IDIV-B.TO vs. CDIV.TO

Last updated Jun 4, 2026

IDIV-B.TO (Manulife Smart International Dividend ETF Unhedged Units) and CDIV.TO (Manulife Smart Dividend ETF) are both Dividend funds from Manulife. Both are actively managed. Over the past 3 years, IDIV-B.TO returned 21.08%/yr vs 20.24%/yr for CDIV.TO. At a 0.38 correlation, their price movements are largely independent. IDIV-B.TO charges 0.55%/yr vs 0.28%/yr for CDIV.TO.

Performance

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

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

Returns By Period

In the year-to-date period, IDIV-B.TO achieves a 10.75% return, which is significantly lower than CDIV.TO's 14.31% return.

IDIV-B.TO

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

CDIV.TO

• 1D: -0.55%
• 1M: 3.71%
• YTD: 14.31%
• 6M: 10.66%
• 1Y: 31.29%
• 3Y*: 20.24%
• 5Y*: 13.50%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	10.75%	35.22%	12.85%	12.28%	7.59%
CDIV.TO Manulife Smart Dividend ETF	14.31%	25.88%	15.23%	11.77%	-0.99%

Correlation

The correlation between IDIV-B.TO and CDIV.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Nov 11, 2022	0.38

The correlation between IDIV-B.TO and CDIV.TO shifts across timeframes, from 0.38 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

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

CDIV.TO

CDIV.TO Risk / Return Rank: 81
CDIV.TO Sharpe Ratio Rank: 81
CDIV.TO Sortino Ratio Rank: 71
CDIV.TO Omega Ratio Rank: 87
CDIV.TO Calmar Ratio Rank: 81
CDIV.TO Martin Ratio Rank: 84

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.

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

This table presents a comparison of risk-adjusted performance metrics for Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) and Manulife Smart Dividend ETF (CDIV.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.

	IDIV-B.TO	CDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.61	-0.92
Sortino ratio: Return per unit of downside risk	2.31	3.21	-0.91
Omega ratio: Gain probability vs. loss probability	1.32	1.53	-0.21
Calmar ratio: Return relative to maximum drawdown	2.60	4.20	-1.60
Martin ratio: Return relative to average drawdown	11.03	17.38	-6.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current IDIV-B.TO Sharpe Ratio is 1.69, which is lower than the CDIV.TO Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of IDIV-B.TO and CDIV.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

	IDIV-B.TO	CDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	2.61	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	1.40	+0.19

Drawdowns

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

The maximum IDIV-B.TO drawdown since its inception was -13.62%, smaller than the maximum CDIV.TO drawdown of -16.44%. Use the drawdown chart below to compare losses from any high point for IDIV-B.TO and CDIV.TO.

Drawdown Indicators

	IDIV-B.TO	CDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.62%	-16.44%	+2.82%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-7.48%	-2.55%
Max Drawdown (3Y) Largest decline over 3 years	-13.62%	-9.64%	-3.98%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.44%	—
Current Drawdown Current decline from peak	-3.00%	-0.55%	-2.45%
Average Drawdown Average peak-to-trough decline	-1.72%	-2.83%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	1.81%	+0.55%

Volatility

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

Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) has a higher volatility of 5.14% compared to Manulife Smart Dividend ETF (CDIV.TO) at 2.82%. This indicates that IDIV-B.TO's price experiences larger fluctuations and is considered to be riskier than CDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IDIV-B.TO	CDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	2.82%	+2.32%
Volatility (6M) Calculated over the trailing 6-month period	13.24%	10.70%	+2.54%
Volatility (1Y) Calculated over the trailing 1-year period	15.48%	12.05%	+3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	12.05%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.06%	11.90%	+2.16%

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

IDIV-B.TO has a 0.55% expense ratio, which is higher than CDIV.TO's 0.28% expense ratio.

Dividends

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

IDIV-B.TO's dividend yield for the trailing twelve months is around 2.80%, more than CDIV.TO's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CDIV.TO Manulife Smart Dividend ETF	2.28%	3.02%	3.41%	3.45%	3.41%	2.38%	0.07%
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	2.80%	3.02%	3.49%	1.73%	0.20%	0.00%	0.00%

Frequently Asked Questions

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

IDIV-B.TO and CDIV.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, CDIV.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

CDIV.TO is cheaper with a 0.28% expense ratio, compared with 0.55% for IDIV-B.TO.

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

Their fees differ too: 0.55% for IDIV-B.TO and 0.28% for CDIV.TO.