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MUB.TO vs. QDX.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MUB.TO vs. QDX.TO

Last updated Jul 16, 2026
Documentation

MUB.TO (Mackenzie Unconstrained Bond ETF) and QDX.TO (Mackenzie International Equity Index ETF) are both exchange-traded funds - MUB.TO is a Nontraditional Bonds fund actively managed by Mackenzie, while QDX.TO is a Foreign Large Cap Equities fund tracking the Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index. MUB.TO is actively managed, while QDX.TO is passively managed. Over the past 5 years, MUB.TO returned 1.74%/yr vs 11.47%/yr for QDX.TO. At a 0.10 correlation, their price movements are largely independent.

Performance

MUB.TO vs. QDX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie Unconstrained Bond ETF (MUB.TO) and Mackenzie International Equity Index ETF (QDX.TO). The values are adjusted to include any dividend payments, if applicable.

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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 QDX.TO's 13.32% 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%

QDX.TO

1D
0.19%
1M
0.83%
6M
8.12%
YTD
13.32%
1Y
26.56%
3Y*
18.25%
5Y*
11.47%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MUB.TO vs. QDX.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
MUB.TO
Mackenzie Unconstrained Bond ETF		0.52%4.32%5.19%6.36%-7.06%-0.79%5.91%5.34%1.36%
QDX.TO
Mackenzie International Equity Index ETF		13.32%25.29%12.93%13.65%-8.61%11.24%5.06%15.27%-8.78%

Correlation

The correlation between MUB.TO and QDX.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.33

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

0.24

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

0.16

Correlation (All Time)
Calculated using the full available price history since Feb 2, 2018

0.10

Over the past year, MUB.TO and QDX.TO have become more correlated (0.33) than their long-term average of 0.10, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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

Mackenzie Unconstrained Bond ETF

Mackenzie International Equity Index ETF

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Return for Risk

MUB.TO vs. QDX.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MUB.TO
MUB.TO Risk / Return Rank: 2828
Overall Rank
MUB.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
MUB.TO Sortino Ratio Rank: 2626
Sortino Ratio Rank
MUB.TO Omega Ratio Rank: 2424
Omega Ratio Rank
MUB.TO Calmar Ratio Rank: 3434
Calmar Ratio Rank
MUB.TO Martin Ratio Rank: 2929
Martin Ratio Rank
QDX.TO
QDX.TO Risk / Return Rank: 6767
Overall Rank
QDX.TO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
QDX.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
QDX.TO Omega Ratio Rank: 6969
Omega Ratio Rank
QDX.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
QDX.TO Martin Ratio Rank: 6666
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.

MUB.TO vs. QDX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Unconstrained Bond ETF (MUB.TO) and Mackenzie International Equity Index ETF (QDX.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.TOQDX.TODifference
Sharpe ratioReturn per unit of total volatility
0.85
1.81

-0.95

Sortino ratioReturn per unit of downside risk
1.24
2.59

-1.35

Omega ratioGain probability vs. loss probability

1.15

1.33

-0.18

Calmar ratioReturn relative to maximum drawdown

1.46

2.45

-0.99

Martin ratioReturn relative to average drawdown

3.45

9.51

-6.07

MUB.TO vs. QDX.TO - Sharpe Ratio Comparison

The current MUB.TO Sharpe Ratio is 0.85, which is lower than the QDX.TO Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of MUB.TO and QDX.TO, 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

MUB.TO vs. QDX.TO - Drawdown Comparison

The maximum MUB.TO drawdown since its inception was -13.12%, smaller than the maximum QDX.TO drawdown of -28.08%. Use the drawdown chart below to compare losses from any high point for MUB.TO and QDX.TO.

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Drawdown Indicators

MUB.TOQDX.TODifference

Max Drawdown

Largest peak-to-trough decline

-13.12%

-28.08%

+14.96%

Max Drawdown (1Y)

Largest decline over 1 year

-1.99%

-10.88%

+8.89%

Max Drawdown (3Y)

Largest decline over 3 years

-3.21%

-14.25%

+11.04%

Max Drawdown (5Y)

Largest decline over 5 years

-11.78%

-23.55%

+11.77%

Max Drawdown (10Y)

Largest decline over 10 years

-13.12%

—

—

Current Drawdown

Current decline from peak

-0.98%

-2.06%

+1.08%

Average Drawdown

Average peak-to-trough decline

-2.33%

-4.49%

+2.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.84%

2.80%

-1.96%

Volatility

MUB.TO vs. QDX.TO - Volatility Comparison

The current volatility for Mackenzie Unconstrained Bond ETF (MUB.TO) is 1.46%, while Mackenzie International Equity Index ETF (QDX.TO) has a volatility of 3.26%. This indicates that MUB.TO experiences smaller price fluctuations and is considered to be less risky than QDX.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.TOQDX.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.46%

3.26%

-1.80%

Volatility (6M)

Calculated over the trailing 6-month period

2.65%

12.59%

-9.94%

Volatility (1Y)

Calculated over the trailing 1-year period

3.42%

14.80%

-11.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.32%

14.06%

-7.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.77%

15.45%

-8.68%

Dividends

MUB.TO vs. QDX.TO - Dividend Comparison

MUB.TO's dividend yield for the trailing twelve months is around 4.49%, more than QDX.TO's 2.36% yield.

PositionTTM2025202420232022202120202019201820172016
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%
QDX.TO
Mackenzie International Equity Index ETF		2.36%2.51%2.48%2.61%2.73%2.25%1.91%2.76%3.03%0.00%0.00%

Frequently Asked Questions

MUB.TO and QDX.TO have a correlation of 0.33, 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 QDX.TO is Foreign Large Cap Equities.

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