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

CDIV.TO vs. VDY.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Manulife Smart Dividend ETF (CDIV.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO).

CDIV.TO and VDY.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CDIV.TO is an actively managed fund by Manulife. It was launched on Nov 25, 2020. VDY.TO is a passively managed fund by Vanguard that tracks the performance of the FTSE Canada High Dividend Yield Index. It was launched on Nov 2, 2012.

Performance

CDIV.TO vs. VDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Manulife Smart Dividend ETF (CDIV.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020
CDIV.TO
Manulife Smart Dividend ETF		8.54%25.88%15.23%11.77%-2.50%26.20%2.07%
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index ETF		9.07%29.20%20.71%8.40%-0.23%36.78%-1.21%

Returns By Period

In the year-to-date period, CDIV.TO achieves a 8.54% return, which is significantly lower than VDY.TO's 9.07% return.

CDIV.TO

1D
2.90%
1M
-2.09%
YTD
8.54%
6M
10.63%
1Y
31.83%
3Y*
18.12%
5Y*
14.15%
10Y*
—

VDY.TO

1D
1.12%
1M
0.19%
YTD
9.07%
6M
16.25%
1Y
39.26%
3Y*
22.01%
5Y*
16.73%
10Y*
13.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Manulife Smart Dividend ETF

Vanguard FTSE Canadian High Dividend Yield Index ETF

Often compared with CDIV.TO:
CDIV.TO vs. XEI.TOCDIV.TO vs. XDIV.TOCDIV.TO vs. XDG.TOCDIV.TO vs. ZEA.TOCDIV.TO vs. TBNK.TOCDIV.TO vs. ZDY.TOCDIV.TO vs. CWIN.TO
Often compared with VDY.TO:
VDY.TO vs. XEI.TOVDY.TO vs. XDIV.TOVDY.TO vs. VCN.TOVDY.TO vs. SCHDVDY.TO vs. XIC.TOVDY.TO vs. VCE.TOVDY.TO vs. ZDV.TO

CDIV.TO vs. VDY.TO - Expense Ratio Comparison

CDIV.TO has a 0.28% expense ratio, which is higher than VDY.TO's 0.22% expense ratio.

CDIV.TO
Manulife Smart Dividend ETF
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index ETF

Return for Risk

CDIV.TO vs. VDY.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: 9494
Overall Rank
CDIV.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
CDIV.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
CDIV.TO Omega Ratio Rank: 9696
Omega Ratio Rank
CDIV.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
CDIV.TO Martin Ratio Rank: 9595
Martin Ratio Rank
VDY.TO
VDY.TO Risk / Return Rank: 9797
Overall Rank
VDY.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
VDY.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
VDY.TO Omega Ratio Rank: 9898
Omega Ratio Rank
VDY.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
VDY.TO Martin Ratio Rank: 9898
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. VDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manulife Smart Dividend ETF (CDIV.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.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.

CDIV.TOVDY.TODifference

Sharpe ratio

Return per unit of total volatility

2.32

3.58

-1.26

Sortino ratio

Return per unit of downside risk

2.81

4.31

-1.50

Omega ratio

Gain probability vs. loss probability

1.49

1.77

-0.28

Calmar ratio

Return relative to maximum drawdown

3.50

4.00

-0.50

Martin ratio

Return relative to average drawdown

15.02

22.92

-7.90

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current CDIV.TO Sharpe Ratio is 2.32, which is lower than the VDY.TO Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of CDIV.TO and VDY.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

CDIV.TOVDY.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.32

3.58

-1.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.19

1.47

-0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.85

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.35

0.80

+0.55

Correlation

The correlation between CDIV.TO and VDY.TO is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CDIV.TO vs. VDY.TO - Dividend Comparison

CDIV.TO's dividend yield for the trailing twelve months is around 1.83%, less than VDY.TO's 3.51% yield.

TTM20252024202320222021202020192018201720162015
CDIV.TO
Manulife Smart Dividend ETF		1.83%3.02%3.41%3.45%3.41%2.38%0.07%0.00%0.00%0.00%0.00%0.00%
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index ETF		3.51%3.59%4.40%4.64%4.42%3.58%4.59%4.25%4.43%3.82%3.25%4.11%

Drawdowns

CDIV.TO vs. VDY.TO - Drawdown Comparison

The maximum CDIV.TO drawdown since its inception was -16.44%, smaller than the maximum VDY.TO drawdown of -39.21%. Use the drawdown chart below to compare losses from any high point for CDIV.TO and VDY.TO.

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Drawdown Indicators

CDIV.TOVDY.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.44%

-39.21%

+22.77%

Max Drawdown (1Y)

Largest decline over 1 year

-9.38%

-10.07%

+0.69%

Max Drawdown (5Y)

Largest decline over 5 years

-16.44%

-16.18%

-0.26%

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.21%

—

Current Drawdown

Current decline from peak

-2.51%

-0.55%

-1.96%

Average Drawdown

Average peak-to-trough decline

-2.90%

-4.67%

+1.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.19%

1.76%

+0.43%

Volatility

CDIV.TO vs. VDY.TO - Volatility Comparison

Manulife Smart Dividend ETF (CDIV.TO) has a higher volatility of 5.22% compared to Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) at 3.37%. This indicates that CDIV.TO's price experiences larger fluctuations and is considered to be riskier than VDY.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.TOVDY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.22%

3.37%

+1.85%

Volatility (6M)

Calculated over the trailing 6-month period

10.63%

6.43%

+4.20%

Volatility (1Y)

Calculated over the trailing 1-year period

13.79%

11.03%

+2.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.96%

11.49%

+0.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.93%

15.96%

-4.03%