MGB.TO vs. VBG.NEO
MGB.TO (Mackenzie Core Plus Global Fixed Income ETF) and VBG.NEO (Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)) are both Global Bonds funds. MGB.TO is actively managed, while VBG.NEO is passively managed. Over the past 10 years, MGB.TO returned 1.30%/yr vs 0.18%/yr for VBG.NEO. At a 0.37 correlation, their price movements are largely independent.
Performance
MGB.TO vs. VBG.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, MGB.TO achieves a -0.02% return, which is significantly higher than VBG.NEO's -0.40% return. Over the past 10 years, MGB.TO has outperformed VBG.NEO with an annualized return of 1.30%, while VBG.NEO has yielded a comparatively lower 0.18% annualized return.
MGB.TO
- 1D
- 0.13%
- 1M
- 0.38%
- 6M
- -0.27%
- YTD
- -0.02%
- 1Y
- 3.95%
- 3Y*
- 3.28%
- 5Y*
- 0.03%
- 10Y*
- 1.30%
VBG.NEO
- 1D
- -0.09%
- 1M
- -0.40%
- 6M
- -0.94%
- YTD
- -0.40%
- 1Y
- -0.31%
- 3Y*
- 1.85%
- 5Y*
- -1.57%
- 10Y*
- 0.18%
MGB.TO vs. VBG.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MGB.TO Mackenzie Core Plus Global Fixed Income ETF | -0.02% | 4.03% | 2.83% | 6.86% | -11.24% | -2.92% | 8.47% | 4.94% | -0.66% | 2.52% |
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | -0.40% | 0.14% | 1.68% | 6.97% | -13.38% | -3.03% | 3.87% | 6.33% | 1.34% | 1.78% |
Correlation
The correlation between MGB.TO and VBG.NEO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Apr 22, 2016 | 0.37 |
The correlation between MGB.TO and VBG.NEO shifts across timeframes, from 0.37 (all time) to 0.48 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MGB.TO vs. VBG.NEO — Risk / Return Rank
MGB.TO
VBG.NEO
MGB.TO vs. VBG.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mackenzie Core Plus Global Fixed Income ETF (MGB.TO) and Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO). 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.
| MGB.TO | VBG.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.99 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | -0.10 | +1.27 |
| Martin ratioReturn relative to average drawdown | 2.66 | -0.22 | +2.87 |
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Drawdowns
MGB.TO vs. VBG.NEO - Drawdown Comparison
The maximum MGB.TO drawdown since its inception was -17.54%, roughly equal to the maximum VBG.NEO drawdown of -17.31%. Use the drawdown chart below to compare losses from any high point for MGB.TO and VBG.NEO.
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Drawdown Indicators
| MGB.TO | VBG.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.54% | -17.31% | -0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -3.39% | -3.17% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -3.17% | -1.49% |
Max Drawdown (5Y)Largest decline over 5 years | -16.67% | -16.66% | -0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -17.54% | -17.31% | -0.23% |
Current DrawdownCurrent decline from peak | -1.96% | -9.06% | +7.10% |
Average DrawdownAverage peak-to-trough decline | -4.12% | -4.87% | +0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.49% | 1.43% | +0.06% |
Volatility
MGB.TO vs. VBG.NEO - Volatility Comparison
The current volatility for Mackenzie Core Plus Global Fixed Income ETF (MGB.TO) is 1.84%, while Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) has a volatility of 2.22%. This indicates that MGB.TO experiences smaller price fluctuations and is considered to be less risky than VBG.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MGB.TO | VBG.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 2.22% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 4.46% | 3.80% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.82% | 4.22% | +1.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.36% | 5.29% | +2.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 4.65% | +2.42% |
Dividends
MGB.TO vs. VBG.NEO - Dividend Comparison
MGB.TO's dividend yield for the trailing twelve months is around 3.67%, which matches VBG.NEO's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MGB.TO Mackenzie Core Plus Global Fixed Income ETF | 3.67% | 4.33% | 4.74% | 4.62% | 6.10% | 3.08% | 2.00% | 2.99% | 4.07% | 2.77% | 2.06% | 0.00% |
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | 3.65% | 3.46% | 3.25% | 3.54% | 1.14% | 2.91% | 0.64% | 2.54% | 2.34% | 1.74% | 1.41% | 1.26% |
Frequently Asked Questions
MGB.TO and VBG.NEO have a correlation of 0.42, 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 Vanguard.
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