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QBB.TO vs. MCSB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QBB.TO vs. MCSB.TO

Last updated Jul 18, 2026
Documentation

QBB.TO (Mackenzie Canadian Aggregate Bond Index ETF) and MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) are both exchange-traded funds - QBB.TO is a Total Bond Market fund actively managed by Mackenzie, while MCSB.TO is a Short-Term Bond fund actively managed by Mackenzie. Both are actively managed. Over the past 5 years, QBB.TO returned 0.42%/yr vs 5.01%/yr for MCSB.TO. At a 0.31 correlation, their price movements are largely independent.

Performance

QBB.TO vs. MCSB.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 Mackenzie Canadian Short Term Fixed Income ETF (MCSB.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, QBB.TO achieves a 1.03% return, which is significantly lower than MCSB.TO's 1.52% return.

QBB.TO

1D
0.08%
1M
-0.59%
6M
0.56%
YTD
1.03%
1Y
4.11%
3Y*
4.21%
5Y*
0.42%
10Y*
—

MCSB.TO

1D
0.05%
1M
0.06%
6M
1.01%
YTD
1.52%
1Y
3.47%
3Y*
5.36%
5Y*
5.01%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
QBB.TO
Mackenzie Canadian Aggregate Bond Index ETF		1.03%2.70%3.90%7.16%-11.56%-2.12%6.73%7.32%2.61%
MCSB.TO
Mackenzie Canadian Short Term Fixed Income ETF		1.52%3.93%6.41%5.77%-4.18%11.34%5.66%3.79%1.78%

Correlation

The correlation between QBB.TO and MCSB.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.40

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

0.41

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

0.38

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

0.31

The correlation between QBB.TO and MCSB.TO shifts across timeframes, from 0.31 (all time) to 0.41 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Mackenzie Canadian Aggregate Bond Index ETF

Mackenzie Canadian Short Term Fixed Income ETF

Often compared with QBB.TO:
QBB.TO vs. DCU.TOQBB.TO vs. MKB.TOQBB.TO vs. RLB.TOQBB.TO vs. HBB.TOQBB.TO vs. VBU.NEOQBB.TO vs. QDXH.TOQBB.TO vs. QTIP.NEO
Often compared with MCSB.TO:
MCSB.TO vs. DCS.TOMCSB.TO vs. QSB.TOMCSB.TO vs. RUSB.TOMCSB.TO vs. TUSB.TOMCSB.TO vs. ZSDB.TOMCSB.TO vs. MUB.TOMCSB.TO vs. QCN.TO

Return for Risk

QBB.TO vs. MCSB.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: 3535
Overall Rank
QBB.TO Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
QBB.TO Sortino Ratio Rank: 3434
Sortino Ratio Rank
QBB.TO Omega Ratio Rank: 3535
Omega Ratio Rank
QBB.TO Calmar Ratio Rank: 3737
Calmar Ratio Rank
QBB.TO Martin Ratio Rank: 3333
Martin Ratio Rank
MCSB.TO
MCSB.TO Risk / Return Rank: 6262
Overall Rank
MCSB.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
MCSB.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
MCSB.TO Omega Ratio Rank: 6969
Omega Ratio Rank
MCSB.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
MCSB.TO Martin Ratio Rank: 5353
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. MCSB.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 Mackenzie Canadian Short Term Fixed Income ETF (MCSB.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.TOMCSB.TODifference
Sharpe ratioReturn per unit of total volatility
1.00
1.55

-0.55

Sortino ratioReturn per unit of downside risk
1.42
2.20

-0.77

Omega ratioGain probability vs. loss probability

1.18

1.31

-0.12

Calmar ratioReturn relative to maximum drawdown

1.47

2.34

-0.87

Martin ratioReturn relative to average drawdown

3.73

6.77

-3.05

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

The current QBB.TO Sharpe Ratio is 1.00, which is lower than the MCSB.TO Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of QBB.TO and MCSB.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

QBB.TO vs. MCSB.TO - Drawdown Comparison

The maximum QBB.TO drawdown since its inception was -16.70%, which is greater than MCSB.TO's maximum drawdown of -8.35%. Use the drawdown chart below to compare losses from any high point for QBB.TO and MCSB.TO.

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Drawdown Indicators

QBB.TOMCSB.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.70%

-8.35%

-8.35%

Max Drawdown (1Y)

Largest decline over 1 year

-2.81%

-1.49%

-1.32%

Max Drawdown (3Y)

Largest decline over 3 years

-4.21%

-1.49%

-2.72%

Max Drawdown (5Y)

Largest decline over 5 years

-15.32%

-6.24%

-9.08%

Current Drawdown

Current decline from peak

-1.12%

-0.29%

-0.83%

Average Drawdown

Average peak-to-trough decline

-4.62%

-1.05%

-3.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.11%

0.51%

+0.60%

Volatility

QBB.TO vs. MCSB.TO - Volatility Comparison

Mackenzie Canadian Aggregate Bond Index ETF (QBB.TO) has a higher volatility of 1.06% compared to Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) at 0.71%. This indicates that QBB.TO's price experiences larger fluctuations and is considered to be riskier than MCSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QBB.TOMCSB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.06%

0.71%

+0.35%

Volatility (6M)

Calculated over the trailing 6-month period

3.23%

1.62%

+1.61%

Volatility (1Y)

Calculated over the trailing 1-year period

4.14%

2.26%

+1.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.14%

6.42%

-0.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.25%

5.82%

+0.43%

Dividends

QBB.TO vs. MCSB.TO - Dividend Comparison

QBB.TO's dividend yield for the trailing twelve months is around 3.16%, more than MCSB.TO's 3.12% yield.

PositionTTM202520242023202220212020201920182017
MCSB.TO
Mackenzie Canadian Short Term Fixed Income ETF		3.12%3.16%3.17%3.18%2.47%12.93%2.47%2.31%2.91%0.14%
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%0.00%

Frequently Asked Questions

QBB.TO and MCSB.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QBB.TO is categorized as Total Bond Market, while MCSB.TO is Short-Term Bond.

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