ZUAG.TO vs. MGB.TO
ZUAG.TO (BMO US Aggregate Bond Index ETF) and MGB.TO (Mackenzie Core Plus Global Fixed Income ETF) are both Global Bonds funds. ZUAG.TO is passively managed, while MGB.TO is actively managed. Over the past 3 years, ZUAG.TO returned 3.92%/yr vs 3.28%/yr for MGB.TO. At a 0.12 correlation, their price movements are largely independent.
Performance
ZUAG.TO vs. MGB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUAG.TO achieves a 2.74% return, which is significantly higher than MGB.TO's -0.02% return.
ZUAG.TO
- 1D
- 0.03%
- 1M
- 0.22%
- 6M
- 1.00%
- YTD
- 2.74%
- 1Y
- 0.62%
- 3Y*
- 3.92%
- 5Y*
- —
- 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%
ZUAG.TO vs. MGB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZUAG.TO BMO US Aggregate Bond Index ETF | 2.74% | -3.77% | 9.45% | 1.15% |
MGB.TO Mackenzie Core Plus Global Fixed Income ETF | -0.02% | 4.03% | 2.83% | 2.17% |
Correlation
The correlation between ZUAG.TO and MGB.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2023 | 0.12 |
The correlation between ZUAG.TO and MGB.TO shifts across timeframes, from 0.12 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZUAG.TO vs. MGB.TO — Risk / Return Rank
ZUAG.TO
MGB.TO
ZUAG.TO vs. MGB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Aggregate Bond Index ETF (ZUAG.TO) 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.
| ZUAG.TO | MGB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.12 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 1.17 | -1.10 |
| Martin ratioReturn relative to average drawdown | 0.10 | 2.66 | -2.55 |
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Drawdowns
ZUAG.TO vs. MGB.TO - Drawdown Comparison
The maximum ZUAG.TO drawdown since its inception was -9.71%, smaller than the maximum MGB.TO drawdown of -17.54%. Use the drawdown chart below to compare losses from any high point for ZUAG.TO and MGB.TO.
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Drawdown Indicators
| ZUAG.TO | MGB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.71% | -17.54% | +7.83% |
Max Drawdown (1Y)Largest decline over 1 year | -9.71% | -3.39% | -6.32% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -4.66% | -5.05% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.54% | — |
Current DrawdownCurrent decline from peak | -6.48% | -1.96% | -4.52% |
Average DrawdownAverage peak-to-trough decline | -3.42% | -4.12% | +0.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.09% | 1.49% | +4.60% |
Volatility
ZUAG.TO vs. MGB.TO - Volatility Comparison
BMO US Aggregate Bond Index ETF (ZUAG.TO) has a higher volatility of 1.98% compared to Mackenzie Core Plus Global Fixed Income ETF (MGB.TO) at 1.84%. This indicates that ZUAG.TO's price experiences larger fluctuations and is considered to be riskier than MGB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZUAG.TO | MGB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 1.84% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 4.35% | 4.46% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.91% | 5.82% | +3.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.24% | 7.36% | +0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.24% | 7.07% | +1.17% |
Dividends
ZUAG.TO vs. MGB.TO - Dividend Comparison
ZUAG.TO's dividend yield for the trailing twelve months is around 2.70%, less than 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% |
ZUAG.TO BMO US Aggregate Bond Index ETF | 2.70% | 2.58% | 2.09% | 1.89% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZUAG.TO and MGB.TO have a correlation of 0.24, 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: BMO and Mackenzie.
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