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MCSB.TO vs. QBB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MCSB.TO vs. QBB.TO

Last updated Jul 16, 2026
Documentation

MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) and QBB.TO (Mackenzie Canadian Aggregate Bond Index ETF) are both exchange-traded funds - MCSB.TO is a Short-Term Bond fund actively managed by Mackenzie, while QBB.TO is a Total Bond Market fund actively managed by Mackenzie. Both are actively managed. Over the past 5 years, MCSB.TO returned 5.00%/yr vs 0.41%/yr for QBB.TO. At a 0.31 correlation, their price movements are largely independent.

Performance

MCSB.TO vs. QBB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) and Mackenzie Canadian Aggregate Bond Index ETF (QBB.TO). The values are adjusted to include any dividend payments, if applicable.

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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 QBB.TO's 0.99% 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*
—

QBB.TO

1D
0.02%
1M
-0.68%
6M
0.45%
YTD
0.99%
1Y
4.09%
3Y*
4.18%
5Y*
0.41%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MCSB.TO vs. QBB.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
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%1.78%
QBB.TO
Mackenzie Canadian Aggregate Bond Index ETF		0.99%2.70%3.90%7.16%-11.56%-2.12%6.73%7.32%2.61%

Correlation

The correlation between MCSB.TO and QBB.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

Correlation (3Y)
Calculated over the trailing 3-year period

0.41

Correlation (5Y)
Calculated over the trailing 5-year period

0.38

Correlation (All Time)
Calculated using the full available price history since Feb 20, 2018

0.31

The correlation between MCSB.TO and QBB.TO shifts across timeframes, from 0.31 (all time) to 0.41 (3 years), reflecting how their relationship changes across market environments.

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Mackenzie Canadian Short Term Fixed Income ETF

Mackenzie Canadian Aggregate Bond Index ETF

Return for Risk

MCSB.TO vs. QBB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MCSB.TO
MCSB.TO Risk / Return Rank: 5353
Overall Rank
MCSB.TO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
MCSB.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
MCSB.TO Omega Ratio Rank: 5858
Omega Ratio Rank
MCSB.TO Calmar Ratio Rank: 5656
Calmar Ratio Rank
MCSB.TO Martin Ratio Rank: 4848
Martin Ratio Rank
QBB.TO
QBB.TO Risk / Return Rank: 3232
Overall Rank
QBB.TO Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
QBB.TO Sortino Ratio Rank: 3030
Sortino Ratio Rank
QBB.TO Omega Ratio Rank: 3131
Omega Ratio Rank
QBB.TO Calmar Ratio Rank: 3434
Calmar Ratio Rank
QBB.TO Martin Ratio Rank: 3131
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MCSB.TO vs. QBB.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 Canadian Aggregate Bond Index ETF (QBB.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.TOQBB.TODifference
Sharpe ratioReturn per unit of total volatility
1.49
0.99

+0.50

Sortino ratioReturn per unit of downside risk
2.11
1.42

+0.70

Omega ratioGain probability vs. loss probability

1.29

1.18

+0.11

Calmar ratioReturn relative to maximum drawdown

2.27

1.46

+0.81

Martin ratioReturn relative to average drawdown

6.58

3.72

+2.86

MCSB.TO vs. QBB.TO - Sharpe Ratio Comparison

The current MCSB.TO Sharpe Ratio is 1.49, which is higher than the QBB.TO Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of MCSB.TO and QBB.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

MCSB.TO vs. QBB.TO - Drawdown Comparison

The maximum MCSB.TO drawdown since its inception was -8.35%, smaller than the maximum QBB.TO drawdown of -16.70%. Use the drawdown chart below to compare losses from any high point for MCSB.TO and QBB.TO.

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Drawdown Indicators

MCSB.TOQBB.TODifference

Max Drawdown

Largest peak-to-trough decline

-8.35%

-16.70%

+8.35%

Max Drawdown (1Y)

Largest decline over 1 year

-1.49%

-2.81%

+1.32%

Max Drawdown (3Y)

Largest decline over 3 years

-1.49%

-4.21%

+2.72%

Max Drawdown (5Y)

Largest decline over 5 years

-6.24%

-15.32%

+9.08%

Current Drawdown

Current decline from peak

-0.34%

-1.16%

+0.82%

Average Drawdown

Average peak-to-trough decline

-1.05%

-4.62%

+3.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.51%

1.10%

-0.59%

Volatility

MCSB.TO vs. QBB.TO - Volatility Comparison

The current volatility for Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) is 0.71%, while Mackenzie Canadian Aggregate Bond Index ETF (QBB.TO) has a volatility of 1.10%. This indicates that MCSB.TO experiences smaller price fluctuations and is considered to be less risky than QBB.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.TOQBB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.71%

1.10%

-0.39%

Volatility (6M)

Calculated over the trailing 6-month period

1.62%

3.23%

-1.61%

Volatility (1Y)

Calculated over the trailing 1-year period

2.26%

4.18%

-1.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.42%

6.15%

+0.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.83%

6.26%

-0.43%

Dividends

MCSB.TO vs. QBB.TO - Dividend Comparison

MCSB.TO's dividend yield for the trailing twelve months is around 3.12%, less than QBB.TO's 3.16% yield.

PositionTTM202520242023202220212020201920182017
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%
QBB.TO
Mackenzie Canadian Aggregate Bond Index ETF		3.16%3.22%3.00%2.72%2.42%2.64%2.26%2.72%2.62%0.00%

Frequently Asked Questions

MCSB.TO and QBB.TO have a correlation of 0.38, 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 QBB.TO is Total Bond Market.

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