PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
QBB.TO vs. HBB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QBB.TO vs. HBB.TO

Last updated Jul 16, 2026
Documentation

QBB.TO (Mackenzie Canadian Aggregate Bond Index ETF) and HBB.TO (Global X Canadian Select Universe Bond Index Corporate Class ETF) are both Total Bond Market funds. QBB.TO is actively managed, while HBB.TO is passively managed. Over the past 5 years, QBB.TO returned 0.41%/yr vs -0.04%/yr for HBB.TO. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

QBB.TO vs. HBB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie Canadian Aggregate Bond Index ETF (QBB.TO) and Global X Canadian Select Universe Bond Index Corporate Class ETF (HBB.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, QBB.TO achieves a 0.99% return, which is significantly lower than HBB.TO's 1.06% return.

QBB.TO

1D
0.02%
1M
-0.68%
6M
0.45%
YTD
0.99%
1Y
4.09%
3Y*
4.18%
5Y*
0.41%
10Y*
—

HBB.TO

1D
0.24%
1M
-0.51%
6M
0.42%
YTD
1.06%
1Y
3.95%
3Y*
3.71%
5Y*
-0.04%
10Y*
1.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QBB.TO vs. HBB.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
QBB.TO
Mackenzie Canadian Aggregate Bond Index ETF		0.99%2.70%3.90%7.16%-11.56%-2.12%6.73%7.32%2.61%
HBB.TO
Global X Canadian Select Universe Bond Index Corporate Class ETF		1.06%1.84%3.96%5.76%-11.94%-2.35%8.33%5.81%2.65%

Correlation

The correlation between QBB.TO and HBB.TO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.81

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

0.87

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

0.79

Correlation (All Time)
Calculated using the full available price history since Feb 20, 2018

0.65

The correlation between QBB.TO and HBB.TO shifts across timeframes, from 0.65 (all time) to 0.87 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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

Mackenzie Canadian Aggregate Bond Index ETF

Global X Canadian Select Universe Bond Index Corporate Class ETF

Often compared with HBB.TO:
HBB.TO vs. HSAV.TOHBB.TO vs. XAGG.TOHBB.TO vs. CHPS.TOHBB.TO vs. QQCL.TOHBB.TO vs. USCL.TOHBB.TO vs. HXS.TOHBB.TO vs. CASH.TO

Return for Risk

QBB.TO vs. HBB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QBB.TO
QBB.TO Risk / Return Rank: 3232
Overall Rank
QBB.TO Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
QBB.TO Sortino Ratio Rank: 3030
Sortino Ratio Rank
QBB.TO Omega Ratio Rank: 3131
Omega Ratio Rank
QBB.TO Calmar Ratio Rank: 3434
Calmar Ratio Rank
QBB.TO Martin Ratio Rank: 3131
Martin Ratio Rank
HBB.TO
HBB.TO Risk / Return Rank: 2929
Overall Rank
HBB.TO Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
HBB.TO Sortino Ratio Rank: 2626
Sortino Ratio Rank
HBB.TO Omega Ratio Rank: 2727
Omega Ratio Rank
HBB.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
HBB.TO Martin Ratio Rank: 2929
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.

QBB.TO vs. HBB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Canadian Aggregate Bond Index ETF (QBB.TO) and Global X Canadian Select Universe Bond Index Corporate Class ETF (HBB.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.

QBB.TOHBB.TODifference
Sharpe ratioReturn per unit of total volatility
0.99
0.91

+0.09

Sortino ratioReturn per unit of downside risk
1.42
1.25

+0.17

Omega ratioGain probability vs. loss probability

1.18

1.16

+0.02

Calmar ratioReturn relative to maximum drawdown

1.46

1.43

+0.03

Martin ratioReturn relative to average drawdown

3.72

3.44

+0.28

QBB.TO vs. HBB.TO - Sharpe Ratio Comparison

The current QBB.TO Sharpe Ratio is 0.99, which is comparable to the HBB.TO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of QBB.TO and HBB.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.

Loading charts...

Drawdowns

QBB.TO vs. HBB.TO - Drawdown Comparison

The maximum QBB.TO drawdown since its inception was -16.70%, smaller than the maximum HBB.TO drawdown of -18.23%. Use the drawdown chart below to compare losses from any high point for QBB.TO and HBB.TO.

Loading charts...

Drawdown Indicators

QBB.TOHBB.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.70%

-18.23%

+1.53%

Max Drawdown (1Y)

Largest decline over 1 year

-2.81%

-2.78%

-0.03%

Max Drawdown (3Y)

Largest decline over 3 years

-4.21%

-5.16%

+0.95%

Max Drawdown (5Y)

Largest decline over 5 years

-15.32%

-16.19%

+0.87%

Max Drawdown (10Y)

Largest decline over 10 years

—

-18.23%

—

Current Drawdown

Current decline from peak

-1.16%

-3.37%

+2.21%

Average Drawdown

Average peak-to-trough decline

-4.62%

-4.57%

-0.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.10%

1.15%

-0.05%

Volatility

QBB.TO vs. HBB.TO - Volatility Comparison

The current volatility for Mackenzie Canadian Aggregate Bond Index ETF (QBB.TO) is 1.10%, while Global X Canadian Select Universe Bond Index Corporate Class ETF (HBB.TO) has a volatility of 1.20%. This indicates that QBB.TO experiences smaller price fluctuations and is considered to be less risky than HBB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

QBB.TOHBB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.10%

1.20%

-0.10%

Volatility (6M)

Calculated over the trailing 6-month period

3.23%

3.45%

-0.22%

Volatility (1Y)

Calculated over the trailing 1-year period

4.18%

4.43%

-0.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.15%

6.55%

-0.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.26%

7.09%

-0.83%

Dividends

QBB.TO vs. HBB.TO - Dividend Comparison

QBB.TO's dividend yield for the trailing twelve months is around 3.16%, while HBB.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
HBB.TO
Global X Canadian Select Universe Bond Index Corporate Class ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
QBB.TO
Mackenzie Canadian Aggregate Bond Index ETF		3.16%3.22%3.00%2.72%2.42%2.64%2.26%2.72%2.62%

Frequently Asked Questions

QBB.TO and HBB.TO have a correlation of 0.81, 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 Global X.

Portfolio Optimizer

Find the right allocation for QBB.TO and HBB.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer