IDIV-B.TO vs. CWIN.TO

Last updated Jun 4, 2026

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

Performance

IDIV-B.TO vs. CWIN.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 HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.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 CWIN.TO's 15.75% return.

IDIV-B.TO

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

CWIN.TO

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

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

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

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

Correlation

The correlation between IDIV-B.TO and CWIN.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

IDIV-B.TO vs. CWIN.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

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

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. CWIN.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 HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.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	CWIN.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.69	-1.00
Sortino ratio: Return per unit of downside risk	2.31	3.60	-1.29
Omega ratio: Gain probability vs. loss probability	1.32	1.51	-0.18
Calmar ratio: Return relative to maximum drawdown	2.60	4.57	-1.97
Martin ratio: Return relative to average drawdown	11.03	16.73	-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.

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

The current IDIV-B.TO Sharpe Ratio is 1.69, which is lower than the CWIN.TO Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of IDIV-B.TO and CWIN.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	CWIN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	2.69	-1.00
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	2.30	-0.71

Drawdowns

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

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

Drawdown Indicators

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

Volatility

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

Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) has a higher volatility of 5.14% compared to HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) at 3.52%. This indicates that IDIV-B.TO's price experiences larger fluctuations and is considered to be riskier than CWIN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

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

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

Dividends

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

IDIV-B.TO's dividend yield for the trailing twelve months is around 2.80%, less than CWIN.TO's 3.19% 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 IDIV-B.TO and CWIN.TO in my portfolio?

IDIV-B.TO and CWIN.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, IDIV-B.TO or CWIN.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, IDIV-B.TO or CWIN.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 IDIV-B.TO and CWIN.TO?

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