XSH.TO vs. MCSB.TO
XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) and MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) are both Short-Term Bond funds. XSH.TO is passively managed, while MCSB.TO is actively managed. Over the past 5 years, XSH.TO returned 2.84%/yr vs 5.02%/yr for MCSB.TO. Their 0.33 correlation means their historical movements had little consistent relationship. XSH.TO charges 0.10%/yr vs 0.39%/yr for MCSB.TO.
Performance
XSH.TO vs. MCSB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSH.TO achieves a 1.42% return, which is significantly lower than MCSB.TO's 1.52% return.
XSH.TO
- 1D
- -0.11%
- 1M
- -0.19%
- 6M
- 0.83%
- YTD
- 1.42%
- 1Y
- 3.11%
- 3Y*
- 6.10%
- 5Y*
- 2.84%
- 10Y*
- 2.79%
- ALL TIME*
- 2.84%
MCSB.TO
- 1D
- -0.05%
- 1M
- 0.10%
- 6M
- 0.91%
- YTD
- 1.52%
- 1Y
- 2.94%
- 3Y*
- 5.49%
- 5Y*
- 5.02%
- 10Y*
- —
- ALL TIME*
- 4.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$15.61K | CA$287.28K | CA$149.32K | |
| CA$1.66M | CA$1.41M | CA$1.29M |
XSH.TO vs. MCSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 1.42% | 4.61% | 7.11% | 6.80% | -4.52% | -0.81% | 6.28% | 5.02% | 1.28% | -0.20% |
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF | 1.52% | 3.93% | 6.41% | 5.77% | -4.18% | 11.34% | 5.66% | 3.79% | 1.50% | -0.06% |
Correlation
The correlation between XSH.TO and MCSB.TO is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2017 | 0.33 |
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Return for Risk
XSH.TO vs. MCSB.TO — Risk / Return Rank
XSH.TO
MCSB.TO
XSH.TO vs. MCSB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.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.
| XSH.TO | MCSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.26 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 2.06 | +0.16 |
| Martin ratioReturn relative to average drawdown | 8.67 | 5.89 | +2.78 |
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Drawdowns
XSH.TO vs. MCSB.TO - Drawdown Comparison
The maximum XSH.TO drawdown since its inception was -14.24%, 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 XSH.TO and MCSB.TO.
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Drawdown Indicators
| XSH.TO | MCSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.24% | -8.35% | -5.89% |
Max Drawdown (1Y)Largest decline over 1 year | -1.51% | -1.49% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -1.51% | -1.49% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -7.80% | -6.24% | -1.56% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | — | — |
Current DrawdownCurrent decline from peak | -0.30% | -0.29% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -1.04% | +0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.52% | -0.14% |
Volatility
XSH.TO vs. MCSB.TO - Volatility Comparison
The current volatility for iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) is 0.59%, while Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) has a volatility of 0.77%. This indicates that XSH.TO experiences smaller price fluctuations and is considered to be less risky than MCSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSH.TO | MCSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 0.77% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 1.85% | 1.66% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.21% | 2.29% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.85% | 6.42% | -3.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 5.81% | -1.39% |
XSH.TO vs. MCSB.TO - Expense Ratio Comparison
XSH.TO has a 0.10% expense ratio, which is lower than MCSB.TO's 0.39% expense ratio.
Dividends
XSH.TO vs. MCSB.TO - Dividend Comparison
XSH.TO's dividend yield for the trailing twelve months is around 3.94%, more than MCSB.TO's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF | 2.86% | 3.16% | 3.17% | 3.18% | 2.47% | 12.93% | 2.47% | 2.31% | 2.91% | 0.14% | 0.00% | 0.00% |
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 3.94% | 3.82% | 3.64% | 3.24% | 2.97% | 2.65% | 2.61% | 2.80% | 2.86% | 2.93% | 3.08% | 3.18% |
Frequently Asked Questions
XSH.TO and MCSB.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSH.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSH.TO is cheaper with a 0.10% expense ratio, compared with 0.39% for MCSB.TO.
They also come from different issuers: iShares and Mackenzie. Their fees differ too: 0.10% for XSH.TO and 0.39% for MCSB.TO.
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