VGAB.NEO vs. MGB.TO

Last updated Jul 16, 2026

VGAB.NEO (Vanguard Global Aggregate Bond Index ETF (CAD-hedged)) and MGB.TO (Mackenzie Core Plus Global Fixed Income ETF) are both Global Bonds funds. VGAB.NEO is passively managed, while MGB.TO is actively managed. Over the past 5 years, VGAB.NEO returned -1.44%/yr vs 0.03%/yr for MGB.TO. At a 0.46 correlation, their price movements are largely independent.

Performance

VGAB.NEO vs. MGB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Global Aggregate Bond Index ETF (CAD-hedged) (VGAB.NEO) and Mackenzie Core Plus Global Fixed Income ETF (MGB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGAB.NEO achieves a -0.48% return, which is significantly lower than MGB.TO's -0.02% return.

VGAB.NEO

• 1D: 0.05%
• 1M: -0.40%
• 6M: -0.96%
• YTD: -0.48%
• 1Y: 1.09%
• 3Y*: 2.12%
• 5Y*: -1.44%
• 10Y*: —

MGB.TO

• 1D: 0.13%
• 1M: 0.38%
• 6M: -0.27%
• YTD: -0.02%
• 1Y: 3.95%
• 3Y*: 3.28%
• 5Y*: 0.03%
• 10Y*: 1.30%

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

VGAB.NEO vs. MGB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VGAB.NEO Vanguard Global Aggregate Bond Index ETF (CAD-hedged)	-0.48%	2.58%	0.81%	5.90%	-13.57%	-2.59%	5.03%
MGB.TO Mackenzie Core Plus Global Fixed Income ETF	-0.02%	4.03%	2.83%	6.86%	-11.24%	-2.92%	7.91%

Correlation

The correlation between VGAB.NEO and MGB.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 17, 2020	0.46

The correlation between VGAB.NEO and MGB.TO shifts across timeframes, from 0.39 (1 year) to 0.52 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VGAB.NEO vs. MGB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VGAB.NEO

VGAB.NEO Risk / Return Rank: 13
VGAB.NEO Sharpe Ratio Rank: 14
VGAB.NEO Sortino Ratio Rank: 12
VGAB.NEO Omega Ratio Rank: 12
VGAB.NEO Calmar Ratio Rank: 14
VGAB.NEO Martin Ratio Rank: 14

MGB.TO

MGB.TO Risk / Return Rank: 23
MGB.TO Sharpe Ratio Rank: 23
MGB.TO Sortino Ratio Rank: 21
MGB.TO Omega Ratio Rank: 20
MGB.TO Calmar Ratio Rank: 28
MGB.TO Martin Ratio Rank: 25

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.

VGAB.NEO vs. MGB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Aggregate Bond Index ETF (CAD-hedged) (VGAB.NEO) and Mackenzie Core Plus Global Fixed Income ETF (MGB.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.

	VGAB.NEO	MGB.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.28	0.68	-0.40
Sortino ratio: Return per unit of downside risk	0.42	1.03	-0.60
Omega ratio: Gain probability vs. loss probability	1.05	1.12	-0.07
Calmar ratio: Return relative to maximum drawdown	0.36	1.17	-0.81
Martin ratio: Return relative to average drawdown	0.86	2.66	-1.80

VGAB.NEO vs. MGB.TO - Sharpe Ratio Comparison

The current VGAB.NEO Sharpe Ratio is 0.28, which is lower than the MGB.TO Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of VGAB.NEO and MGB.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.

Drawdowns

VGAB.NEO vs. MGB.TO - Drawdown Comparison

The maximum VGAB.NEO drawdown since its inception was -18.09%, roughly equal to the maximum MGB.TO drawdown of -17.54%. Use the drawdown chart below to compare losses from any high point for VGAB.NEO and MGB.TO.

Drawdown Indicators

	VGAB.NEO	MGB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.09%	-17.54%	-0.55%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-3.39%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-4.43%	-4.66%	+0.23%
Max Drawdown (5Y) Largest decline over 5 years	-17.61%	-16.67%	-0.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.54%	—
Current Drawdown Current decline from peak	-8.25%	-1.96%	-6.29%
Average Drawdown Average peak-to-trough decline	-7.95%	-4.12%	-3.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	1.49%	-0.21%

Volatility

VGAB.NEO vs. MGB.TO - Volatility Comparison

The current volatility for Vanguard Global Aggregate Bond Index ETF (CAD-hedged) (VGAB.NEO) is 1.09%, while Mackenzie Core Plus Global Fixed Income ETF (MGB.TO) has a volatility of 1.84%. This indicates that VGAB.NEO experiences smaller price fluctuations and is considered to be less risky than MGB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGAB.NEO	MGB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.84%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	3.26%	4.46%	-1.20%
Volatility (1Y) Calculated over the trailing 1-year period	3.96%	5.82%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.48%	7.36%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.51%	7.07%	-1.56%

Dividends

VGAB.NEO vs. MGB.TO - Dividend Comparison

VGAB.NEO's dividend yield for the trailing twelve months is around 3.64%, which matches MGB.TO's 3.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MGB.TO Mackenzie Core Plus Global Fixed Income ETF	3.67%	4.33%	4.74%	4.62%	6.10%	3.08%	2.00%	2.99%	4.07%	2.77%	2.06%
VGAB.NEO Vanguard Global Aggregate Bond Index ETF (CAD-hedged)	3.64%	3.44%	3.24%	3.21%	1.67%	2.36%	1.35%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VGAB.NEO and MGB.TO in my portfolio?

VGAB.NEO and MGB.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between VGAB.NEO and MGB.TO?

They also come from different issuers: Vanguard and Mackenzie.