IDIV-B.TO vs. XHD.TO

Last updated Jun 5, 2026

IDIV-B.TO (Manulife Smart International Dividend ETF Unhedged Units) and XHD.TO (iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)) are both exchange-traded funds - IDIV-B.TO is a Dividend fund actively managed by Manulife, while XHD.TO is a Large Cap Blend Equities fund tracking the Morningstar US Market TR CAD. IDIV-B.TO is actively managed, while XHD.TO is passively managed. Over the past 3 years, IDIV-B.TO returned 20.85%/yr vs 9.64%/yr for XHD.TO. At a 0.23 correlation, their price movements are largely independent. IDIV-B.TO charges 0.55%/yr vs 0.33%/yr for XHD.TO.

Performance

IDIV-B.TO vs. XHD.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 iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.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 XHD.TO slightly higher at 12.05%.

IDIV-B.TO

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

XHD.TO

• 1D: 0.10%
• 1M: -0.05%
• YTD: 12.05%
• 6M: 6.40%
• 1Y: 12.73%
• 3Y*: 9.64%
• 5Y*: 6.57%
• 10Y*: 6.20%

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

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

	2026 (YTD)	2025	2024	2023	2022
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	11.80%	35.22%	12.85%	12.28%	7.59%
XHD.TO iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)	12.05%	3.92%	9.50%	-0.07%	-0.17%

Correlation

The correlation between IDIV-B.TO and XHD.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	0.26
Correlation (All Time) Calculated using the full available price history since Nov 11, 2022	0.23

Return for Risk

IDIV-B.TO vs. XHD.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

XHD.TO

XHD.TO Risk / Return Rank: 34
XHD.TO Sharpe Ratio Rank: 32
XHD.TO Sortino Ratio Rank: 30
XHD.TO Omega Ratio Rank: 33
XHD.TO Calmar Ratio Rank: 40
XHD.TO Martin Ratio Rank: 36

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. XHD.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 iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.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	XHD.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.14	+0.64
Sortino ratio: Return per unit of downside risk	2.41	1.57	+0.84
Omega ratio: Gain probability vs. loss probability	1.34	1.21	+0.12
Calmar ratio: Return relative to maximum drawdown	2.74	1.96	+0.77
Martin ratio: Return relative to average drawdown	11.59	5.56	+6.03
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. XHD.TO - Sharpe Ratio Comparison

The current IDIV-B.TO Sharpe Ratio is 1.77, which is higher than the XHD.TO Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of IDIV-B.TO and XHD.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	XHD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	1.14	+0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.51	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	0.53	+1.08

Drawdowns

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

The maximum IDIV-B.TO drawdown since its inception was -13.62%, smaller than the maximum XHD.TO drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for IDIV-B.TO and XHD.TO.

Drawdown Indicators

	IDIV-B.TO	XHD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.62%	-38.71%	+25.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-6.51%	-3.52%
Max Drawdown (3Y) Largest decline over 3 years	-13.62%	-12.75%	-0.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.71%	—
Current Drawdown Current decline from peak	-2.08%	-2.35%	+0.27%
Average Drawdown Average peak-to-trough decline	-1.72%	-3.92%	+2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	2.30%	+0.07%

Volatility

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

Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) has a higher volatility of 5.11% compared to iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO) at 3.68%. This indicates that IDIV-B.TO's price experiences larger fluctuations and is considered to be riskier than XHD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IDIV-B.TO	XHD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	3.68%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	13.27%	9.38%	+3.89%
Volatility (1Y) Calculated over the trailing 1-year period	15.49%	11.28%	+4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	13.03%	+1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.06%	15.53%	-1.47%

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

IDIV-B.TO has a 0.55% expense ratio, which is higher than XHD.TO's 0.33% expense ratio.

Dividends

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

IDIV-B.TO's dividend yield for the trailing twelve months is around 2.77%, more than XHD.TO's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	2.77%	3.02%	3.49%	1.73%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XHD.TO iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)	2.38%	2.61%	2.99%	3.09%	2.69%	2.81%	3.44%	2.46%	2.81%	2.36%	2.48%	3.00%

Frequently Asked Questions

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

IDIV-B.TO and XHD.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.

Which ETF is better, IDIV-B.TO or XHD.TO?

On fees, XHD.TO is cheaper at 0.33% 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 XHD.TO?

XHD.TO is cheaper with a 0.33% expense ratio, compared with 0.55% for IDIV-B.TO.

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

IDIV-B.TO is categorized as Dividend, while XHD.TO is Large Cap Blend Equities. They also come from different issuers: Manulife and iShares. Their fees differ too: 0.55% for IDIV-B.TO and 0.33% for XHD.TO.