JHML vs. MFUS

Last updated Jun 4, 2026

JHML (John Hancock Multifactor Large Cap ETF) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both Large Cap Growth Equities funds - JHML tracks the John Hancock Dimensional Large Cap Index while MFUS tracks the RAFI Dynamic Multi-Factor U.S. Index​. Both are passively managed. Over the past 5 years, JHML returned 11.88%/yr vs 12.82%/yr for MFUS. Their correlation of 0.93 suggests significant overlap in exposure. JHML charges 0.29%/yr vs 0.30%/yr for MFUS.

Performance

JHML vs. MFUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Multifactor Large Cap ETF (JHML) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JHML achieves a 11.62% return, which is significantly lower than MFUS's 16.37% return.

JHML

• 1D: -0.45%
• 1M: 4.79%
• YTD: 11.62%
• 6M: 11.80%
• 1Y: 26.67%
• 3Y*: 20.37%
• 5Y*: 11.88%
• 10Y*: 14.24%

MFUS

• 1D: 0.03%
• 1M: 5.72%
• YTD: 16.37%
• 6M: 16.58%
• 1Y: 28.04%
• 3Y*: 22.25%
• 5Y*: 12.82%
• 10Y*: —

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

JHML vs. MFUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JHML John Hancock Multifactor Large Cap ETF	11.62%	15.91%	19.84%	21.16%	-15.94%	26.90%	17.02%	30.94%	-6.45%	9.80%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	16.37%	16.02%	20.17%	12.19%	-5.82%	24.10%	10.64%	26.17%	-7.30%	11.20%

Correlation

The correlation between JHML and MFUS is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.93

The correlation between JHML and MFUS has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

JHML vs. MFUS - Sectors Allocation Comparison

Sectors	JHML	MFUS
Technology	27.8%	21.8%
Financial Services	13.8%	12.6%
Industrials	12.2%	12.6%
Consumer Cyclical	10.3%	10.6%
Healthcare	9.0%	13.5%
Communication Services	8.4%	5.3%
Consumer Defensive	5.1%	10.3%
Energy	4.3%	7.0%
Utilities	4.0%	1.7%
Basic Materials	2.8%	2.8%
Real Estate	2.4%	1.8%

Return for Risk

JHML vs. MFUS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JHML

JHML Risk / Return Rank: 72
JHML Sharpe Ratio Rank: 71
JHML Sortino Ratio Rank: 72
JHML Omega Ratio Rank: 71
JHML Calmar Ratio Rank: 68
JHML Martin Ratio Rank: 80

MFUS

MFUS Risk / Return Rank: 82
MFUS Sharpe Ratio Rank: 80
MFUS Sortino Ratio Rank: 83
MFUS Omega Ratio Rank: 78
MFUS Calmar Ratio Rank: 83
MFUS Martin Ratio Rank: 86

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.

JHML vs. MFUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Multifactor Large Cap ETF (JHML) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). 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.

	JHML	MFUS	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.63	-0.29
Sortino ratio: Return per unit of downside risk	3.28	3.77	-0.49
Omega ratio: Gain probability vs. loss probability	1.42	1.47	-0.05
Calmar ratio: Return relative to maximum drawdown	3.37	4.41	-1.04
Martin ratio: Return relative to average drawdown	15.61	18.13	-2.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHML vs. MFUS - Sharpe Ratio Comparison

The current JHML Sharpe Ratio is 2.34, which is comparable to the MFUS Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of JHML and MFUS, 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

	JHML	MFUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.63	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.86	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.79	+0.02

Drawdowns

JHML vs. MFUS - Drawdown Comparison

The maximum JHML drawdown since its inception was -36.13%, roughly equal to the maximum MFUS drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for JHML and MFUS.

Drawdown Indicators

	JHML	MFUS	Difference
Max Drawdown Largest peak-to-trough decline	-36.13%	-35.21%	-0.92%
Max Drawdown (1Y) Largest decline over 1 year	-7.95%	-6.39%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	-18.20%	-15.39%	-2.81%
Max Drawdown (5Y) Largest decline over 5 years	-23.47%	-18.22%	-5.25%
Max Drawdown (10Y) Largest decline over 10 years	-36.13%	—	—
Current Drawdown Current decline from peak	-0.45%	0.00%	-0.45%
Average Drawdown Average peak-to-trough decline	-4.29%	-4.00%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.55%	+0.16%

Volatility

JHML vs. MFUS - Volatility Comparison

The current volatility for John Hancock Multifactor Large Cap ETF (JHML) is 2.84%, while PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) has a volatility of 3.19%. This indicates that JHML experiences smaller price fluctuations and is considered to be less risky than MFUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHML	MFUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	3.19%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	8.70%	8.22%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	11.48%	10.72%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.29%	15.03%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.76%	17.35%	+0.41%

JHML vs. MFUS - Expense Ratio Comparison

JHML has a 0.29% expense ratio, which is lower than MFUS's 0.30% expense ratio.

Dividends

JHML vs. MFUS - Dividend Comparison

JHML's dividend yield for the trailing twelve months is around 0.95%, less than MFUS's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JHML John Hancock Multifactor Large Cap ETF	0.95%	1.06%	1.16%	1.39%	1.46%	1.08%	1.59%	1.73%	1.57%	1.44%	1.36%	0.38%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.36%	1.54%	1.45%	1.96%	2.07%	1.35%	1.72%	1.89%	1.69%	1.01%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JHML and MFUS in my portfolio?

With a correlation of 0.91, JHML and MFUS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JHML or MFUS?

MFUS has higher volatility (3.19%) compared to JHML (2.84%). In terms of maximum drawdown, JHML dropped -36.13% vs MFUS's -35.21%.

Which ETF is better, JHML or MFUS?

On 5-year performance, MFUS leads with 12.82% vs 11.88% for JHML. On fees, JHML is cheaper at 0.29% per year. On volatility, JHML has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHML or MFUS?

Over the 5-year period, MFUS has performed better with a 12.82% return vs 11.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHML or MFUS?

JHML is cheaper with a 0.29% expense ratio, compared with 0.30% for MFUS.

Which ETF pays a higher dividend yield, JHML or MFUS?

MFUS has the higher dividend yield at 1.36%, compared with 0.95% for JHML.

What is the main difference between JHML and MFUS?

JHML tracks John Hancock Dimensional Large Cap Index, while MFUS tracks RAFI Dynamic Multi-Factor U.S. Index​. They also come from different issuers: Manulife and PIMCO. Their fees differ too: 0.29% for JHML and 0.30% for MFUS.

Which has better risk-adjusted returns?

MFUS currently has the higher Sharpe Ratio (2.63 vs 2.34), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.