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IDIV-B.TO vs. MCLC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IDIV-B.TO vs. MCLC.TO

Last updated Jul 16, 2026
Documentation

IDIV-B.TO (Manulife Smart International Dividend ETF Unhedged Units) and MCLC.TO (Manulife Multifactor Canadian Large Cap Index ETF) are both exchange-traded funds - IDIV-B.TO is a Dividend fund actively managed by Manulife, while MCLC.TO is a Canada Equities fund actively managed by Manulife. Both are actively managed. Over the past 3 years, IDIV-B.TO returned 20.10%/yr vs 21.36%/yr for MCLC.TO. At a 0.28 correlation, their price movements are largely independent.

Performance

IDIV-B.TO vs. MCLC.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 Multifactor Canadian Large Cap Index ETF (MCLC.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, IDIV-B.TO achieves a 15.90% return, which is significantly higher than MCLC.TO's 14.02% return.

IDIV-B.TO

1D
0.80%
1M
1.41%
6M
11.15%
YTD
15.90%
1Y
24.21%
3Y*
20.10%
5Y*
—
10Y*
—

MCLC.TO

1D
0.34%
1M
0.09%
6M
10.38%
YTD
14.02%
1Y
28.74%
3Y*
21.36%
5Y*
15.29%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022
IDIV-B.TO
Manulife Smart International Dividend ETF Unhedged Units		15.90%30.89%11.95%12.28%7.59%
MCLC.TO
Manulife Multifactor Canadian Large Cap Index ETF		14.02%25.65%19.78%10.82%1.34%

Correlation

The correlation between IDIV-B.TO and MCLC.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.33

Correlation (All Time)
Calculated using the full available price history since Nov 10, 2022

0.28

The correlation between IDIV-B.TO and MCLC.TO shifts across timeframes, from 0.28 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.

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Manulife Smart International Dividend ETF Unhedged Units

Manulife Multifactor Canadian Large Cap Index ETF

Often compared with IDIV-B.TO:
IDIV-B.TO vs. FCID.TOIDIV-B.TO vs. FCCD.TOIDIV-B.TO vs. CDIV.TOIDIV-B.TO vs. XDU.TOIDIV-B.TO vs. CWIN.TOIDIV-B.TO vs. ZDIV.TOIDIV-B.TO vs. TBNK.TO

Return for Risk

IDIV-B.TO vs. MCLC.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: 5757
Overall Rank
IDIV-B.TO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
IDIV-B.TO Sortino Ratio Rank: 4747
Sortino Ratio Rank
IDIV-B.TO Omega Ratio Rank: 5959
Omega Ratio Rank
IDIV-B.TO Calmar Ratio Rank: 5959
Calmar Ratio Rank
IDIV-B.TO Martin Ratio Rank: 6565
Martin Ratio Rank
MCLC.TO
MCLC.TO Risk / Return Rank: 9090
Overall Rank
MCLC.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
MCLC.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
MCLC.TO Omega Ratio Rank: 9090
Omega Ratio Rank
MCLC.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
MCLC.TO Martin Ratio Rank: 9292
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.

IDIV-B.TO vs. MCLC.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 Multifactor Canadian Large Cap Index ETF (MCLC.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.

IDIV-B.TOMCLC.TODifference
Sharpe ratioReturn per unit of total volatility
1.49
2.46

-0.97

Sortino ratioReturn per unit of downside risk
1.98
3.24

-1.27

Omega ratioGain probability vs. loss probability

1.29

1.46

-0.17

Calmar ratioReturn relative to maximum drawdown

2.42

4.04

-1.61

Martin ratioReturn relative to average drawdown

9.37

17.48

-8.10

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

The current IDIV-B.TO Sharpe Ratio is 1.49, which is lower than the MCLC.TO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of IDIV-B.TO and MCLC.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

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

The maximum IDIV-B.TO drawdown since its inception was -13.62%, smaller than the maximum MCLC.TO drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for IDIV-B.TO and MCLC.TO.

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Drawdown Indicators

IDIV-B.TOMCLC.TODifference

Max Drawdown

Largest peak-to-trough decline

-13.62%

-35.34%

+21.72%

Max Drawdown (1Y)

Largest decline over 1 year

-10.03%

-7.15%

-2.88%

Max Drawdown (3Y)

Largest decline over 3 years

-13.62%

-11.91%

-1.71%

Max Drawdown (5Y)

Largest decline over 5 years

—

-16.24%

—

Current Drawdown

Current decline from peak

-0.82%

-0.08%

-0.74%

Average Drawdown

Average peak-to-trough decline

-1.77%

-3.85%

+2.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

1.65%

+0.94%

Volatility

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

Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) has a higher volatility of 3.32% compared to Manulife Multifactor Canadian Large Cap Index ETF (MCLC.TO) at 2.44%. This indicates that IDIV-B.TO's price experiences larger fluctuations and is considered to be riskier than MCLC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IDIV-B.TOMCLC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.32%

2.44%

+0.88%

Volatility (6M)

Calculated over the trailing 6-month period

13.16%

9.38%

+3.78%

Volatility (1Y)

Calculated over the trailing 1-year period

16.38%

11.74%

+4.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.33%

17.24%

-2.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.33%

19.02%

-4.69%

Dividends

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

IDIV-B.TO's dividend yield for the trailing twelve months is around 2.92%, more than MCLC.TO's 1.68% yield.

PositionTTM202520242023202220212020201920182017
IDIV-B.TO
Manulife Smart International Dividend ETF Unhedged Units		2.92%3.12%3.52%1.73%0.20%0.00%0.00%0.00%0.00%0.00%
MCLC.TO
Manulife Multifactor Canadian Large Cap Index ETF		1.68%2.05%2.56%2.77%3.07%1.76%2.12%2.15%2.19%1.27%

Frequently Asked Questions

IDIV-B.TO and MCLC.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IDIV-B.TO is categorized as Dividend, while MCLC.TO is Canada Equities.

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