MCSB.TO vs. MUB.TO
MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) and MUB.TO (Mackenzie Unconstrained Bond ETF) are both exchange-traded funds - MCSB.TO is a Short-Term Bond fund actively managed by Mackenzie, while MUB.TO is a Nontraditional Bonds fund actively managed by Mackenzie. Both are actively managed. Over the past 5 years, MCSB.TO returned 5.00%/yr vs 1.68%/yr for MUB.TO. At a 0.14 correlation, their price movements are largely independent.
Performance
MCSB.TO vs. MUB.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 MUB.TO's 0.24% return.
MCSB.TO
- 1D
- 0.00%
- 1M
- 0.01%
- 6M
- 0.96%
- YTD
- 1.47%
- 1Y
- 3.57%
- 3Y*
- 5.39%
- 5Y*
- 5.00%
- 10Y*
- —
MUB.TO
- 1D
- -0.28%
- 1M
- -0.70%
- 6M
- -0.36%
- YTD
- 0.24%
- 1Y
- 3.01%
- 3Y*
- 4.68%
- 5Y*
- 1.68%
- 10Y*
- 2.85%
MCSB.TO vs. MUB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF | 1.47% | 3.93% | 6.41% | 5.77% | -4.18% | 11.34% | 5.66% | 3.79% | 1.50% | -0.06% |
MUB.TO Mackenzie Unconstrained Bond ETF | 0.24% | 4.32% | 5.19% | 6.36% | -7.06% | -0.79% | 5.91% | 5.34% | 1.25% | 0.47% |
Correlation
The correlation between MCSB.TO and MUB.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2017 | 0.14 |
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Return for Risk
MCSB.TO vs. MUB.TO — Risk / Return Rank
MCSB.TO
MUB.TO
MCSB.TO vs. MUB.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 Unconstrained Bond ETF (MUB.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 | MUB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.15 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 1.52 | +0.89 |
| Martin ratioReturn relative to average drawdown | 6.98 | 3.56 | +3.42 |
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Drawdowns
MCSB.TO vs. MUB.TO - Drawdown Comparison
The maximum MCSB.TO drawdown since its inception was -8.35%, smaller than the maximum MUB.TO drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for MCSB.TO and MUB.TO.
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Drawdown Indicators
| MCSB.TO | MUB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.35% | -13.12% | +4.77% |
Max Drawdown (1Y)Largest decline over 1 year | -1.49% | -1.99% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -1.49% | -3.21% | +1.72% |
Max Drawdown (5Y)Largest decline over 5 years | -6.24% | -11.78% | +5.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.12% | — |
Current DrawdownCurrent decline from peak | -0.34% | -1.25% | +0.91% |
Average DrawdownAverage peak-to-trough decline | -1.05% | -2.33% | +1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 0.85% | -0.34% |
Volatility
MCSB.TO vs. MUB.TO - Volatility Comparison
The current volatility for Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) is 0.71%, while Mackenzie Unconstrained Bond ETF (MUB.TO) has a volatility of 1.44%. This indicates that MCSB.TO experiences smaller price fluctuations and is considered to be less risky than MUB.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 | MUB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 1.44% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 2.66% | -1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.26% | 3.43% | -1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.42% | 6.32% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.83% | 6.77% | -0.94% |
Dividends
MCSB.TO vs. MUB.TO - Dividend Comparison
MCSB.TO's dividend yield for the trailing twelve months is around 3.12%, less than MUB.TO's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
MUB.TO Mackenzie Unconstrained Bond ETF | 4.50% | 4.93% | 4.74% | 4.96% | 4.96% | 3.39% | 3.39% | 3.98% | 4.17% | 4.56% | 3.02% |
Frequently Asked Questions
MCSB.TO and MUB.TO have a correlation of 0.23, 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 MUB.TO is Nontraditional Bonds.
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