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CDIV.TO vs. MCLC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CDIV.TO vs. MCLC.TO

Last updated Jul 16, 2026
Documentation

CDIV.TO (Manulife Smart Dividend ETF) and MCLC.TO (Manulife Multifactor Canadian Large Cap Index ETF) are both exchange-traded funds - CDIV.TO is a Dividend fund actively managed by Manulife, while MCLC.TO is a Canada Equities fund actively managed by Manulife. Both are actively managed. Over the past 5 years, CDIV.TO returned 12.33%/yr vs 15.29%/yr for MCLC.TO. At a 0.40 correlation, their price movements are largely independent.

Performance

CDIV.TO vs. MCLC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Manulife Smart Dividend ETF (CDIV.TO) and Manulife Multifactor Canadian Large Cap Index ETF (MCLC.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, CDIV.TO achieves a 16.68% return, which is significantly higher than MCLC.TO's 14.02% return.

CDIV.TO

1D
0.46%
1M
1.00%
6M
12.70%
YTD
16.68%
1Y
23.74%
3Y*
18.68%
5Y*
12.33%
10Y*
—

MCLC.TO

1D
0.34%
1M
0.09%
6M
10.38%
YTD
14.02%
1Y
28.74%
3Y*
21.36%
5Y*
15.29%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

CDIV.TO vs. MCLC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
CDIV.TO
Manulife Smart Dividend ETF		16.68%18.95%13.96%11.77%-2.50%26.20%1.92%
MCLC.TO
Manulife Multifactor Canadian Large Cap Index ETF		14.02%25.65%19.78%10.82%0.64%24.38%3.31%

Correlation

The correlation between CDIV.TO and MCLC.TO is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.64

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

0.58

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

0.44

Correlation (All Time)
Calculated using the full available price history since Nov 25, 2020

0.40

Over the past year, CDIV.TO and MCLC.TO have become more correlated (0.64) than their long-term average of 0.40, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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Manulife Smart Dividend ETF

Manulife Multifactor Canadian Large Cap Index ETF

Often compared with CDIV.TO:
CDIV.TO vs. XDIV.TOCDIV.TO vs. VDY.TOCDIV.TO vs. XEI.TOCDIV.TO vs. IDIV-B.TOCDIV.TO vs. XHD.TOCDIV.TO vs. FCCD.TOCDIV.TO vs. XDG.TO

Return for Risk

CDIV.TO vs. MCLC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CDIV.TO
CDIV.TO Risk / Return Rank: 5454
Overall Rank
CDIV.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
CDIV.TO Sortino Ratio Rank: 4040
Sortino Ratio Rank
CDIV.TO Omega Ratio Rank: 7575
Omega Ratio Rank
CDIV.TO Calmar Ratio Rank: 5252
Calmar Ratio Rank
CDIV.TO Martin Ratio Rank: 5050
Martin Ratio Rank
MCLC.TO
MCLC.TO Risk / Return Rank: 9090
Overall Rank
MCLC.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
MCLC.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
MCLC.TO Omega Ratio Rank: 9090
Omega Ratio Rank
MCLC.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
MCLC.TO Martin Ratio Rank: 9292
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.

CDIV.TO vs. MCLC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manulife Smart Dividend ETF (CDIV.TO) and Manulife Multifactor Canadian Large Cap Index ETF (MCLC.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.

CDIV.TOMCLC.TODifference
Sharpe ratioReturn per unit of total volatility
1.51
2.46

-0.94

Sortino ratioReturn per unit of downside risk
1.74
3.24

-1.50

Omega ratioGain probability vs. loss probability

1.35

1.46

-0.11

Calmar ratioReturn relative to maximum drawdown

2.16

4.04

-1.88

Martin ratioReturn relative to average drawdown

6.84

17.48

-10.64

CDIV.TO vs. MCLC.TO - Sharpe Ratio Comparison

The current CDIV.TO Sharpe Ratio is 1.51, which is lower than the MCLC.TO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of CDIV.TO and MCLC.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

CDIV.TO vs. MCLC.TO - Drawdown Comparison

The maximum CDIV.TO drawdown since its inception was -16.44%, smaller than the maximum MCLC.TO drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for CDIV.TO and MCLC.TO.

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Drawdown Indicators

CDIV.TOMCLC.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.44%

-35.34%

+18.90%

Max Drawdown (1Y)

Largest decline over 1 year

-11.05%

-7.15%

-3.90%

Max Drawdown (3Y)

Largest decline over 3 years

-11.05%

-11.91%

+0.86%

Max Drawdown (5Y)

Largest decline over 5 years

-16.44%

-16.24%

-0.20%

Current Drawdown

Current decline from peak

-0.10%

-0.08%

-0.02%

Average Drawdown

Average peak-to-trough decline

-3.03%

-3.85%

+0.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.48%

1.65%

+1.83%

Volatility

CDIV.TO vs. MCLC.TO - Volatility Comparison

Manulife Smart Dividend ETF (CDIV.TO) has a higher volatility of 3.91% compared to Manulife Multifactor Canadian Large Cap Index ETF (MCLC.TO) at 2.44%. This indicates that CDIV.TO's price experiences larger fluctuations and is considered to be riskier than MCLC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CDIV.TOMCLC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.91%

2.44%

+1.47%

Volatility (6M)

Calculated over the trailing 6-month period

9.80%

9.38%

+0.42%

Volatility (1Y)

Calculated over the trailing 1-year period

15.76%

11.74%

+4.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.87%

17.24%

-4.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.58%

19.02%

-6.44%

Dividends

CDIV.TO vs. MCLC.TO - Dividend Comparison

CDIV.TO's dividend yield for the trailing twelve months is around 2.47%, more than MCLC.TO's 1.68% yield.

PositionTTM202520242023202220212020201920182017
CDIV.TO
Manulife Smart Dividend ETF		2.47%3.19%3.45%3.45%3.41%2.38%0.07%0.00%0.00%0.00%
MCLC.TO
Manulife Multifactor Canadian Large Cap Index ETF		1.68%2.05%2.56%2.77%3.07%1.76%2.12%2.15%2.19%1.27%

Frequently Asked Questions

CDIV.TO and MCLC.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CDIV.TO is categorized as Dividend, while MCLC.TO is Canada Equities.

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