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MGB.TO vs. VGAB.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MGB.TO vs. VGAB.NEO

Last updated Jul 16, 2026
Documentation

MGB.TO (Mackenzie Core Plus Global Fixed Income ETF) and VGAB.NEO (Vanguard Global Aggregate Bond Index ETF (CAD-hedged)) are both Global Bonds funds. MGB.TO is actively managed, while VGAB.NEO is passively managed. Over the past 5 years, MGB.TO returned 0.03%/yr vs -1.44%/yr for VGAB.NEO. At a 0.46 correlation, their price movements are largely independent.

Performance

MGB.TO vs. VGAB.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie Core Plus Global Fixed Income ETF (MGB.TO) and Vanguard Global Aggregate Bond Index ETF (CAD-hedged) (VGAB.NEO). The values are adjusted to include any dividend payments, if applicable.

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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 VGAB.NEO's -0.48% 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%

VGAB.NEO

1D
0.05%
1M
-0.40%
6M
-0.96%
YTD
-0.48%
1Y
1.09%
3Y*
2.12%
5Y*
-1.44%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MGB.TO vs. VGAB.NEO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
MGB.TO
Mackenzie Core Plus Global Fixed Income ETF		-0.02%4.03%2.83%6.86%-11.24%-2.92%7.91%
VGAB.NEO
Vanguard Global Aggregate Bond Index ETF (CAD-hedged)		-0.48%2.58%0.81%5.90%-13.57%-2.59%5.03%

Correlation

The correlation between MGB.TO and VGAB.NEO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.39

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

0.52

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

0.49

Correlation (All Time)
Calculated using the full available price history since Jan 17, 2020

0.46

The correlation between MGB.TO and VGAB.NEO shifts across timeframes, from 0.39 (1 year) to 0.52 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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

Mackenzie Core Plus Global Fixed Income ETF

Vanguard Global Aggregate Bond Index ETF (CAD-hedged)

Often compared with VGAB.NEO:
VGAB.NEO vs. ZUAG.TOVGAB.NEO vs. VBG.NEOVGAB.NEO vs. FFIX.NEOVGAB.NEO vs. TGFI.TOVGAB.NEO vs. NUBF.TOVGAB.NEO vs. HAF.TOVGAB.NEO vs. VBAL.TO

Return for Risk

MGB.TO vs. VGAB.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MGB.TO
MGB.TO Risk / Return Rank: 2323
Overall Rank
MGB.TO Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
MGB.TO Sortino Ratio Rank: 2121
Sortino Ratio Rank
MGB.TO Omega Ratio Rank: 2020
Omega Ratio Rank
MGB.TO Calmar Ratio Rank: 2828
Calmar Ratio Rank
MGB.TO Martin Ratio Rank: 2525
Martin Ratio Rank
VGAB.NEO
VGAB.NEO Risk / Return Rank: 1313
Overall Rank
VGAB.NEO Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
VGAB.NEO Sortino Ratio Rank: 1212
Sortino Ratio Rank
VGAB.NEO Omega Ratio Rank: 1212
Omega Ratio Rank
VGAB.NEO Calmar Ratio Rank: 1414
Calmar Ratio Rank
VGAB.NEO Martin Ratio Rank: 1414
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.

MGB.TO vs. VGAB.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 Aggregate Bond Index ETF (CAD-hedged) (VGAB.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.TOVGAB.NEODifference
Sharpe ratioReturn per unit of total volatility
0.68
0.28

+0.40

Sortino ratioReturn per unit of downside risk
1.03
0.42

+0.60

Omega ratioGain probability vs. loss probability

1.12

1.05

+0.07

Calmar ratioReturn relative to maximum drawdown

1.17

0.36

+0.81

Martin ratioReturn relative to average drawdown

2.66

0.86

+1.80

MGB.TO vs. VGAB.NEO - Sharpe Ratio Comparison

The current MGB.TO Sharpe Ratio is 0.68, which is higher than the VGAB.NEO Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of MGB.TO and VGAB.NEO, 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

MGB.TO vs. VGAB.NEO - Drawdown Comparison

The maximum MGB.TO drawdown since its inception was -17.54%, roughly equal to the maximum VGAB.NEO drawdown of -18.09%. Use the drawdown chart below to compare losses from any high point for MGB.TO and VGAB.NEO.

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Drawdown Indicators

MGB.TOVGAB.NEODifference

Max Drawdown

Largest peak-to-trough decline

-17.54%

-18.09%

+0.55%

Max Drawdown (1Y)

Largest decline over 1 year

-3.39%

-3.08%

-0.31%

Max Drawdown (3Y)

Largest decline over 3 years

-4.66%

-4.43%

-0.23%

Max Drawdown (5Y)

Largest decline over 5 years

-16.67%

-17.61%

+0.94%

Max Drawdown (10Y)

Largest decline over 10 years

-17.54%

—

—

Current Drawdown

Current decline from peak

-1.96%

-8.25%

+6.29%

Average Drawdown

Average peak-to-trough decline

-4.12%

-7.95%

+3.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.49%

1.28%

+0.21%

Volatility

MGB.TO vs. VGAB.NEO - Volatility Comparison

Mackenzie Core Plus Global Fixed Income ETF (MGB.TO) has a higher volatility of 1.84% compared to Vanguard Global Aggregate Bond Index ETF (CAD-hedged) (VGAB.NEO) at 1.09%. This indicates that MGB.TO's price experiences larger fluctuations and is considered to be riskier than VGAB.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.TOVGAB.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.84%

1.09%

+0.75%

Volatility (6M)

Calculated over the trailing 6-month period

4.46%

3.26%

+1.20%

Volatility (1Y)

Calculated over the trailing 1-year period

5.82%

3.96%

+1.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.36%

5.48%

+1.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.07%

5.51%

+1.56%

Dividends

MGB.TO vs. VGAB.NEO - Dividend Comparison

MGB.TO's dividend yield for the trailing twelve months is around 3.67%, which matches VGAB.NEO's 3.64% yield.

PositionTTM2025202420232022202120202019201820172016
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%
VGAB.NEO
Vanguard Global Aggregate Bond Index ETF (CAD-hedged)		3.64%3.44%3.24%3.21%1.67%2.36%1.35%0.00%0.00%0.00%0.00%

Frequently Asked Questions

MGB.TO and VGAB.NEO have a correlation of 0.39, 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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