MUB.TO vs. MAAA.TO
MUB.TO (Mackenzie Unconstrained Bond ETF) and MAAA.TO (Mackenzie AAA CLO ETF) are both exchange-traded funds - MUB.TO is a Nontraditional Bonds fund actively managed by Mackenzie, while MAAA.TO is a CLO fund tracking the JPM CLOIE AAA Index (CAD-hedged). MUB.TO is actively managed, while MAAA.TO is passively managed. Over the past year, MUB.TO returned 2.90% vs 3.05% for MAAA.TO. At a 0.10 correlation, their price movements are largely independent.
Performance
MUB.TO vs. MAAA.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MUB.TO achieves a 0.52% return, which is significantly lower than MAAA.TO's 1.33% return.
MUB.TO
- 1D
- 0.34%
- 1M
- -0.09%
- 6M
- -0.25%
- YTD
- 0.52%
- 1Y
- 2.90%
- 3Y*
- 4.70%
- 5Y*
- 1.74%
- 10Y*
- 2.88%
MAAA.TO
- 1D
- 0.04%
- 1M
- 0.04%
- 6M
- 1.25%
- YTD
- 1.33%
- 1Y
- 3.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUB.TO vs. MAAA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUB.TO Mackenzie Unconstrained Bond ETF | 0.52% | 3.75% |
MAAA.TO Mackenzie AAA CLO ETF | 1.33% | 2.75% |
Correlation
The correlation between MUB.TO and MAAA.TO is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | 0.10 |
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Return for Risk
MUB.TO vs. MAAA.TO — Risk / Return Rank
MUB.TO
MAAA.TO
MUB.TO vs. MAAA.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mackenzie Unconstrained Bond ETF (MUB.TO) and Mackenzie AAA CLO ETF (MAAA.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.
| MUB.TO | MAAA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.58 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 6.02 | -4.56 |
| Martin ratioReturn relative to average drawdown | 3.45 | 21.59 | -18.14 |
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Drawdowns
MUB.TO vs. MAAA.TO - Drawdown Comparison
The maximum MUB.TO drawdown since its inception was -13.12%, which is greater than MAAA.TO's maximum drawdown of -0.51%. Use the drawdown chart below to compare losses from any high point for MUB.TO and MAAA.TO.
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Drawdown Indicators
| MUB.TO | MAAA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -0.51% | -12.61% |
Max Drawdown (1Y)Largest decline over 1 year | -1.99% | -0.51% | -1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -3.21% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.78% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | — | — |
Current DrawdownCurrent decline from peak | -0.98% | -0.24% | -0.74% |
Average DrawdownAverage peak-to-trough decline | -2.33% | -0.09% | -2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.14% | +0.70% |
Volatility
MUB.TO vs. MAAA.TO - Volatility Comparison
Mackenzie Unconstrained Bond ETF (MUB.TO) has a higher volatility of 1.46% compared to Mackenzie AAA CLO ETF (MAAA.TO) at 0.43%. This indicates that MUB.TO's price experiences larger fluctuations and is considered to be riskier than MAAA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB.TO | MAAA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.46% | 0.43% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.65% | 1.14% | +1.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.42% | 1.40% | +2.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.32% | 1.47% | +4.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.77% | 1.47% | +5.30% |
Dividends
MUB.TO vs. MAAA.TO - Dividend Comparison
MUB.TO's dividend yield for the trailing twelve months is around 4.49%, less than MAAA.TO's 5.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MAAA.TO Mackenzie AAA CLO ETF | 5.09% | 3.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MUB.TO Mackenzie Unconstrained Bond ETF | 4.49% | 4.93% | 4.74% | 4.96% | 4.96% | 3.39% | 3.39% | 3.98% | 4.17% | 4.56% | 3.02% |
Frequently Asked Questions
MUB.TO and MAAA.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB.TO is categorized as Nontraditional Bonds, while MAAA.TO is CLO.
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