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DRFU.TO vs. MULC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DRFU.TO vs. MULC.TO

Last updated Jul 18, 2026
Documentation

DRFU.TO (Desjardins RI USA Multifactor - Net-Zero Emissions Pathway ETF) and MULC.TO (Manulife Multifactor U.S. Large Cap Index ETF Hedged) are both Large Cap Blend Equities funds. Both are actively managed. Over the past 5 years, DRFU.TO returned 14.24%/yr vs 9.90%/yr for MULC.TO. At a 0.20 correlation, their price movements are largely independent.

Performance

DRFU.TO vs. MULC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Desjardins RI USA Multifactor - Net-Zero Emissions Pathway ETF (DRFU.TO) and Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.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, DRFU.TO achieves a 12.29% return, which is significantly higher than MULC.TO's 9.54% return.

DRFU.TO

1D
-2.58%
1M
-1.18%
6M
11.18%
YTD
12.29%
1Y
26.04%
3Y*
21.30%
5Y*
14.24%
10Y*
—

MULC.TO

1D
-0.71%
1M
-0.72%
6M
7.53%
YTD
9.54%
1Y
18.88%
3Y*
15.72%
5Y*
9.90%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

DRFU.TO vs. MULC.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
DRFU.TO
Desjardins RI USA Multifactor - Net-Zero Emissions Pathway ETF		12.29%12.18%37.32%5.44%-9.19%29.41%7.31%21.84%-8.47%
MULC.TO
Manulife Multifactor U.S. Large Cap Index ETF Hedged		9.54%13.42%18.78%18.95%-16.59%27.01%12.62%30.40%-14.62%

Correlation

The correlation between DRFU.TO and MULC.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.32

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

0.29

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

0.24

Correlation (All Time)
Calculated using the full available price history since Sep 24, 2018

0.20

The correlation between DRFU.TO and MULC.TO shifts across timeframes, from 0.20 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.

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Desjardins RI USA Multifactor - Net-Zero Emissions Pathway ETF

Manulife Multifactor U.S. Large Cap Index ETF Hedged

Often compared with DRFU.TO:
DRFU.TO vs. DANC.TODRFU.TO vs. DCG.TODRFU.TO vs. DCS.TODRFU.TO vs. DRFD.TODRFU.TO vs. DRFE.TODRFU.TO vs. DRFG.TODRFU.TO vs. DRMC.TO
Often compared with MULC.TO:
MULC.TO vs. MCLC.TOMULC.TO vs. MCSM.TOMULC.TO vs. MINT.TOMULC.TO vs. MUMC.TOMULC.TO vs. MUSC.TOMULC.TO vs. CDIV.TOMULC.TO vs. FLUS.TO

Return for Risk

DRFU.TO vs. MULC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DRFU.TO
DRFU.TO Risk / Return Rank: 8787
Overall Rank
DRFU.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
DRFU.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
DRFU.TO Omega Ratio Rank: 9494
Omega Ratio Rank
DRFU.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
DRFU.TO Martin Ratio Rank: 8787
Martin Ratio Rank
MULC.TO
MULC.TO Risk / Return Rank: 6868
Overall Rank
MULC.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
MULC.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
MULC.TO Omega Ratio Rank: 7070
Omega Ratio Rank
MULC.TO Calmar Ratio Rank: 6161
Calmar Ratio Rank
MULC.TO Martin Ratio Rank: 7474
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.

DRFU.TO vs. MULC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Desjardins RI USA Multifactor - Net-Zero Emissions Pathway ETF (DRFU.TO) and Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.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.

DRFU.TOMULC.TODifference
Sharpe ratioReturn per unit of total volatility
1.85
1.56

+0.29

Sortino ratioReturn per unit of downside risk
3.12
2.41

+0.71

Omega ratioGain probability vs. loss probability

1.53

1.31

+0.22

Calmar ratioReturn relative to maximum drawdown

3.81

2.28

+1.53

Martin ratioReturn relative to average drawdown

13.72

10.01

+3.71

DRFU.TO vs. MULC.TO - Sharpe Ratio Comparison

The current DRFU.TO Sharpe Ratio is 1.85, which is comparable to the MULC.TO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of DRFU.TO and MULC.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

DRFU.TO vs. MULC.TO - Drawdown Comparison

The maximum DRFU.TO drawdown since its inception was -19.89%, smaller than the maximum MULC.TO drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for DRFU.TO and MULC.TO.

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Drawdown Indicators

DRFU.TOMULC.TODifference

Max Drawdown

Largest peak-to-trough decline

-19.89%

-35.21%

+15.32%

Max Drawdown (1Y)

Largest decline over 1 year

-6.89%

-8.32%

+1.43%

Max Drawdown (3Y)

Largest decline over 3 years

-19.89%

-18.10%

-1.79%

Max Drawdown (5Y)

Largest decline over 5 years

-19.89%

-25.00%

+5.11%

Current Drawdown

Current decline from peak

-2.58%

-1.44%

-1.14%

Average Drawdown

Average peak-to-trough decline

-4.91%

-5.17%

+0.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.91%

1.89%

+0.02%

Volatility

DRFU.TO vs. MULC.TO - Volatility Comparison

Desjardins RI USA Multifactor - Net-Zero Emissions Pathway ETF (DRFU.TO) has a higher volatility of 3.53% compared to Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) at 2.96%. This indicates that DRFU.TO's price experiences larger fluctuations and is considered to be riskier than MULC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DRFU.TOMULC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.53%

2.96%

+0.57%

Volatility (6M)

Calculated over the trailing 6-month period

11.63%

9.96%

+1.67%

Volatility (1Y)

Calculated over the trailing 1-year period

14.22%

12.16%

+2.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.41%

15.51%

+0.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.51%

18.16%

-1.65%

Dividends

DRFU.TO vs. MULC.TO - Dividend Comparison

DRFU.TO's dividend yield for the trailing twelve months is around 1.04%, more than MULC.TO's 0.81% yield.

PositionTTM20252024202320222021202020192018
DRFU.TO
Desjardins RI USA Multifactor - Net-Zero Emissions Pathway ETF		1.04%0.76%0.60%0.80%1.05%1.08%1.38%1.37%0.41%
MULC.TO
Manulife Multifactor U.S. Large Cap Index ETF Hedged		0.81%0.85%0.85%0.83%1.39%0.77%1.36%1.21%1.39%

Frequently Asked Questions

DRFU.TO and MULC.TO have a correlation of 0.32, 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: Desjardins and Manulife.

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