QEBL.TO vs. QBB.TO

Last updated Jul 25, 2026

QEBL.TO (Mackenzie Emerging Markets Local Currency Bond Index ETF) and QBB.TO (Mackenzie Canadian Aggregate Bond Index 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 QBB.TO is a Total Bond Market fund actively managed by Mackenzie. QEBL.TO is passively managed, while QBB.TO is actively managed. Over the past 5 years, QEBL.TO returned 5.60%/yr vs 0.34%/yr for QBB.TO. At a 0.15 correlation, their price movements are largely independent.

Performance

QEBL.TO vs. QBB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL.TO) and Mackenzie Canadian Aggregate Bond Index ETF (QBB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QEBL.TO achieves a 1.70% return, which is significantly higher than QBB.TO's 0.84% return.

QEBL.TO

• 1D: -0.39%
• 1M: -1.40%
• 6M: 0.21%
• YTD: 1.70%
• 1Y: 5.46%
• 3Y*: 9.90%
• 5Y*: 5.60%
• 10Y*: —
• ALL TIME*: 3.59%

QBB.TO

• 1D: 0.29%
• 1M: -1.19%
• 6M: 0.50%
• YTD: 0.84%
• 1Y: 3.69%
• 3Y*: 4.39%
• 5Y*: 0.34%
• 10Y*: —
• ALL TIME*: 1.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QBB.TO Mackenzie Canadian Aggregate Bond Index ETF	CA$259.56K	CA$240.09K	CA$343.10K
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF	CA$39.76K	CA$38.00K	CA$39.68K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF	1.70%	12.49%	9.72%	12.50%	-4.47%	-9.10%	1.38%	2.04%
QBB.TO Mackenzie Canadian Aggregate Bond Index ETF	0.84%	2.70%	3.90%	7.16%	-11.56%	-2.12%	6.73%	0.97%

Correlation

The correlation between QEBL.TO and QBB.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Oct 24, 2019	0.15

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QEBL.TO

QEBL.TO Risk / Return Rank: 27
QEBL.TO Sharpe Ratio Rank: 27
QEBL.TO Sortino Ratio Rank: 26
QEBL.TO Omega Ratio Rank: 25
QEBL.TO Calmar Ratio Rank: 27
QEBL.TO Martin Ratio Rank: 29

QBB.TO

QBB.TO Risk / Return Rank: 35
QBB.TO Sharpe Ratio Rank: 35
QBB.TO Sortino Ratio Rank: 33
QBB.TO Omega Ratio Rank: 34
QBB.TO Calmar Ratio Rank: 37
QBB.TO Martin Ratio Rank: 34

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.

QEBL.TO vs. QBB.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 Canadian Aggregate Bond Index ETF (QBB.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	QBB.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.64	0.89	-0.25
Sortino ratio: Return per unit of downside risk	0.99	1.27	-0.28
Omega ratio: Gain probability vs. loss probability	1.12	1.16	-0.04
Calmar ratio: Return relative to maximum drawdown	0.88	1.32	-0.44
Martin ratio: Return relative to average drawdown	2.64	3.30	-0.66

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

The current QEBL.TO Sharpe Ratio is 0.64, which is comparable to the QBB.TO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of QEBL.TO and QBB.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.

Drawdowns

QEBL.TO vs. QBB.TO - Drawdown Comparison

The maximum QEBL.TO drawdown since its inception was -22.20%, which is greater than QBB.TO's maximum drawdown of -16.70%. Use the drawdown chart below to compare losses from any high point for QEBL.TO and QBB.TO.

Drawdown Indicators

	QEBL.TO	QBB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-22.20%	-16.70%	-5.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-2.81%	-3.43%
Max Drawdown (3Y) Largest decline over 3 years	-7.01%	-3.80%	-3.21%
Max Drawdown (5Y) Largest decline over 5 years	-18.17%	-15.32%	-2.85%
Current Drawdown Current decline from peak	-2.61%	-1.31%	-1.30%
Average Drawdown Average peak-to-trough decline	-5.73%	-4.61%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.12%	+0.95%

Volatility

QEBL.TO vs. QBB.TO - Volatility Comparison

Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL.TO) has a higher volatility of 3.12% compared to Mackenzie Canadian Aggregate Bond Index ETF (QBB.TO) at 1.10%. This indicates that QEBL.TO's price experiences larger fluctuations and is considered to be riskier than QBB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QEBL.TO	QBB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	1.10%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	7.06%	3.27%	+3.79%
Volatility (1Y) Calculated over the trailing 1-year period	8.58%	4.16%	+4.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.18%	6.14%	+4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.63%	6.25%	+4.38%

Dividends

QEBL.TO vs. QBB.TO - Dividend Comparison

QEBL.TO's dividend yield for the trailing twelve months is around 5.32%, more than QBB.TO's 3.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF	5.32%	5.45%	4.83%	22.34%	4.45%	4.64%	4.65%	0.69%	0.00%

Frequently Asked Questions

Can I hold both QEBL.TO and QBB.TO in my portfolio?

QEBL.TO and QBB.TO have a correlation of 0.15, 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 QEBL.TO and QBB.TO?

QEBL.TO is categorized as Emerging Markets Bonds, while QBB.TO is Total Bond Market.