IDIV-B.TO vs. TUEX.TO

Last updated Jun 5, 2026

IDIV-B.TO (Manulife Smart International Dividend ETF Unhedged Units) and TUEX.TO (TD Active U.S. Enhanced Dividend CAD Hedged ETF) are both Dividend funds. Both are actively managed. Over the past 3 years, IDIV-B.TO returned 20.85%/yr vs 23.50%/yr for TUEX.TO. At a 0.24 correlation, their price movements are largely independent. IDIV-B.TO charges 0.55%/yr vs 0.73%/yr for TUEX.TO.

Performance

IDIV-B.TO vs. TUEX.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 TD Active U.S. Enhanced Dividend CAD Hedged ETF (TUEX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IDIV-B.TO having a 11.80% return and TUEX.TO slightly higher at 12.08%.

IDIV-B.TO

• 1D: 0.95%
• 1M: 3.16%
• YTD: 11.80%
• 6M: 7.83%
• 1Y: 27.35%
• 3Y*: 20.85%
• 5Y*: —
• 10Y*: —

TUEX.TO

• 1D: 0.00%
• 1M: 3.09%
• YTD: 12.08%
• 6M: 11.50%
• 1Y: 25.77%
• 3Y*: 23.50%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	11.80%	35.22%	12.85%	3.29%
TUEX.TO TD Active U.S. Enhanced Dividend CAD Hedged ETF	12.08%	11.84%	21.95%	28.50%

Correlation

The correlation between IDIV-B.TO and TUEX.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Apr 21, 2023	0.24

The correlation between IDIV-B.TO and TUEX.TO shifts across timeframes, from 0.24 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IDIV-B.TO vs. TUEX.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: 56
IDIV-B.TO Sharpe Ratio Rank: 53
IDIV-B.TO Sortino Ratio Rank: 50
IDIV-B.TO Omega Ratio Rank: 55
IDIV-B.TO Calmar Ratio Rank: 56
IDIV-B.TO Martin Ratio Rank: 65

TUEX.TO

TUEX.TO Risk / Return Rank: 50
TUEX.TO Sharpe Ratio Rank: 45
TUEX.TO Sortino Ratio Rank: 46
TUEX.TO Omega Ratio Rank: 57
TUEX.TO Calmar Ratio Rank: 52
TUEX.TO Martin Ratio Rank: 52

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. TUEX.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 TD Active U.S. Enhanced Dividend CAD Hedged ETF (TUEX.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	TUEX.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.54	+0.23
Sortino ratio: Return per unit of downside risk	2.41	2.24	+0.16
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	2.74	2.52	+0.22
Martin ratio: Return relative to average drawdown	11.59	8.72	+2.87
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. TUEX.TO - Sharpe Ratio Comparison

The current IDIV-B.TO Sharpe Ratio is 1.77, which is comparable to the TUEX.TO Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of IDIV-B.TO and TUEX.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	TUEX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	1.54	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	1.22	+0.39

Drawdowns

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

The maximum IDIV-B.TO drawdown since its inception was -13.62%, smaller than the maximum TUEX.TO drawdown of -21.95%. Use the drawdown chart below to compare losses from any high point for IDIV-B.TO and TUEX.TO.

Drawdown Indicators

	IDIV-B.TO	TUEX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.62%	-21.95%	+8.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-10.26%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.62%	-21.95%	+8.33%
Current Drawdown Current decline from peak	-2.08%	-1.69%	-0.39%
Average Drawdown Average peak-to-trough decline	-1.72%	-2.72%	+1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	2.96%	-0.59%

Volatility

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

Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) and TD Active U.S. Enhanced Dividend CAD Hedged ETF (TUEX.TO) have volatilities of 5.11% and 5.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IDIV-B.TO	TUEX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	5.09%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	13.27%	13.35%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	15.49%	16.82%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	19.89%	-5.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.06%	19.89%	-5.83%

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

IDIV-B.TO has a 0.55% expense ratio, which is lower than TUEX.TO's 0.73% expense ratio.

Dividends

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

IDIV-B.TO's dividend yield for the trailing twelve months is around 2.77%, more than TUEX.TO's 2.60% yield.

Position	TTM	2025	2024	2023	2022
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	2.77%	3.02%	3.49%	1.73%	0.20%
TUEX.TO TD Active U.S. Enhanced Dividend CAD Hedged ETF	2.60%	2.79%	2.36%	11.90%	0.00%

Frequently Asked Questions

Can I hold both IDIV-B.TO and TUEX.TO in my portfolio?

IDIV-B.TO and TUEX.TO have a correlation of 0.41, 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 TUEX.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 TUEX.TO?

IDIV-B.TO is cheaper with a 0.55% expense ratio, compared with 0.73% for TUEX.TO.

What is the main difference between IDIV-B.TO and TUEX.TO?

They also come from different issuers: Manulife and TD Asset Management. Their fees differ too: 0.55% for IDIV-B.TO and 0.73% for TUEX.TO.