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MCLC.TO vs. HCA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MCLC.TO vs. HCA.TO

Last updated Jul 16, 2026
Documentation

MCLC.TO (Manulife Multifactor Canadian Large Cap Index ETF) and HCA.TO (Hamilton Canadian Bank Mean Reversion Index ETF) are both Canada Equities funds. MCLC.TO is actively managed, while HCA.TO is passively managed. Over the past 5 years, MCLC.TO returned 15.29%/yr vs 20.83%/yr for HCA.TO. At a 0.29 correlation, their price movements are largely independent.

Performance

MCLC.TO vs. HCA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Manulife Multifactor Canadian Large Cap Index ETF (MCLC.TO) and Hamilton Canadian Bank Mean Reversion Index ETF (HCA.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, MCLC.TO achieves a 14.02% return, which is significantly lower than HCA.TO's 37.85% return.

MCLC.TO

1D
0.34%
1M
0.09%
6M
10.38%
YTD
14.02%
1Y
28.74%
3Y*
21.36%
5Y*
15.29%
10Y*
—

HCA.TO

1D
1.32%
1M
8.11%
6M
37.03%
YTD
37.85%
1Y
78.38%
3Y*
36.60%
5Y*
20.83%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MCLC.TO vs. HCA.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
MCLC.TO
Manulife Multifactor Canadian Large Cap Index ETF		14.02%25.65%19.78%10.82%0.64%24.38%-0.74%23.54%-10.86%
HCA.TO
Hamilton Canadian Bank Mean Reversion Index ETF		37.85%46.37%17.62%12.03%-13.32%35.11%33.62%9.21%-14.35%

Correlation

The correlation between MCLC.TO and HCA.TO is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.56

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

0.46

Correlation (5Y)
Calculated over the trailing 5-year period

0.37

Correlation (All Time)
Calculated using the full available price history since Oct 2, 2018

0.29

Over the past year, MCLC.TO and HCA.TO have become more correlated (0.56) than their long-term average of 0.29, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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Manulife Multifactor Canadian Large Cap Index ETF

Hamilton Canadian Bank Mean Reversion Index ETF

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Return for Risk

MCLC.TO vs. HCA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MCLC.TO
MCLC.TO Risk / Return Rank: 9090
Overall Rank
MCLC.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
MCLC.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
MCLC.TO Omega Ratio Rank: 9090
Omega Ratio Rank
MCLC.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
MCLC.TO Martin Ratio Rank: 9292
Martin Ratio Rank
HCA.TO
HCA.TO Risk / Return Rank: 9898
Overall Rank
HCA.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
HCA.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HCA.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HCA.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
HCA.TO Martin Ratio Rank: 9898
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.

MCLC.TO vs. HCA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manulife Multifactor Canadian Large Cap Index ETF (MCLC.TO) and Hamilton Canadian Bank Mean Reversion Index ETF (HCA.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.

MCLC.TOHCA.TODifference
Sharpe ratioReturn per unit of total volatility
2.46
5.82

-3.36

Sortino ratioReturn per unit of downside risk
3.24
8.10

-4.86

Omega ratioGain probability vs. loss probability

1.46

2.12

-0.65

Calmar ratioReturn relative to maximum drawdown

4.04

9.25

-5.21

Martin ratioReturn relative to average drawdown

17.48

41.83

-24.35

MCLC.TO vs. HCA.TO - Sharpe Ratio Comparison

The current MCLC.TO Sharpe Ratio is 2.46, which is lower than the HCA.TO Sharpe Ratio of 5.82. The chart below compares the historical Sharpe Ratios of MCLC.TO and HCA.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

MCLC.TO vs. HCA.TO - Drawdown Comparison

The maximum MCLC.TO drawdown since its inception was -35.34%, smaller than the maximum HCA.TO drawdown of -37.89%. Use the drawdown chart below to compare losses from any high point for MCLC.TO and HCA.TO.

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Drawdown Indicators

MCLC.TOHCA.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.34%

-37.89%

+2.55%

Max Drawdown (1Y)

Largest decline over 1 year

-7.15%

-8.52%

+1.37%

Max Drawdown (3Y)

Largest decline over 3 years

-11.91%

-15.52%

+3.61%

Max Drawdown (5Y)

Largest decline over 5 years

-16.24%

-27.97%

+11.73%

Current Drawdown

Current decline from peak

-0.08%

0.00%

-0.08%

Average Drawdown

Average peak-to-trough decline

-3.85%

-7.64%

+3.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.65%

1.88%

-0.23%

Volatility

MCLC.TO vs. HCA.TO - Volatility Comparison

The current volatility for Manulife Multifactor Canadian Large Cap Index ETF (MCLC.TO) is 2.44%, while Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO) has a volatility of 4.05%. This indicates that MCLC.TO experiences smaller price fluctuations and is considered to be less risky than HCA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MCLC.TOHCA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.44%

4.05%

-1.61%

Volatility (6M)

Calculated over the trailing 6-month period

9.38%

11.50%

-2.12%

Volatility (1Y)

Calculated over the trailing 1-year period

11.74%

13.54%

-1.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.24%

14.15%

+3.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.02%

22.79%

-3.77%

Dividends

MCLC.TO vs. HCA.TO - Dividend Comparison

MCLC.TO's dividend yield for the trailing twelve months is around 1.68%, less than HCA.TO's 2.55% yield.

PositionTTM202520242023202220212020201920182017
HCA.TO
Hamilton Canadian Bank Mean Reversion Index ETF		2.55%3.44%4.42%8.53%5.45%3.56%3.54%0.00%0.00%0.00%
MCLC.TO
Manulife Multifactor Canadian Large Cap Index ETF		1.68%2.05%2.56%2.77%3.07%1.76%2.12%2.15%2.19%1.27%

Frequently Asked Questions

MCLC.TO and HCA.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Manulife and Hamilton.

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