MGRW.TO vs. HBIE.TO
MGRW.TO (Mackenzie Growth Allocation ETF) and HBIE.TO (Harvest Balanced Income & Growth Enhanced ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past year, MGRW.TO returned 21.44% vs 14.65% for HBIE.TO. At a 0.45 correlation, their price movements are largely independent.
Performance
MGRW.TO vs. HBIE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MGRW.TO achieves a 9.95% return, which is significantly higher than HBIE.TO's 6.74% return.
MGRW.TO
- 1D
- -0.63%
- 1M
- -0.50%
- 6M
- 6.91%
- YTD
- 9.95%
- 1Y
- 21.44%
- 3Y*
- 18.19%
- 5Y*
- 11.23%
- 10Y*
- —
HBIE.TO
- 1D
- 0.00%
- 1M
- -0.20%
- 6M
- 5.76%
- YTD
- 6.74%
- 1Y
- 14.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MGRW.TO vs. HBIE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MGRW.TO Mackenzie Growth Allocation ETF | 9.95% | 18.19% | 14.06% |
HBIE.TO Harvest Balanced Income & Growth Enhanced ETF | 6.74% | 10.30% | 6.94% |
Correlation
The correlation between MGRW.TO and HBIE.TO is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2024 | 0.45 |
The correlation between MGRW.TO and HBIE.TO shifts across timeframes, from 0.45 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MGRW.TO vs. HBIE.TO — Risk / Return Rank
MGRW.TO
HBIE.TO
MGRW.TO vs. HBIE.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mackenzie Growth Allocation ETF (MGRW.TO) and Harvest Balanced Income & Growth Enhanced ETF (HBIE.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.
| MGRW.TO | HBIE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.31 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 2.81 | +0.40 |
| Martin ratioReturn relative to average drawdown | 12.87 | 11.90 | +0.97 |
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Drawdowns
MGRW.TO vs. HBIE.TO - Drawdown Comparison
The maximum MGRW.TO drawdown since its inception was -17.20%, which is greater than HBIE.TO's maximum drawdown of -10.29%. Use the drawdown chart below to compare losses from any high point for MGRW.TO and HBIE.TO.
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Drawdown Indicators
| MGRW.TO | HBIE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.20% | -10.29% | -6.91% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -5.24% | -1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -12.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.20% | — | — |
Current DrawdownCurrent decline from peak | -1.81% | -1.27% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -3.32% | -1.75% | -1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 1.23% | +0.44% |
Volatility
MGRW.TO vs. HBIE.TO - Volatility Comparison
The current volatility for Mackenzie Growth Allocation ETF (MGRW.TO) is 2.25%, while Harvest Balanced Income & Growth Enhanced ETF (HBIE.TO) has a volatility of 2.60%. This indicates that MGRW.TO experiences smaller price fluctuations and is considered to be less risky than HBIE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MGRW.TO | HBIE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 2.60% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 8.46% | 7.51% | +0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.26% | 8.84% | +1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.76% | 9.65% | +1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.48% | 9.65% | +0.83% |
Dividends
MGRW.TO vs. HBIE.TO - Dividend Comparison
MGRW.TO's dividend yield for the trailing twelve months is around 1.73%, less than HBIE.TO's 9.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
HBIE.TO Harvest Balanced Income & Growth Enhanced ETF | 9.98% | 10.12% | 7.56% | 0.00% | 0.00% | 0.00% | 0.00% |
MGRW.TO Mackenzie Growth Allocation ETF | 1.73% | 1.84% | 1.93% | 2.28% | 2.44% | 1.77% | 0.79% |
Frequently Asked Questions
MGRW.TO and HBIE.TO have a correlation of 0.55, 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 Harvest.
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