QSB.TO vs. MAAA.TO
QSB.TO (Mackenzie Canadian Short-Term Bond Index ETF) and MAAA.TO (Mackenzie AAA CLO ETF) are both exchange-traded funds - QSB.TO is a Short-Term Bond fund actively managed by Mackenzie, while MAAA.TO is a CLO fund tracking the JPM CLOIE AAA Index (CAD-hedged). QSB.TO is actively managed, while MAAA.TO is passively managed. Over the past year, QSB.TO returned 3.22% vs 3.05% for MAAA.TO. At a correlation of -0.02, they often move in opposite directions.
Performance
QSB.TO vs. MAAA.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 lower than MAAA.TO's 1.33% 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*
- —
MAAA.TO
- 1D
- 0.04%
- 1M
- 0.04%
- 6M
- 1.25%
- YTD
- 1.33%
- 1Y
- 3.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QSB.TO vs. MAAA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QSB.TO Mackenzie Canadian Short-Term Bond Index ETF | 1.16% | 1.85% |
MAAA.TO Mackenzie AAA CLO ETF | 1.33% | 2.75% |
Correlation
The correlation between QSB.TO and MAAA.TO is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.02 |
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Return for Risk
QSB.TO vs. MAAA.TO — Risk / Return Rank
QSB.TO
MAAA.TO
QSB.TO vs. MAAA.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 Mackenzie AAA CLO ETF (MAAA.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 | MAAA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.58 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 6.02 | -3.46 |
| Martin ratioReturn relative to average drawdown | 8.60 | 21.59 | -12.99 |
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Drawdowns
QSB.TO vs. MAAA.TO - Drawdown Comparison
The maximum QSB.TO drawdown since its inception was -6.73%, which is greater than MAAA.TO's maximum drawdown of -0.51%. Use the drawdown chart below to compare losses from any high point for QSB.TO and MAAA.TO.
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Drawdown Indicators
| QSB.TO | MAAA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.73% | -0.51% | -6.22% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -0.51% | -0.75% |
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% | -0.24% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -0.09% | -1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.14% | +0.24% |
Volatility
QSB.TO vs. MAAA.TO - Volatility Comparison
Mackenzie Canadian Short-Term Bond Index ETF (QSB.TO) has a higher volatility of 0.51% compared to Mackenzie AAA CLO ETF (MAAA.TO) at 0.43%. This indicates that QSB.TO's price experiences larger fluctuations and is considered to be riskier than MAAA.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 | MAAA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.51% | 0.43% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 1.14% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.05% | 1.40% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.57% | 1.47% | +1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.45% | 1.47% | +0.98% |
Dividends
QSB.TO vs. MAAA.TO - Dividend Comparison
QSB.TO's dividend yield for the trailing twelve months is around 2.83%, less than MAAA.TO's 5.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MAAA.TO Mackenzie AAA CLO ETF | 5.09% | 3.01% | 0.00% | 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 MAAA.TO have a correlation of -0.04, 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 MAAA.TO is CLO.
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