CWIN.TO vs. IDIV-B.TO

Last updated Jun 4, 2026

CWIN.TO (HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units) and IDIV-B.TO (Manulife Smart International Dividend ETF Unhedged Units) are both Dividend funds. CWIN.TO is passively managed, while IDIV-B.TO is actively managed. Over the past year, CWIN.TO returned 32.57% vs 25.99% for IDIV-B.TO. At a 0.45 correlation, their price movements are largely independent. CWIN.TO charges 0.65%/yr vs 0.55%/yr for IDIV-B.TO.

Performance

CWIN.TO vs. IDIV-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) and Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWIN.TO achieves a 15.75% return, which is significantly higher than IDIV-B.TO's 10.75% return.

CWIN.TO

• 1D: 0.99%
• 1M: 4.14%
• YTD: 15.75%
• 6M: 18.53%
• 1Y: 32.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IDIV-B.TO

• 1D: 0.00%
• 1M: 3.35%
• YTD: 10.75%
• 6M: 8.02%
• 1Y: 25.99%
• 3Y*: 21.08%
• 5Y*: —
• 10Y*: —

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

CWIN.TO vs. IDIV-B.TO - Yearly Performance Comparison

	2026 (YTD)	2025
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	15.75%	25.14%
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	10.75%	28.60%

Correlation

The correlation between CWIN.TO and IDIV-B.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 29, 2025	0.45

Return for Risk

CWIN.TO vs. IDIV-B.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CWIN.TO

CWIN.TO Risk / Return Rank: 83
CWIN.TO Sharpe Ratio Rank: 83
CWIN.TO Sortino Ratio Rank: 80
CWIN.TO Omega Ratio Rank: 83
CWIN.TO Calmar Ratio Rank: 84
CWIN.TO Martin Ratio Rank: 83

IDIV-B.TO

IDIV-B.TO Risk / Return Rank: 53
IDIV-B.TO Sharpe Ratio Rank: 50
IDIV-B.TO Sortino Ratio Rank: 47
IDIV-B.TO Omega Ratio Rank: 52
IDIV-B.TO Calmar Ratio Rank: 53
IDIV-B.TO Martin Ratio Rank: 62

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.

CWIN.TO vs. IDIV-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) and Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.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.

	CWIN.TO	IDIV-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.69	1.69	+1.00
Sortino ratio: Return per unit of downside risk	3.60	2.31	+1.29
Omega ratio: Gain probability vs. loss probability	1.51	1.32	+0.18
Calmar ratio: Return relative to maximum drawdown	4.57	2.60	+1.97
Martin ratio: Return relative to average drawdown	16.73	11.03	+5.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWIN.TO vs. IDIV-B.TO - Sharpe Ratio Comparison

The current CWIN.TO Sharpe Ratio is 2.69, which is higher than the IDIV-B.TO Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of CWIN.TO and IDIV-B.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.

Sharpe Ratios by Period

	CWIN.TO	IDIV-B.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	1.69	+1.00
Sharpe Ratio (All Time) Calculated using the full available price history	2.30	1.59	+0.71

Drawdowns

CWIN.TO vs. IDIV-B.TO - Drawdown Comparison

The maximum CWIN.TO drawdown since its inception was -10.87%, smaller than the maximum IDIV-B.TO drawdown of -13.62%. Use the drawdown chart below to compare losses from any high point for CWIN.TO and IDIV-B.TO.

Drawdown Indicators

	CWIN.TO	IDIV-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.87%	-13.62%	+2.75%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-10.03%	+2.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.62%	—
Current Drawdown Current decline from peak	-0.38%	-3.00%	+2.62%
Average Drawdown Average peak-to-trough decline	-1.43%	-1.72%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	2.36%	-0.40%

Volatility

CWIN.TO vs. IDIV-B.TO - Volatility Comparison

The current volatility for HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) is 3.52%, while Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) has a volatility of 5.14%. This indicates that CWIN.TO experiences smaller price fluctuations and is considered to be less risky than IDIV-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWIN.TO	IDIV-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	5.14%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	13.24%	-3.55%
Volatility (1Y) Calculated over the trailing 1-year period	12.16%	15.48%	-3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.89%	14.06%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.89%	14.06%	-0.17%

CWIN.TO vs. IDIV-B.TO - Expense Ratio Comparison

CWIN.TO has a 0.65% expense ratio, which is higher than IDIV-B.TO's 0.55% expense ratio.

Dividends

CWIN.TO vs. IDIV-B.TO - Dividend Comparison

CWIN.TO's dividend yield for the trailing twelve months is around 3.19%, more than IDIV-B.TO's 2.80% yield.

Position	TTM	2025	2024	2023	2022
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	3.19%	3.21%	0.00%	0.00%	0.00%
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	2.80%	3.02%	3.49%	1.73%	0.20%

Frequently Asked Questions

Can I hold both CWIN.TO and IDIV-B.TO in my portfolio?

CWIN.TO and IDIV-B.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CWIN.TO or IDIV-B.TO?

On fees, IDIV-B.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CWIN.TO or IDIV-B.TO?

IDIV-B.TO is cheaper with a 0.55% expense ratio, compared with 0.65% for CWIN.TO.

What is the main difference between CWIN.TO and IDIV-B.TO?

They also come from different issuers: Hamilton and Manulife. Their fees differ too: 0.65% for CWIN.TO and 0.55% for IDIV-B.TO.