MUB.TO vs. QQQQ.TO

Last updated Jul 16, 2026

MUB.TO (Mackenzie Unconstrained Bond ETF) and QQQQ.TO (Mackenzie NASDAQ 100 Index ETF) are both exchange-traded funds - MUB.TO is a Nontraditional Bonds fund actively managed by Mackenzie, while QQQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. MUB.TO is actively managed, while QQQQ.TO is passively managed. At a 0.13 correlation, their price movements are largely independent.

Performance

MUB.TO vs. QQQQ.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 NASDAQ 100 Index ETF (QQQQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUB.TO achieves a 0.52% return, which is significantly lower than QQQQ.TO's 19.55% 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%

QQQQ.TO

• 1D: -0.10%
• 1M: 3.94%
• 6M: 15.84%
• YTD: 19.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)	2025
MUB.TO Mackenzie Unconstrained Bond ETF	0.52%	1.34%
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	19.55%	7.09%

Correlation

The correlation between MUB.TO and QQQQ.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025	0.13

Return for Risk

MUB.TO vs. QQQQ.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: 28
MUB.TO Sharpe Ratio Rank: 28
MUB.TO Sortino Ratio Rank: 26
MUB.TO Omega Ratio Rank: 24
MUB.TO Calmar Ratio Rank: 34
MUB.TO Martin Ratio Rank: 29

QQQQ.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. QQQQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Unconstrained Bond ETF (MUB.TO) and Mackenzie NASDAQ 100 Index ETF (QQQQ.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	QQQQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.85	—	—
Sortino ratio: Return per unit of downside risk	1.24	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	1.46	—	—
Martin ratio: Return relative to average drawdown	3.45	—	—

Drawdowns

MUB.TO vs. QQQQ.TO - Drawdown Comparison

The maximum MUB.TO drawdown since its inception was -13.12%, which is greater than QQQQ.TO's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for MUB.TO and QQQQ.TO.

Drawdown Indicators

	MUB.TO	QQQQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.12%	-12.27%	-0.85%
Max Drawdown (1Y) Largest decline over 1 year	-1.99%	—	—
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 Drawdown Current decline from peak	-0.98%	-3.73%	+2.75%
Average Drawdown Average peak-to-trough decline	-2.33%	-3.16%	+0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	—	—

Volatility

Volatility by Period

	MUB.TO	QQQQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	19.66%	-16.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.32%	19.66%	-13.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.77%	19.66%	-12.89%

Dividends

MUB.TO vs. QQQQ.TO - Dividend Comparison

MUB.TO's dividend yield for the trailing twelve months is around 4.49%, more than QQQQ.TO's 0.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	0.09%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MUB.TO and QQQQ.TO in my portfolio?

MUB.TO and QQQQ.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between MUB.TO and QQQQ.TO?

MUB.TO is categorized as Nontraditional Bonds, while QQQQ.TO is Nasdaq-100.