MCSB.TO vs. ZSDB.TO
MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) and ZSDB.TO (BMO Short-Term Discount Bond ETF) are both Short-Term Bond funds. Both are actively managed. Over the past year, MCSB.TO returned 3.36% vs 0.48% for ZSDB.TO. At a 0.37 correlation, their price movements are largely independent.
Performance
MCSB.TO vs. ZSDB.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 ZSDB.TO's 0.97% 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*
- —
ZSDB.TO
- 1D
- 0.13%
- 1M
- -0.02%
- 6M
- 0.91%
- YTD
- 0.97%
- 1Y
- 0.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MCSB.TO vs. ZSDB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF | 1.47% | 3.93% | 6.41% | 0.21% |
ZSDB.TO BMO Short-Term Discount Bond ETF | 0.97% | 1.23% | 6.02% | 0.38% |
Correlation
The correlation between MCSB.TO and ZSDB.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023 | 0.37 |
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Return for Risk
MCSB.TO vs. ZSDB.TO — Risk / Return Rank
MCSB.TO
ZSDB.TO
MCSB.TO vs. ZSDB.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 BMO Short-Term Discount Bond ETF (ZSDB.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 | ZSDB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.34 | ||
| Sortino ratioReturn per unit of downside risk | +1.94 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.04 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 0.15 | +2.12 |
| Martin ratioReturn relative to average drawdown | 6.58 | 0.28 | +6.30 |
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Drawdowns
MCSB.TO vs. ZSDB.TO - Drawdown Comparison
The maximum MCSB.TO drawdown since its inception was -8.35%, which is greater than ZSDB.TO's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for MCSB.TO and ZSDB.TO.
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Drawdown Indicators
| MCSB.TO | ZSDB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.35% | -3.20% | -5.15% |
Max Drawdown (1Y)Largest decline over 1 year | -1.49% | -3.20% | +1.71% |
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% | -1.73% | +1.39% |
Average DrawdownAverage peak-to-trough decline | -1.05% | -0.66% | -0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 1.74% | -1.23% |
Volatility
MCSB.TO vs. ZSDB.TO - Volatility Comparison
Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) has a higher volatility of 0.71% compared to BMO Short-Term Discount Bond ETF (ZSDB.TO) at 0.50%. This indicates that MCSB.TO's price experiences larger fluctuations and is considered to be riskier than ZSDB.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 | ZSDB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.50% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 1.52% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.26% | 3.28% | -1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.42% | 2.78% | +3.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.83% | 2.78% | +3.05% |
Dividends
MCSB.TO vs. ZSDB.TO - Dividend Comparison
MCSB.TO's dividend yield for the trailing twelve months is around 3.12%, more than ZSDB.TO's 1.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZSDB.TO BMO Short-Term Discount Bond ETF | 1.35% | 1.29% | 1.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MCSB.TO and ZSDB.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Mackenzie and BMO.
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