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

IDIV-B.TO vs. MULC.TO

Last updated Jul 16, 2026
Documentation

IDIV-B.TO (Manulife Smart International Dividend ETF Unhedged Units) and MULC.TO (Manulife Multifactor U.S. Large Cap Index ETF Hedged) are both exchange-traded funds - IDIV-B.TO is a Dividend fund actively managed by Manulife, while MULC.TO is a Large Cap Blend Equities fund actively managed by Manulife. Both are actively managed. Over the past 3 years, IDIV-B.TO returned 20.10%/yr vs 16.49%/yr for MULC.TO. At a 0.26 correlation, their price movements are largely independent.

Performance

IDIV-B.TO vs. MULC.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 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, IDIV-B.TO achieves a 15.90% return, which is significantly higher than MULC.TO's 10.56% return.

IDIV-B.TO

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

MULC.TO

1D
0.09%
1M
-0.30%
6M
9.24%
YTD
10.56%
1Y
19.42%
3Y*
16.49%
5Y*
10.10%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IDIV-B.TO vs. MULC.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%
MULC.TO
Manulife Multifactor U.S. Large Cap Index ETF Hedged		10.56%13.42%18.78%18.95%1.51%

Correlation

The correlation between IDIV-B.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 (All Time)
Calculated using the full available price history since Nov 10, 2022

0.26

Compare stocks, funds, or ETFs

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Manulife Smart International Dividend ETF Unhedged Units

Manulife Multifactor U.S. Large Cap Index ETF Hedged

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. MULC.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
MULC.TO
MULC.TO Risk / Return Rank: 6464
Overall Rank
MULC.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
MULC.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
MULC.TO Omega Ratio Rank: 6565
Omega Ratio Rank
MULC.TO Calmar Ratio Rank: 5858
Calmar Ratio Rank
MULC.TO Martin Ratio Rank: 7070
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. MULC.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 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.

IDIV-B.TOMULC.TODifference
Sharpe ratioReturn per unit of total volatility
1.49
1.61

-0.12

Sortino ratioReturn per unit of downside risk
1.98
2.47

-0.50

Omega ratioGain probability vs. loss probability

1.29

1.32

-0.02

Calmar ratioReturn relative to maximum drawdown

2.42

2.35

+0.08

Martin ratioReturn relative to average drawdown

9.37

10.31

-0.94

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

The current IDIV-B.TO Sharpe Ratio is 1.49, which is comparable to the MULC.TO Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of IDIV-B.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

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

The maximum IDIV-B.TO drawdown since its inception was -13.62%, smaller than the maximum MULC.TO drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for IDIV-B.TO and MULC.TO.

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Drawdown Indicators

IDIV-B.TOMULC.TODifference

Max Drawdown

Largest peak-to-trough decline

-13.62%

-35.21%

+21.59%

Max Drawdown (1Y)

Largest decline over 1 year

-10.03%

-8.32%

-1.71%

Max Drawdown (3Y)

Largest decline over 3 years

-13.62%

-18.10%

+4.48%

Max Drawdown (5Y)

Largest decline over 5 years

—

-25.00%

—

Current Drawdown

Current decline from peak

-0.82%

-0.52%

-0.30%

Average Drawdown

Average peak-to-trough decline

-1.77%

-5.17%

+3.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

1.89%

+0.70%

Volatility

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

Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) has a higher volatility of 3.32% compared to Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) at 2.88%. This indicates that IDIV-B.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

IDIV-B.TOMULC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.32%

2.88%

+0.44%

Volatility (6M)

Calculated over the trailing 6-month period

13.16%

9.98%

+3.18%

Volatility (1Y)

Calculated over the trailing 1-year period

16.38%

12.15%

+4.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.33%

15.51%

-1.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.33%

18.16%

-3.83%

Dividends

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

IDIV-B.TO's dividend yield for the trailing twelve months is around 2.92%, more than MULC.TO's 0.80% 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%
MULC.TO
Manulife Multifactor U.S. Large Cap Index ETF Hedged		0.80%0.85%0.85%0.83%1.39%0.77%1.36%1.21%1.39%

Frequently Asked Questions

IDIV-B.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.

IDIV-B.TO is categorized as Dividend, while MULC.TO is Large Cap Blend Equities.

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