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

IDIV-B.TO vs. MCSM.TO

Last updated Jul 16, 2026
Documentation

IDIV-B.TO (Manulife Smart International Dividend ETF Unhedged Units) and MCSM.TO (Manulife Multifactor Canadian SMID Cap Index ETF) are both exchange-traded funds - IDIV-B.TO is a Dividend fund actively managed by Manulife, while MCSM.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 19.58%/yr for MCSM.TO. At a 0.19 correlation, their price movements are largely independent.

Performance

IDIV-B.TO vs. MCSM.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 SMID Cap Index ETF (MCSM.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 MCSM.TO's 11.32% return.

IDIV-B.TO

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

MCSM.TO

1D
0.46%
1M
-1.44%
6M
4.24%
YTD
11.32%
1Y
32.76%
3Y*
19.58%
5Y*
11.72%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IDIV-B.TO vs. MCSM.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%
MCSM.TO
Manulife Multifactor Canadian SMID Cap Index ETF		11.32%39.56%4.39%6.83%8.69%

Correlation

The correlation between IDIV-B.TO and MCSM.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.30

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

0.19

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

0.19

The correlation between IDIV-B.TO and MCSM.TO shifts across timeframes, from 0.19 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

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Manulife Smart International Dividend ETF Unhedged Units

Manulife Multifactor Canadian SMID 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. MCSM.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
MCSM.TO
MCSM.TO Risk / Return Rank: 4646
Overall Rank
MCSM.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
MCSM.TO Sortino Ratio Rank: 3838
Sortino Ratio Rank
MCSM.TO Omega Ratio Rank: 5151
Omega Ratio Rank
MCSM.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
MCSM.TO Martin Ratio Rank: 4040
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. MCSM.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 SMID Cap Index ETF (MCSM.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.TOMCSM.TODifference
Sharpe ratioReturn per unit of total volatility
1.49
1.28

+0.20

Sortino ratioReturn per unit of downside risk
1.98
1.70

+0.28

Omega ratioGain probability vs. loss probability

1.29

1.27

+0.03

Calmar ratioReturn relative to maximum drawdown

2.42

2.26

+0.16

Martin ratioReturn relative to average drawdown

9.37

5.33

+4.04

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

The current IDIV-B.TO Sharpe Ratio is 1.49, which is comparable to the MCSM.TO Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of IDIV-B.TO and MCSM.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. MCSM.TO - Drawdown Comparison

The maximum IDIV-B.TO drawdown since its inception was -13.62%, smaller than the maximum MCSM.TO drawdown of -42.80%. Use the drawdown chart below to compare losses from any high point for IDIV-B.TO and MCSM.TO.

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Drawdown Indicators

IDIV-B.TOMCSM.TODifference

Max Drawdown

Largest peak-to-trough decline

-13.62%

-42.80%

+29.18%

Max Drawdown (1Y)

Largest decline over 1 year

-10.03%

-14.54%

+4.51%

Max Drawdown (3Y)

Largest decline over 3 years

-13.62%

-22.65%

+9.03%

Max Drawdown (5Y)

Largest decline over 5 years

—

-22.93%

—

Current Drawdown

Current decline from peak

-0.82%

-8.40%

+7.58%

Average Drawdown

Average peak-to-trough decline

-1.77%

-6.53%

+4.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

6.16%

-3.57%

Volatility

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

The current volatility for Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) is 3.32%, while Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.TO) has a volatility of 4.94%. This indicates that IDIV-B.TO experiences smaller price fluctuations and is considered to be less risky than MCSM.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.TOMCSM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.32%

4.94%

-1.62%

Volatility (6M)

Calculated over the trailing 6-month period

13.16%

17.07%

-3.91%

Volatility (1Y)

Calculated over the trailing 1-year period

16.38%

25.62%

-9.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.33%

50.04%

-35.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.33%

49.71%

-35.38%

Dividends

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

IDIV-B.TO's dividend yield for the trailing twelve months is around 2.92%, more than MCSM.TO's 1.78% yield.

PositionTTM20252024202320222021202020192018
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%
MCSM.TO
Manulife Multifactor Canadian SMID Cap Index ETF		1.78%1.63%1.82%2.15%2.05%1.23%1.05%1.41%1.43%

Frequently Asked Questions

IDIV-B.TO and MCSM.TO have a correlation of 0.30, 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 MCSM.TO is Canada Equities.

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