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VAB.TO vs. MKB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VAB.TO vs. MKB.TO

Last updated Jul 16, 2026
Documentation

VAB.TO (Vanguard Canadian Aggregate Bond Index ETF) and MKB.TO (Mackenzie Canadian Strategic Fixed Income ETF) are both Total Bond Market funds. VAB.TO is passively managed, while MKB.TO is actively managed. Over the past 10 years, VAB.TO returned 1.43%/yr vs 1.66%/yr for MKB.TO. A 0.67 correlation means they provide meaningful diversification when combined.

Performance

VAB.TO vs. MKB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Canadian Aggregate Bond Index ETF (VAB.TO) and Mackenzie Canadian Strategic Fixed Income ETF (MKB.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, VAB.TO achieves a 1.23% return, which is significantly lower than MKB.TO's 1.45% return. Over the past 10 years, VAB.TO has underperformed MKB.TO with an annualized return of 1.43%, while MKB.TO has yielded a comparatively higher 1.66% annualized return.

VAB.TO

1D
0.26%
1M
-0.49%
6M
0.66%
YTD
1.23%
1Y
4.33%
3Y*
4.15%
5Y*
0.31%
10Y*
1.43%

MKB.TO

1D
0.26%
1M
-0.33%
6M
0.56%
YTD
1.45%
1Y
4.73%
3Y*
4.44%
5Y*
0.68%
10Y*
1.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VAB.TO vs. MKB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VAB.TO
Vanguard Canadian Aggregate Bond Index ETF		1.23%2.28%3.98%6.90%-11.86%-2.88%8.27%6.78%1.14%2.54%
MKB.TO
Mackenzie Canadian Strategic Fixed Income ETF		1.45%2.54%4.70%6.67%-11.07%-2.34%8.29%6.55%-1.13%2.87%

Correlation

The correlation between VAB.TO and MKB.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.90

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

0.90

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

0.87

Correlation (10Y)
Calculated over the trailing 10-year period

0.68

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2016

0.67

Over the past year, VAB.TO and MKB.TO have become more correlated (0.90) than their long-term average of 0.67, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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

Vanguard Canadian Aggregate Bond Index ETF

Mackenzie Canadian Strategic Fixed Income ETF

Often compared with VAB.TO:
VAB.TO vs. ZAG.TOVAB.TO vs. XBB.TOVAB.TO vs. XCB.TOVAB.TO vs. VSB.TOVAB.TO vs. VFV.TOVAB.TO vs. VEQT.TOVAB.TO vs. TLT

Return for Risk

VAB.TO vs. MKB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VAB.TO
VAB.TO Risk / Return Rank: 3333
Overall Rank
VAB.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
VAB.TO Sortino Ratio Rank: 3030
Sortino Ratio Rank
VAB.TO Omega Ratio Rank: 3232
Omega Ratio Rank
VAB.TO Calmar Ratio Rank: 3737
Calmar Ratio Rank
VAB.TO Martin Ratio Rank: 3232
Martin Ratio Rank
MKB.TO
MKB.TO Risk / Return Rank: 3535
Overall Rank
MKB.TO Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
MKB.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
MKB.TO Omega Ratio Rank: 3434
Omega Ratio Rank
MKB.TO Calmar Ratio Rank: 3636
Calmar Ratio Rank
MKB.TO Martin Ratio Rank: 3333
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.

VAB.TO vs. MKB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Canadian Aggregate Bond Index ETF (VAB.TO) and Mackenzie Canadian Strategic Fixed Income ETF (MKB.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.

VAB.TOMKB.TODifference
Sharpe ratioReturn per unit of total volatility
1.01
1.13

-0.13

Sortino ratioReturn per unit of downside risk
1.38
1.63

-0.25

Omega ratioGain probability vs. loss probability

1.18

1.20

-0.02

Calmar ratioReturn relative to maximum drawdown

1.53

1.59

-0.05

Martin ratioReturn relative to average drawdown

3.85

4.11

-0.26

VAB.TO vs. MKB.TO - Sharpe Ratio Comparison

The current VAB.TO Sharpe Ratio is 1.01, which is comparable to the MKB.TO Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of VAB.TO and MKB.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

VAB.TO vs. MKB.TO - Drawdown Comparison

The maximum VAB.TO drawdown since its inception was -18.39%, smaller than the maximum MKB.TO drawdown of -19.78%. Use the drawdown chart below to compare losses from any high point for VAB.TO and MKB.TO.

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Drawdown Indicators

VAB.TOMKB.TODifference

Max Drawdown

Largest peak-to-trough decline

-18.39%

-19.78%

+1.39%

Max Drawdown (1Y)

Largest decline over 1 year

-2.83%

-2.99%

+0.16%

Max Drawdown (3Y)

Largest decline over 3 years

-4.84%

-4.67%

-0.17%

Max Drawdown (5Y)

Largest decline over 5 years

-15.82%

-16.05%

+0.23%

Max Drawdown (10Y)

Largest decline over 10 years

-18.39%

-19.78%

+1.39%

Current Drawdown

Current decline from peak

-2.29%

-1.68%

-0.61%

Average Drawdown

Average peak-to-trough decline

-4.06%

-5.55%

+1.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.13%

1.15%

-0.02%

Volatility

VAB.TO vs. MKB.TO - Volatility Comparison

Vanguard Canadian Aggregate Bond Index ETF (VAB.TO) and Mackenzie Canadian Strategic Fixed Income ETF (MKB.TO) have volatilities of 1.24% and 1.28%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VAB.TOMKB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.24%

1.28%

-0.04%

Volatility (6M)

Calculated over the trailing 6-month period

3.42%

3.16%

+0.26%

Volatility (1Y)

Calculated over the trailing 1-year period

4.37%

4.23%

+0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.58%

6.39%

+0.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.46%

11.96%

-5.50%

Dividends

VAB.TO vs. MKB.TO - Dividend Comparison

VAB.TO's dividend yield for the trailing twelve months is around 3.35%, less than MKB.TO's 3.50% yield.

PositionTTM20252024202320222021202020192018201720162015
MKB.TO
Mackenzie Canadian Strategic Fixed Income ETF		3.50%3.75%3.45%2.98%2.86%2.16%2.11%2.44%3.02%2.19%1.78%0.00%
VAB.TO
Vanguard Canadian Aggregate Bond Index ETF		3.35%3.33%3.19%2.95%2.87%2.48%2.51%2.65%2.80%2.99%2.75%2.79%

Frequently Asked Questions

VAB.TO and MKB.TO have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Vanguard and Mackenzie.

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