QSB.TO vs. HBIL.TO
QSB.TO (Mackenzie Canadian Short-Term Bond Index ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both exchange-traded funds - QSB.TO is a Short-Term Bond fund actively managed by Mackenzie, while HBIL.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past year, QSB.TO returned 3.22% vs 2.41% for HBIL.TO. At a 0.37 correlation, their price movements are largely independent.
Performance
QSB.TO vs. HBIL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, QSB.TO achieves a 1.16% return, which is significantly higher than HBIL.TO's 0.55% return.
QSB.TO
- 1D
- -0.02%
- 1M
- -0.19%
- 6M
- 0.74%
- YTD
- 1.16%
- 1Y
- 3.22%
- 3Y*
- 4.83%
- 5Y*
- 2.19%
- 10Y*
- —
HBIL.TO
- 1D
- 0.07%
- 1M
- -0.18%
- 6M
- 0.27%
- YTD
- 0.55%
- 1Y
- 2.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QSB.TO vs. HBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QSB.TO Mackenzie Canadian Short-Term Bond Index ETF | 1.16% | 3.74% | 0.95% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 0.55% | 3.04% | -1.22% |
Correlation
The correlation between QSB.TO and HBIL.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024 | 0.37 |
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Return for Risk
QSB.TO vs. HBIL.TO — Risk / Return Rank
QSB.TO
HBIL.TO
QSB.TO vs. HBIL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mackenzie Canadian Short-Term Bond Index ETF (QSB.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.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.
| QSB.TO | HBIL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.29 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.54 | +0.02 |
| Martin ratioReturn relative to average drawdown | 8.60 | 7.69 | +0.91 |
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Drawdowns
QSB.TO vs. HBIL.TO - Drawdown Comparison
The maximum QSB.TO drawdown since its inception was -6.73%, which is greater than HBIL.TO's maximum drawdown of -1.66%. Use the drawdown chart below to compare losses from any high point for QSB.TO and HBIL.TO.
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Drawdown Indicators
| QSB.TO | HBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.73% | -1.66% | -5.07% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -0.95% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -1.26% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -6.72% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -0.52% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -0.47% | -0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.31% | +0.07% |
Volatility
QSB.TO vs. HBIL.TO - Volatility Comparison
The current volatility for Mackenzie Canadian Short-Term Bond Index ETF (QSB.TO) is 0.51%, while Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) has a volatility of 0.83%. This indicates that QSB.TO experiences smaller price fluctuations and is considered to be less risky than HBIL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QSB.TO | HBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.51% | 0.83% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 1.45% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.05% | 1.76% | +0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.57% | 2.07% | +0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.45% | 2.07% | +0.38% |
Dividends
QSB.TO vs. HBIL.TO - Dividend Comparison
QSB.TO's dividend yield for the trailing twelve months is around 2.83%, less than HBIL.TO's 6.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 6.25% | 7.48% | 2.58% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QSB.TO Mackenzie Canadian Short-Term Bond Index ETF | 2.83% | 2.96% | 3.13% | 2.63% | 2.02% | 2.21% | 1.60% | 2.22% | 1.91% |
Frequently Asked Questions
QSB.TO and HBIL.TO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QSB.TO is categorized as Short-Term Bond, while HBIL.TO is Derivative Income. They also come from different issuers: Mackenzie and Hamilton Capital.
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