QEBL.TO vs. MUB.TO
QEBL.TO (Mackenzie Emerging Markets Local Currency Bond Index ETF) and MUB.TO (Mackenzie Unconstrained Bond ETF) are both exchange-traded funds - QEBL.TO is a Emerging Markets Bonds fund actively managed by Mackenzie, while MUB.TO is a Nontraditional Bonds fund actively managed by Mackenzie. Both are actively managed. Over the past 5 years, QEBL.TO returned 6.34%/yr vs 1.74%/yr for MUB.TO. At a 0.09 correlation, their price movements are largely independent.
Performance
QEBL.TO vs. MUB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, QEBL.TO achieves a 3.20% return, which is significantly higher than MUB.TO's 0.52% return.
QEBL.TO
- 1D
- -0.08%
- 1M
- 0.18%
- 6M
- 1.26%
- YTD
- 3.20%
- 1Y
- 7.60%
- 3Y*
- 10.31%
- 5Y*
- 6.34%
- 10Y*
- —
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%
QEBL.TO vs. MUB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF | 3.20% | 12.49% | 9.72% | 12.50% | -3.05% | -7.85% | 1.00% | 2.04% |
MUB.TO Mackenzie Unconstrained Bond ETF | 0.52% | 4.32% | 5.19% | 6.36% | -7.06% | -0.79% | 5.91% | 1.06% |
Correlation
The correlation between QEBL.TO and MUB.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2019 | 0.09 |
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Return for Risk
QEBL.TO vs. MUB.TO — Risk / Return Rank
QEBL.TO
MUB.TO
QEBL.TO vs. MUB.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 Unconstrained Bond ETF (MUB.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 | MUB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.15 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | 1.46 | -0.24 |
| Martin ratioReturn relative to average drawdown | 3.73 | 3.45 | +0.28 |
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Drawdowns
QEBL.TO vs. MUB.TO - Drawdown Comparison
The maximum QEBL.TO drawdown since its inception was -20.84%, which is greater than MUB.TO's maximum drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for QEBL.TO and MUB.TO.
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Drawdown Indicators
| QEBL.TO | MUB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.84% | -13.12% | -7.72% |
Max Drawdown (1Y)Largest decline over 1 year | -6.24% | -1.99% | -4.25% |
Max Drawdown (3Y)Largest decline over 3 years | -7.01% | -3.21% | -3.80% |
Max Drawdown (5Y)Largest decline over 5 years | -17.35% | -11.78% | -5.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.12% | — |
Current DrawdownCurrent decline from peak | -1.18% | -0.98% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -5.16% | -2.33% | -2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 0.84% | +1.20% |
Volatility
QEBL.TO vs. MUB.TO - Volatility Comparison
Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL.TO) has a higher volatility of 2.50% compared to Mackenzie Unconstrained Bond ETF (MUB.TO) at 1.46%. This indicates that QEBL.TO's price experiences larger fluctuations and is considered to be riskier than MUB.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 | MUB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 1.46% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 6.78% | 2.65% | +4.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.41% | 3.42% | +4.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.13% | 6.32% | +3.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.56% | 6.77% | +3.79% |
Dividends
QEBL.TO vs. MUB.TO - Dividend Comparison
QEBL.TO's dividend yield for the trailing twelve months is around 5.25%, more than MUB.TO's 4.49% 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% |
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF | 5.25% | 5.45% | 4.83% | 22.34% | 5.90% | 6.08% | 4.30% | 0.69% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QEBL.TO and MUB.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QEBL.TO is categorized as Emerging Markets Bonds, while MUB.TO is Nontraditional Bonds.
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