MCSB.TO vs. MAAA.TO
MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) and MAAA.TO (Mackenzie AAA CLO ETF) are both exchange-traded funds - MCSB.TO is a Short-Term Bond fund actively managed by Mackenzie, while MAAA.TO is a CLO fund tracking the JPM CLOIE AAA Index (CAD-hedged). MCSB.TO is actively managed, while MAAA.TO is passively managed. Over the past year, MCSB.TO returned 3.36% vs 3.05% for MAAA.TO. At a correlation of -0.04, they often move in opposite directions.
Performance
MCSB.TO vs. MAAA.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 MAAA.TO's 1.33% 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*
- —
MAAA.TO
- 1D
- 0.04%
- 1M
- 0.04%
- 6M
- 1.25%
- YTD
- 1.33%
- 1Y
- 3.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MCSB.TO vs. MAAA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF | 1.47% | 2.26% |
MAAA.TO Mackenzie AAA CLO ETF | 1.33% | 2.75% |
Correlation
The correlation between MCSB.TO and MAAA.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
MCSB.TO vs. MAAA.TO — Risk / Return Rank
MCSB.TO
MAAA.TO
MCSB.TO vs. MAAA.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 Mackenzie AAA CLO ETF (MAAA.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 | MAAA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.58 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 6.02 | -3.75 |
| Martin ratioReturn relative to average drawdown | 6.58 | 21.59 | -15.01 |
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Drawdowns
MCSB.TO vs. MAAA.TO - Drawdown Comparison
The maximum MCSB.TO drawdown since its inception was -8.35%, which is greater than MAAA.TO's maximum drawdown of -0.51%. Use the drawdown chart below to compare losses from any high point for MCSB.TO and MAAA.TO.
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Drawdown Indicators
| MCSB.TO | MAAA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.35% | -0.51% | -7.84% |
Max Drawdown (1Y)Largest decline over 1 year | -1.49% | -0.51% | -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 | -0.34% | -0.24% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -1.05% | -0.09% | -0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 0.14% | +0.37% |
Volatility
MCSB.TO vs. MAAA.TO - Volatility Comparison
Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) has a higher volatility of 0.71% compared to Mackenzie AAA CLO ETF (MAAA.TO) at 0.43%. This indicates that MCSB.TO's price experiences larger fluctuations and is considered to be riskier than MAAA.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 | MAAA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.43% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 1.14% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.26% | 1.40% | +0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.42% | 1.47% | +4.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.83% | 1.47% | +4.36% |
Dividends
MCSB.TO vs. MAAA.TO - Dividend Comparison
MCSB.TO's dividend yield for the trailing twelve months is around 3.12%, less than MAAA.TO's 5.09% 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
MCSB.TO and MAAA.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.
MCSB.TO is categorized as Short-Term Bond, while MAAA.TO is CLO.
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