CDIV.TO vs. XDIV

Last updated Jul 16, 2026

CDIV.TO (Manulife Smart Dividend ETF) and XDIV (Roundhill S&P 500 No Dividend Target ETF) are both exchange-traded funds - CDIV.TO is a Dividend fund actively managed by Manulife, while XDIV is a S&P 500 fund actively managed by Roundhill. Both are actively managed. Over the past year, CDIV.TO returned 23.74% vs 25.38% for XDIV. At a 0.40 correlation, their price movements are largely independent. CDIV.TO charges 0.28%/yr vs 0.08%/yr for XDIV.

Performance

CDIV.TO vs. XDIV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Manulife Smart Dividend ETF (CDIV.TO) and Roundhill S&P 500 No Dividend Target ETF (XDIV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CDIV.TO is traded in CAD, while XDIV is traded in USD. To make them comparable, the XDIV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CDIV.TO achieves a 16.68% return, which is significantly higher than XDIV's 13.67% 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*: —

XDIV

• 1D: -0.29%
• 1M: 0.64%
• 6M: 10.90%
• YTD: 13.67%
• 1Y: 25.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CDIV.TO vs. XDIV - Yearly Performance Comparison

	2026 (YTD)	2025
CDIV.TO Manulife Smart Dividend ETF	16.68%	5.72%
XDIV Roundhill S&P 500 No Dividend Target ETF	13.67%	10.16%

Correlation

The correlation between CDIV.TO and XDIV is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.40

Return for Risk

CDIV.TO vs. XDIV — 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: 54
CDIV.TO Sharpe Ratio Rank: 54
CDIV.TO Sortino Ratio Rank: 40
CDIV.TO Omega Ratio Rank: 75
CDIV.TO Calmar Ratio Rank: 52
CDIV.TO Martin Ratio Rank: 50

XDIV

XDIV Risk / Return Rank: 67
XDIV Sharpe Ratio Rank: 68
XDIV Sortino Ratio Rank: 67
XDIV Omega Ratio Rank: 67
XDIV Calmar Ratio Rank: 61
XDIV Martin Ratio Rank: 73

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. XDIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manulife Smart Dividend ETF (CDIV.TO) and Roundhill S&P 500 No Dividend Target ETF (XDIV). 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.TO	XDIV	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.95	-0.44
Sortino ratio: Return per unit of downside risk	1.74	2.74	-1.00
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	2.16	2.77	-0.62
Martin ratio: Return relative to average drawdown	6.84	10.42	-3.58

CDIV.TO vs. XDIV - Sharpe Ratio Comparison

The current CDIV.TO Sharpe Ratio is 1.51, which is comparable to the XDIV Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of CDIV.TO and XDIV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CDIV.TO vs. XDIV - Drawdown Comparison

The maximum CDIV.TO drawdown since its inception was -16.44%, which is greater than XDIV's maximum drawdown of -9.19%. Use the drawdown chart below to compare losses from any high point for CDIV.TO and XDIV.

Drawdown Indicators

	CDIV.TO	XDIV	Difference
Max Drawdown Largest peak-to-trough decline	-16.44%	-9.19%	-7.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-9.19%	-1.86%
Max Drawdown (3Y) Largest decline over 3 years	-11.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	—	—
Current Drawdown Current decline from peak	-0.10%	-0.77%	+0.67%
Average Drawdown Average peak-to-trough decline	-3.03%	-1.52%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	2.44%	+1.04%

Volatility

CDIV.TO vs. XDIV - Volatility Comparison

Manulife Smart Dividend ETF (CDIV.TO) and Roundhill S&P 500 No Dividend Target ETF (XDIV) have volatilities of 3.91% and 3.84%, 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.

Volatility by Period

	CDIV.TO	XDIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	3.84%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	9.80%	10.58%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	15.76%	13.06%	+2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	13.00%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.58%	13.00%	-0.42%

CDIV.TO vs. XDIV - Expense Ratio Comparison

CDIV.TO has a 0.28% expense ratio, which is higher than XDIV's 0.08% expense ratio.

Dividends

CDIV.TO vs. XDIV - Dividend Comparison

CDIV.TO's dividend yield for the trailing twelve months is around 2.47%, while XDIV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
CDIV.TO Manulife Smart Dividend ETF	2.47%	3.19%	3.45%	3.45%	3.41%	2.38%	0.07%
XDIV Roundhill S&P 500 No Dividend Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CDIV.TO and XDIV in my portfolio?

CDIV.TO and XDIV have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CDIV.TO or XDIV?

On fees, XDIV is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CDIV.TO or XDIV?

XDIV is cheaper with a 0.08% expense ratio, compared with 0.28% for CDIV.TO.

What is the main difference between CDIV.TO and XDIV?

CDIV.TO is categorized as Dividend, while XDIV is S&P 500. They also come from different issuers: Manulife and Roundhill. Their fees differ too: 0.28% for CDIV.TO and 0.08% for XDIV.