QEBL.TO vs. MGB.TO
QEBL.TO (Mackenzie Emerging Markets Local Currency Bond Index ETF) and MGB.TO (Mackenzie Core Plus Global Fixed Income ETF) are both exchange-traded funds - QEBL.TO is a Emerging Markets Bonds fund tracking the Solactive EM Local Currency Government Bond Select NTR Index, while MGB.TO is a Global Bonds fund actively managed by Mackenzie. QEBL.TO is passively managed, while MGB.TO is actively managed. Over the past 5 years, QEBL.TO returned 5.61%/yr vs -0.01%/yr for MGB.TO. Their 0.07 correlation means their historical movements had little consistent relationship. QEBL.TO charges 0.52%/yr vs 0.55%/yr for MGB.TO.
Performance
QEBL.TO vs. MGB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, QEBL.TO achieves a 2.09% return, which is significantly higher than MGB.TO's -0.53% return.
QEBL.TO
- 1D
- -0.30%
- 1M
- -1.87%
- 6M
- 0.85%
- YTD
- 2.09%
- 1Y
- 6.47%
- 3Y*
- 9.89%
- 5Y*
- 5.61%
- 10Y*
- —
- ALL TIME*
- 3.64%
MGB.TO
- 1D
- -0.25%
- 1M
- -1.31%
- 6M
- -0.28%
- YTD
- -0.53%
- 1Y
- 1.62%
- 3Y*
- 3.04%
- 5Y*
- -0.01%
- 10Y*
- 1.10%
- ALL TIME*
- 1.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$42.28K | CA$34.97K | CA$32.97K | |
| CA$47.19K | CA$42.10K | CA$41.42K |
QEBL.TO vs. MGB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF | 2.09% | 12.49% | 9.72% | 12.50% | -4.47% | -9.10% | 1.38% | 2.04% |
MGB.TO Mackenzie Core Plus Global Fixed Income ETF | -0.53% | 4.03% | 2.83% | 6.86% | -11.24% | -2.92% | 8.47% | 0.84% |
Correlation
The correlation between QEBL.TO and MGB.TO is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2019 | 0.07 |
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Return for Risk
QEBL.TO vs. MGB.TO — Risk / Return Rank
QEBL.TO
MGB.TO
QEBL.TO vs. MGB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL.TO) and Mackenzie Core Plus Global Fixed Income ETF (MGB.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.
| QEBL.TO | MGB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.05 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 0.48 | +0.56 |
| Martin ratioReturn relative to average drawdown | 3.11 | 1.03 | +2.08 |
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Drawdowns
QEBL.TO vs. MGB.TO - Drawdown Comparison
The maximum QEBL.TO drawdown since its inception was -22.20%, which is greater than MGB.TO's maximum drawdown of -17.54%. Use the drawdown chart below to compare losses from any high point for QEBL.TO and MGB.TO.
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Drawdown Indicators
| QEBL.TO | MGB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.20% | -17.54% | -4.66% |
Max Drawdown (1Y)Largest decline over 1 year | -6.24% | -3.39% | -2.85% |
Max Drawdown (3Y)Largest decline over 3 years | -7.01% | -4.25% | -2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -18.17% | -16.67% | -1.50% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.54% | — |
Current DrawdownCurrent decline from peak | -2.24% | -2.46% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -5.72% | -4.12% | -1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.08% | 1.57% | +0.51% |
Volatility
QEBL.TO vs. MGB.TO - Volatility Comparison
Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL.TO) has a higher volatility of 3.50% compared to Mackenzie Core Plus Global Fixed Income ETF (MGB.TO) at 1.69%. This indicates that QEBL.TO's price experiences larger fluctuations and is considered to be riskier than MGB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QEBL.TO | MGB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 1.69% | +1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 7.22% | 4.49% | +2.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.70% | 5.80% | +2.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.20% | 7.37% | +2.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.64% | 7.07% | +3.57% |
QEBL.TO vs. MGB.TO - Expense Ratio Comparison
QEBL.TO has a 0.52% expense ratio, which is lower than MGB.TO's 0.55% expense ratio.
Dividends
QEBL.TO vs. MGB.TO - Dividend Comparison
QEBL.TO's dividend yield for the trailing twelve months is around 5.30%, more than MGB.TO's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MGB.TO Mackenzie Core Plus Global Fixed Income ETF | 3.69% | 4.33% | 4.74% | 4.62% | 6.10% | 3.08% | 2.00% | 2.99% | 4.07% | 2.77% | 2.06% |
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF | 5.30% | 5.45% | 4.83% | 22.34% | 4.45% | 4.64% | 4.65% | 0.69% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QEBL.TO and MGB.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QEBL.TO is cheaper at 0.52% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QEBL.TO is cheaper with a 0.52% expense ratio, compared with 0.55% for MGB.TO.
QEBL.TO is categorized as Emerging Markets Bonds, while MGB.TO is Global Bonds. Their fees differ too: 0.52% for QEBL.TO and 0.55% for MGB.TO.
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