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QSB.TO vs. MUB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QSB.TO vs. MUB.TO

Last updated Jul 16, 2026
Documentation

QSB.TO (Mackenzie Canadian Short-Term Bond Index ETF) and MUB.TO (Mackenzie Unconstrained Bond ETF) are both exchange-traded funds - QSB.TO is a Short-Term Bond 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, QSB.TO returned 2.19%/yr vs 1.74%/yr for MUB.TO. At a 0.17 correlation, their price movements are largely independent.

Performance

QSB.TO vs. MUB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie Canadian Short-Term Bond Index ETF (QSB.TO) and Mackenzie Unconstrained Bond ETF (MUB.TO). The values are adjusted to include any dividend payments, if applicable.

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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 MUB.TO's 0.52% 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*
—

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

QSB.TO vs. MUB.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
QSB.TO
Mackenzie Canadian Short-Term Bond Index ETF		1.16%3.74%5.59%5.22%-3.90%-1.16%4.58%4.15%0.90%
MUB.TO
Mackenzie Unconstrained Bond ETF		0.52%4.32%5.19%6.36%-7.06%-0.79%5.91%5.34%1.02%

Correlation

The correlation between QSB.TO and MUB.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.34

Correlation (3Y)
Calculated over the trailing 3-year period

0.31

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (All Time)
Calculated using the full available price history since Jan 29, 2018

0.17

The correlation between QSB.TO and MUB.TO shifts across timeframes, from 0.17 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.

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Mackenzie Canadian Short-Term Bond Index ETF

Mackenzie Unconstrained Bond ETF

Return for Risk

QSB.TO vs. MUB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QSB.TO
QSB.TO Risk / Return Rank: 6161
Overall Rank
QSB.TO Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
QSB.TO Sortino Ratio Rank: 5656
Sortino Ratio Rank
QSB.TO Omega Ratio Rank: 6868
Omega Ratio Rank
QSB.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
QSB.TO Martin Ratio Rank: 6060
Martin Ratio Rank
MUB.TO
MUB.TO Risk / Return Rank: 2828
Overall Rank
MUB.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
MUB.TO Sortino Ratio Rank: 2626
Sortino Ratio Rank
MUB.TO Omega Ratio Rank: 2424
Omega Ratio Rank
MUB.TO Calmar Ratio Rank: 3434
Calmar Ratio Rank
MUB.TO Martin Ratio Rank: 2929
Martin Ratio Rank
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.

QSB.TO vs. MUB.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 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.

QSB.TOMUB.TODifference
Sharpe ratioReturn per unit of total volatility
1.58
0.85

+0.73

Sortino ratioReturn per unit of downside risk
2.22
1.24

+0.98

Omega ratioGain probability vs. loss probability

1.33

1.15

+0.18

Calmar ratioReturn relative to maximum drawdown

2.56

1.46

+1.10

Martin ratioReturn relative to average drawdown

8.60

3.45

+5.15

QSB.TO vs. MUB.TO - Sharpe Ratio Comparison

The current QSB.TO Sharpe Ratio is 1.58, which is higher than the MUB.TO Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of QSB.TO and MUB.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.

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Drawdowns

QSB.TO vs. MUB.TO - Drawdown Comparison

The maximum QSB.TO drawdown since its inception was -6.73%, smaller than the maximum MUB.TO drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for QSB.TO and MUB.TO.

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Drawdown Indicators

QSB.TOMUB.TODifference

Max Drawdown

Largest peak-to-trough decline

-6.73%

-13.12%

+6.39%

Max Drawdown (1Y)

Largest decline over 1 year

-1.26%

-1.99%

+0.73%

Max Drawdown (3Y)

Largest decline over 3 years

-1.26%

-3.21%

+1.95%

Max Drawdown (5Y)

Largest decline over 5 years

-6.72%

-11.78%

+5.06%

Max Drawdown (10Y)

Largest decline over 10 years

—

-13.12%

—

Current Drawdown

Current decline from peak

-0.37%

-0.98%

+0.61%

Average Drawdown

Average peak-to-trough decline

-1.14%

-2.33%

+1.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.38%

0.84%

-0.46%

Volatility

QSB.TO vs. MUB.TO - Volatility Comparison

The current volatility for Mackenzie Canadian Short-Term Bond Index ETF (QSB.TO) is 0.51%, while Mackenzie Unconstrained Bond ETF (MUB.TO) has a volatility of 1.46%. This indicates that QSB.TO experiences smaller price fluctuations and is considered to be less risky 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

QSB.TOMUB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.51%

1.46%

-0.95%

Volatility (6M)

Calculated over the trailing 6-month period

1.62%

2.65%

-1.03%

Volatility (1Y)

Calculated over the trailing 1-year period

2.05%

3.42%

-1.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.57%

6.32%

-3.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.45%

6.77%

-4.32%

Dividends

QSB.TO vs. MUB.TO - Dividend Comparison

QSB.TO's dividend yield for the trailing twelve months is around 2.83%, less than MUB.TO's 4.49% yield.

PositionTTM2025202420232022202120202019201820172016
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%
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%0.00%0.00%

Frequently Asked Questions

QSB.TO and MUB.TO have a correlation of 0.34, 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 MUB.TO is Nontraditional Bonds.

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