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VSC.TO vs. MCSB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VSC.TO vs. MCSB.TO

Last updated Jul 16, 2026
Documentation

VSC.TO (Vanguard Canadian Short-Term Corporate Bond Index ETF) and MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) are both Short-Term Bond funds. VSC.TO is passively managed, while MCSB.TO is actively managed. Over the past 5 years, VSC.TO returned 2.67%/yr vs 5.00%/yr for MCSB.TO. At a 0.32 correlation, their price movements are largely independent.

Performance

VSC.TO vs. MCSB.TO - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with VSC.TO having a 1.43% return and MCSB.TO slightly higher at 1.47%.

VSC.TO

1D
0.12%
1M
-0.01%
6M
1.14%
YTD
1.43%
1Y
4.01%
3Y*
5.65%
5Y*
2.67%
10Y*
2.68%

MCSB.TO

1D
0.15%
1M
0.06%
6M
1.06%
YTD
1.47%
1Y
3.36%
3Y*
5.41%
5Y*
5.00%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VSC.TO vs. MCSB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VSC.TO
Vanguard Canadian Short-Term Corporate Bond Index ETF		1.43%4.32%6.10%6.75%-4.23%-0.97%6.27%4.72%1.19%0.21%
MCSB.TO
Mackenzie Canadian Short Term Fixed Income ETF		1.47%3.93%6.41%5.77%-4.18%11.34%5.66%3.79%1.50%-0.06%

Correlation

The correlation between VSC.TO and MCSB.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

0.41

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

0.39

Correlation (All Time)
Calculated using the full available price history since Nov 22, 2017

0.32

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 Short-Term Corporate Bond Index ETF

Mackenzie Canadian Short Term Fixed Income ETF

Often compared with VSC.TO:
VSC.TO vs. VSB.TOVSC.TO vs. ZCS.TOVSC.TO vs. TCSB.TOVSC.TO vs. TPRF.TOVSC.TO vs. ZSDB.TOVSC.TO vs. TSTX-U.TOVSC.TO vs. ITA

Return for Risk

VSC.TO vs. MCSB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VSC.TO
VSC.TO Risk / Return Rank: 7676
Overall Rank
VSC.TO Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
VSC.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
VSC.TO Omega Ratio Rank: 8585
Omega Ratio Rank
VSC.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
VSC.TO Martin Ratio Rank: 7272
Martin Ratio Rank
MCSB.TO
MCSB.TO Risk / Return Rank: 5353
Overall Rank
MCSB.TO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
MCSB.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
MCSB.TO Omega Ratio Rank: 5858
Omega Ratio Rank
MCSB.TO Calmar Ratio Rank: 5656
Calmar Ratio Rank
MCSB.TO Martin Ratio Rank: 4848
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.

VSC.TO vs. MCSB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Canadian Short-Term Corporate Bond Index ETF (VSC.TO) and Mackenzie Canadian Short Term Fixed Income ETF (MCSB.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.

VSC.TOMCSB.TODifference
Sharpe ratioReturn per unit of total volatility
1.99
1.49

+0.49

Sortino ratioReturn per unit of downside risk
2.80
2.11

+0.68

Omega ratioGain probability vs. loss probability

1.40

1.29

+0.11

Calmar ratioReturn relative to maximum drawdown

2.64

2.27

+0.37

Martin ratioReturn relative to average drawdown

10.59

6.58

+4.01

VSC.TO vs. MCSB.TO - Sharpe Ratio Comparison

The current VSC.TO Sharpe Ratio is 1.99, which is higher than the MCSB.TO Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of VSC.TO and MCSB.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

VSC.TO vs. MCSB.TO - Drawdown Comparison

The maximum VSC.TO drawdown since its inception was -15.87%, which is greater than MCSB.TO's maximum drawdown of -8.35%. Use the drawdown chart below to compare losses from any high point for VSC.TO and MCSB.TO.

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Drawdown Indicators

VSC.TOMCSB.TODifference

Max Drawdown

Largest peak-to-trough decline

-15.87%

-8.35%

-7.52%

Max Drawdown (1Y)

Largest decline over 1 year

-1.53%

-1.49%

-0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-1.53%

-1.49%

-0.04%

Max Drawdown (5Y)

Largest decline over 5 years

-7.68%

-6.24%

-1.44%

Max Drawdown (10Y)

Largest decline over 10 years

-15.87%

—

—

Current Drawdown

Current decline from peak

-0.21%

-0.34%

+0.13%

Average Drawdown

Average peak-to-trough decline

-0.97%

-1.05%

+0.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.38%

0.51%

-0.13%

Volatility

VSC.TO vs. MCSB.TO - Volatility Comparison

Vanguard Canadian Short-Term Corporate Bond Index ETF (VSC.TO) and Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) have volatilities of 0.70% and 0.71%, 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

VSC.TOMCSB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.70%

0.71%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

1.65%

1.62%

+0.03%

Volatility (1Y)

Calculated over the trailing 1-year period

2.04%

2.26%

-0.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.76%

6.42%

-3.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.16%

5.83%

-0.67%

Dividends

VSC.TO vs. MCSB.TO - Dividend Comparison

VSC.TO's dividend yield for the trailing twelve months is around 3.71%, more than MCSB.TO's 3.12% yield.

PositionTTM20252024202320222021202020192018201720162015
MCSB.TO
Mackenzie Canadian Short Term Fixed Income ETF		3.12%3.16%3.17%3.18%2.47%12.93%2.47%2.31%2.91%0.14%0.00%0.00%
VSC.TO
Vanguard Canadian Short-Term Corporate Bond Index ETF		3.71%3.32%2.99%3.14%2.85%2.59%2.64%2.71%2.77%2.75%2.89%3.05%

Frequently Asked Questions

VSC.TO and MCSB.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.

They also come from different issuers: Vanguard and Mackenzie.

Portfolio Optimizer

Find the right allocation for VSC.TO and MCSB.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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