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

QSB.TO vs. QDXH.TO

Last updated Jul 16, 2026
Documentation

QSB.TO (Mackenzie Canadian Short-Term Bond Index ETF) and QDXH.TO (Mackenzie International Equity Index ETF (CAD-Hedged)) are both exchange-traded funds - QSB.TO is a Short-Term Bond fund actively managed by Mackenzie, while QDXH.TO is a International Equity fund tracking the Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index. QSB.TO is actively managed, while QDXH.TO is passively managed. Over the past 5 years, QSB.TO returned 2.19%/yr vs 12.25%/yr for QDXH.TO. At a 0.03 correlation, their price movements are largely independent.

Performance

QSB.TO vs. QDXH.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 International Equity Index ETF (CAD-Hedged) (QDXH.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 lower than QDXH.TO's 12.19% 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*
—

QDXH.TO

1D
-0.27%
1M
5.09%
6M
8.51%
YTD
12.19%
1Y
25.56%
3Y*
17.95%
5Y*
12.25%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

QSB.TO vs. QDXH.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%
QDXH.TO
Mackenzie International Equity Index ETF (CAD-Hedged)		12.19%21.99%13.25%14.25%-2.55%20.52%-0.42%20.43%-12.12%

Correlation

The correlation between QSB.TO and QDXH.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.13

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

0.05

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

0.03

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

0.03

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Mackenzie Canadian Short-Term Bond Index ETF

Mackenzie International Equity Index ETF (CAD-Hedged)

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Return for Risk

QSB.TO vs. QDXH.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
QDXH.TO
QDXH.TO Risk / Return Rank: 8282
Overall Rank
QDXH.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
QDXH.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
QDXH.TO Omega Ratio Rank: 9696
Omega Ratio Rank
QDXH.TO Calmar Ratio Rank: 6464
Calmar Ratio Rank
QDXH.TO Martin Ratio Rank: 7474
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. QDXH.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 International Equity Index ETF (CAD-Hedged) (QDXH.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.TOQDXH.TODifference
Sharpe ratioReturn per unit of total volatility
1.58
2.14

-0.56

Sortino ratioReturn per unit of downside risk
2.22
3.64

-1.42

Omega ratioGain probability vs. loss probability

1.33

1.66

-0.33

Calmar ratioReturn relative to maximum drawdown

2.56

2.61

-0.05

Martin ratioReturn relative to average drawdown

8.60

10.92

-2.32

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

The current QSB.TO Sharpe Ratio is 1.58, which is comparable to the QDXH.TO Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of QSB.TO and QDXH.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. QDXH.TO - Drawdown Comparison

The maximum QSB.TO drawdown since its inception was -6.73%, smaller than the maximum QDXH.TO drawdown of -31.75%. Use the drawdown chart below to compare losses from any high point for QSB.TO and QDXH.TO.

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Drawdown Indicators

QSB.TOQDXH.TODifference

Max Drawdown

Largest peak-to-trough decline

-6.73%

-31.75%

+25.02%

Max Drawdown (1Y)

Largest decline over 1 year

-1.26%

-9.85%

+8.59%

Max Drawdown (3Y)

Largest decline over 3 years

-1.26%

-13.49%

+12.23%

Max Drawdown (5Y)

Largest decline over 5 years

-6.72%

-15.79%

+9.07%

Current Drawdown

Current decline from peak

-0.37%

-0.80%

+0.43%

Average Drawdown

Average peak-to-trough decline

-1.14%

-3.83%

+2.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.38%

2.35%

-1.97%

Volatility

QSB.TO vs. QDXH.TO - Volatility Comparison

The current volatility for Mackenzie Canadian Short-Term Bond Index ETF (QSB.TO) is 0.51%, while Mackenzie International Equity Index ETF (CAD-Hedged) (QDXH.TO) has a volatility of 4.54%. This indicates that QSB.TO experiences smaller price fluctuations and is considered to be less risky than QDXH.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.TOQDXH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.51%

4.54%

-4.03%

Volatility (6M)

Calculated over the trailing 6-month period

1.62%

10.28%

-8.66%

Volatility (1Y)

Calculated over the trailing 1-year period

2.05%

11.99%

-9.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.57%

12.72%

-10.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.45%

15.43%

-12.98%

Dividends

QSB.TO vs. QDXH.TO - Dividend Comparison

QSB.TO's dividend yield for the trailing twelve months is around 2.83%, more than QDXH.TO's 2.29% yield.

PositionTTM20252024202320222021202020192018
QDXH.TO
Mackenzie International Equity Index ETF (CAD-Hedged)		2.29%2.41%2.64%2.76%2.92%2.28%1.96%2.65%3.13%
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 QDXH.TO have a correlation of 0.13, 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 QDXH.TO is International Equity.

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