MGB.TO vs. ZUAG.TO
MGB.TO (Mackenzie Core Plus Global Fixed Income ETF) and ZUAG.TO (BMO US Aggregate Bond Index ETF) are both Global Bonds funds. MGB.TO is actively managed, while ZUAG.TO is passively managed. Over the past 3 years, MGB.TO returned 3.28%/yr vs 3.92%/yr for ZUAG.TO. At a 0.12 correlation, their price movements are largely independent.
Performance
MGB.TO vs. ZUAG.TO - 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 lower than ZUAG.TO's 2.74% 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%
ZUAG.TO
- 1D
- 0.03%
- 1M
- 0.22%
- 6M
- 1.00%
- YTD
- 2.74%
- 1Y
- 0.62%
- 3Y*
- 3.92%
- 5Y*
- —
- 10Y*
- —
MGB.TO vs. ZUAG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MGB.TO Mackenzie Core Plus Global Fixed Income ETF | -0.02% | 4.03% | 2.83% | 2.17% |
ZUAG.TO BMO US Aggregate Bond Index ETF | 2.74% | -3.77% | 9.45% | 1.15% |
Correlation
The correlation between MGB.TO and ZUAG.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2023 | 0.12 |
The correlation between MGB.TO and ZUAG.TO shifts across timeframes, from 0.12 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MGB.TO vs. ZUAG.TO — Risk / Return Rank
MGB.TO
ZUAG.TO
MGB.TO vs. ZUAG.TO - 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 BMO US Aggregate Bond Index ETF (ZUAG.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.
| MGB.TO | ZUAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.03 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 0.06 | +1.10 |
| Martin ratioReturn relative to average drawdown | 2.66 | 0.10 | +2.55 |
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Drawdowns
MGB.TO vs. ZUAG.TO - Drawdown Comparison
The maximum MGB.TO drawdown since its inception was -17.54%, which is greater than ZUAG.TO's maximum drawdown of -9.71%. Use the drawdown chart below to compare losses from any high point for MGB.TO and ZUAG.TO.
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Drawdown Indicators
| MGB.TO | ZUAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.54% | -9.71% | -7.83% |
Max Drawdown (1Y)Largest decline over 1 year | -3.39% | -9.71% | +6.32% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -9.71% | +5.05% |
Max Drawdown (5Y)Largest decline over 5 years | -16.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.54% | — | — |
Current DrawdownCurrent decline from peak | -1.96% | -6.48% | +4.52% |
Average DrawdownAverage peak-to-trough decline | -4.12% | -3.42% | -0.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.49% | 6.09% | -4.60% |
Volatility
MGB.TO vs. ZUAG.TO - Volatility Comparison
The current volatility for Mackenzie Core Plus Global Fixed Income ETF (MGB.TO) is 1.84%, while BMO US Aggregate Bond Index ETF (ZUAG.TO) has a volatility of 1.98%. This indicates that MGB.TO experiences smaller price fluctuations and is considered to be less risky than ZUAG.TO 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 | ZUAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 1.98% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 4.46% | 4.35% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.82% | 8.91% | -3.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.36% | 8.24% | -0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 8.24% | -1.17% |
Dividends
MGB.TO vs. ZUAG.TO - Dividend Comparison
MGB.TO's dividend yield for the trailing twelve months is around 3.67%, more than ZUAG.TO's 2.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZUAG.TO BMO US Aggregate Bond Index ETF | 2.70% | 2.58% | 2.09% | 1.89% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MGB.TO and ZUAG.TO have a correlation of 0.24, 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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