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

MCSB.TO vs. QCE.TO

Last updated Jul 17, 2026
Documentation

MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) and QCE.TO (Mackenzie Canadian Large Cap Equity Index ETF) are both exchange-traded funds - MCSB.TO is a Short-Term Bond fund actively managed by Mackenzie, while QCE.TO is a Canada Equities fund actively managed by Mackenzie. Both are actively managed. Over the past 5 years, MCSB.TO returned 5.00%/yr vs 15.46%/yr for QCE.TO. At a 0.06 correlation, their price movements are largely independent.

Performance

MCSB.TO vs. QCE.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 Large Cap Equity Index ETF (QCE.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 lower than QCE.TO's 14.16% 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*
—

QCE.TO

1D
0.02%
1M
0.93%
6M
10.08%
YTD
14.16%
1Y
33.78%
3Y*
23.99%
5Y*
15.46%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MCSB.TO vs. QCE.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%1.62%
QCE.TO
Mackenzie Canadian Large Cap Equity Index ETF		14.16%29.43%21.54%12.44%-6.08%24.89%4.28%22.10%-7.38%

Correlation

The correlation between MCSB.TO and QCE.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.12

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

0.10

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

0.10

Correlation (All Time)
Calculated using the full available price history since Jan 25, 2018

0.06

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Mackenzie Canadian Short Term Fixed Income ETF

Mackenzie Canadian Large Cap Equity Index ETF

Often compared with MCSB.TO:
MCSB.TO vs. DCS.TOMCSB.TO vs. QSB.TOMCSB.TO vs. RUSB.TOMCSB.TO vs. TUSB.TOMCSB.TO vs. ZSDB.TOMCSB.TO vs. MUB.TOMCSB.TO vs. QCN.TO
Often compared with QCE.TO:
QCE.TO vs. QDXH.TOQCE.TO vs. QTIP.NEOQCE.TO vs. QUU.TOQCE.TO vs. CFOU.TOQCE.TO vs. CLSA.TOQCE.TO vs. DMEC.TOQCE.TO vs. FCMI.TO

Return for Risk

MCSB.TO vs. QCE.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: 5959
Overall Rank
MCSB.TO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
MCSB.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
MCSB.TO Omega Ratio Rank: 6666
Omega Ratio Rank
MCSB.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
MCSB.TO Martin Ratio Rank: 5151
Martin Ratio Rank
QCE.TO
QCE.TO Risk / Return Rank: 9393
Overall Rank
QCE.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
QCE.TO Sortino Ratio Rank: 9494
Sortino Ratio Rank
QCE.TO Omega Ratio Rank: 9494
Omega Ratio Rank
QCE.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
QCE.TO Martin Ratio Rank: 9393
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. QCE.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 Large Cap Equity Index ETF (QCE.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.TOQCE.TODifference
Sharpe ratioReturn per unit of total volatility
1.59
2.94

-1.35

Sortino ratioReturn per unit of downside risk
2.26
4.03

-1.77

Omega ratioGain probability vs. loss probability

1.32

1.54

-0.22

Calmar ratioReturn relative to maximum drawdown

2.41

4.50

-2.09

Martin ratioReturn relative to average drawdown

6.98

19.02

-12.04

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

The current MCSB.TO Sharpe Ratio is 1.59, which is lower than the QCE.TO Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of MCSB.TO and QCE.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. QCE.TO - Drawdown Comparison

The maximum MCSB.TO drawdown since its inception was -8.35%, smaller than the maximum QCE.TO drawdown of -35.47%. Use the drawdown chart below to compare losses from any high point for MCSB.TO and QCE.TO.

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Drawdown Indicators

MCSB.TOQCE.TODifference

Max Drawdown

Largest peak-to-trough decline

-8.35%

-35.47%

+27.12%

Max Drawdown (1Y)

Largest decline over 1 year

-1.49%

-7.54%

+6.05%

Max Drawdown (3Y)

Largest decline over 3 years

-1.49%

-12.48%

+10.99%

Max Drawdown (5Y)

Largest decline over 5 years

-6.24%

-16.27%

+10.03%

Current Drawdown

Current decline from peak

-0.34%

0.00%

-0.34%

Average Drawdown

Average peak-to-trough decline

-1.05%

-3.68%

+2.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.51%

1.78%

-1.27%

Volatility

MCSB.TO vs. QCE.TO - Volatility Comparison

The current volatility for Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) is 0.71%, while Mackenzie Canadian Large Cap Equity Index ETF (QCE.TO) has a volatility of 1.98%. This indicates that MCSB.TO experiences smaller price fluctuations and is considered to be less risky than QCE.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.TOQCE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.71%

1.98%

-1.27%

Volatility (6M)

Calculated over the trailing 6-month period

1.62%

8.86%

-7.24%

Volatility (1Y)

Calculated over the trailing 1-year period

2.26%

11.57%

-9.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.42%

12.88%

-6.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.83%

15.78%

-9.95%

Dividends

MCSB.TO vs. QCE.TO - Dividend Comparison

MCSB.TO's dividend yield for the trailing twelve months is around 3.12%, more than QCE.TO's 2.03% 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%
QCE.TO
Mackenzie Canadian Large Cap Equity Index ETF		2.03%2.30%3.01%3.49%3.38%2.57%3.17%3.18%2.78%0.00%

Frequently Asked Questions

MCSB.TO and QCE.TO have a correlation of 0.12, 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 QCE.TO is Canada Equities.

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