YTD
- 0.55%
- 1Y
- 2.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MCSB.TO vs. HBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF | 1.47% | 3.93% | 1.13% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 0.55% | 3.04% | -1.22% |
Correlation
The correlation between MCSB.TO and HBIL.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024 | 0.30 |
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Return for Risk
MCSB.TO vs. HBIL.TO — Risk / Return Rank
MCSB.TO
HBIL.TO
MCSB.TO vs. HBIL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.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.
| MCSB.TO | HBIL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 2.54 | -0.27 |
| Martin ratioReturn relative to average drawdown | 6.58 | 7.69 | -1.11 |
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Drawdowns
MCSB.TO vs. HBIL.TO - Drawdown Comparison
The maximum MCSB.TO drawdown since its inception was -8.35%, which is greater than HBIL.TO's maximum drawdown of -1.66%. Use the drawdown chart below to compare losses from any high point for MCSB.TO and HBIL.TO.
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Drawdown Indicators
| MCSB.TO | HBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.35% | -1.66% | -6.69% |
Max Drawdown (1Y)Largest decline over 1 year | -1.49% | -0.95% | -0.54% |
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 | -0.34% | -0.52% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -1.05% | -0.47% | -0.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 0.31% | +0.20% |
Volatility
MCSB.TO vs. HBIL.TO - Volatility Comparison
The current volatility for Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) is 0.71%, while Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) has a volatility of 0.83%. This indicates that MCSB.TO experiences smaller price fluctuations and is considered to be less risky than HBIL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCSB.TO | HBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.83% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 1.45% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.26% | 1.76% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.42% | 2.07% | +4.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.83% | 2.07% | +3.76% |
Dividends
MCSB.TO vs. HBIL.TO - Dividend Comparison
MCSB.TO's dividend yield for the trailing twelve months is around 3.12%, less than HBIL.TO's 6.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 6.25% | 7.48% | 2.58% | 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
MCSB.TO and HBIL.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MCSB.TO is categorized as Short-Term Bond, while HBIL.TO is Derivative Income. They also come from different issuers: Mackenzie and Hamilton Capital.
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