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

IDIV-B.TO vs. MUSC.TO

Last updated Jul 16, 2026
Documentation

IDIV-B.TO (Manulife Smart International Dividend ETF Unhedged Units) and MUSC.TO (Manulife Multifactor U.S. Small Cap Index ETF Hedged) are both exchange-traded funds - IDIV-B.TO is a Dividend fund actively managed by Manulife, while MUSC.TO is a Small 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 11.17%/yr for MUSC.TO. At a 0.07 correlation, their price movements are largely independent.

Performance

IDIV-B.TO vs. MUSC.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. Small Cap Index ETF Hedged (MUSC.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 MUSC.TO's 13.47% return.

IDIV-B.TO

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

MUSC.TO

1D
0.00%
1M
5.24%
6M
13.47%
YTD
13.47%
1Y
22.18%
3Y*
11.17%
5Y*
6.18%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IDIV-B.TO vs. MUSC.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%
MUSC.TO
Manulife Multifactor U.S. Small Cap Index ETF Hedged		13.47%-3.19%24.99%11.83%1.71%

Correlation

The correlation between IDIV-B.TO and MUSC.TO is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.02

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

0.06

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

0.07

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Manulife Smart International Dividend ETF Unhedged Units

Manulife Multifactor U.S. Small Cap Index ETF Hedged

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Return for Risk

IDIV-B.TO vs. MUSC.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
MUSC.TO
MUSC.TO Risk / Return Rank: 9191
Overall Rank
MUSC.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
MUSC.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
MUSC.TO Omega Ratio Rank: 9999
Omega Ratio Rank
MUSC.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
MUSC.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. MUSC.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. Small Cap Index ETF Hedged (MUSC.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.TOMUSC.TODifference
Sharpe ratioReturn per unit of total volatility
1.49
1.94

-0.45

Sortino ratioReturn per unit of downside risk
1.98
4.49

-2.51

Omega ratioGain probability vs. loss probability

1.29

2.73

-1.44

Calmar ratioReturn relative to maximum drawdown

2.42

5.59

-3.16

Martin ratioReturn relative to average drawdown

9.37

18.06

-8.69

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

The current IDIV-B.TO Sharpe Ratio is 1.49, which is comparable to the MUSC.TO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of IDIV-B.TO and MUSC.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. MUSC.TO - Drawdown Comparison

The maximum IDIV-B.TO drawdown since its inception was -13.62%, smaller than the maximum MUSC.TO drawdown of -37.77%. Use the drawdown chart below to compare losses from any high point for IDIV-B.TO and MUSC.TO.

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Drawdown Indicators

IDIV-B.TOMUSC.TODifference

Max Drawdown

Largest peak-to-trough decline

-13.62%

-37.77%

+24.15%

Max Drawdown (1Y)

Largest decline over 1 year

-10.03%

-4.00%

-6.03%

Max Drawdown (3Y)

Largest decline over 3 years

-13.62%

-24.96%

+11.34%

Max Drawdown (5Y)

Largest decline over 5 years

—

-24.96%

—

Current Drawdown

Current decline from peak

-0.82%

0.00%

-0.82%

Average Drawdown

Average peak-to-trough decline

-1.77%

-7.95%

+6.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

1.23%

+1.36%

Volatility

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

The current volatility for Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) is 3.32%, while Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.TO) has a volatility of 3.78%. This indicates that IDIV-B.TO experiences smaller price fluctuations and is considered to be less risky than MUSC.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.TOMUSC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.32%

3.78%

-0.46%

Volatility (6M)

Calculated over the trailing 6-month period

13.16%

8.69%

+4.47%

Volatility (1Y)

Calculated over the trailing 1-year period

16.38%

11.52%

+4.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.33%

18.28%

-3.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.33%

22.63%

-8.30%

Dividends

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

IDIV-B.TO's dividend yield for the trailing twelve months is around 2.92%, more than MUSC.TO's 0.78% 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%
MUSC.TO
Manulife Multifactor U.S. Small Cap Index ETF Hedged		0.78%0.99%0.93%1.38%2.54%1.16%0.77%1.07%0.98%0.07%

Frequently Asked Questions

IDIV-B.TO and MUSC.TO have a correlation of -0.02, 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 MUSC.TO is Small Cap Blend Equities.

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