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

MCLC.TO vs. MUSC.TO

Last updated Jul 16, 2026
Documentation

MCLC.TO (Manulife Multifactor Canadian Large Cap Index ETF) and MUSC.TO (Manulife Multifactor U.S. Small Cap Index ETF Hedged) are both exchange-traded funds - MCLC.TO is a Canada Equities 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 5 years, MCLC.TO returned 15.29%/yr vs 6.18%/yr for MUSC.TO. At a 0.08 correlation, their price movements are largely independent.

Performance

MCLC.TO vs. MUSC.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 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

The year-to-date returns for both stocks are quite close, with MCLC.TO having a 14.02% return and MUSC.TO slightly lower at 13.47%.

MCLC.TO

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

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

2026 (YTD)202520242023202220212020201920182017
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%-10.29%2.49%
MUSC.TO
Manulife Multifactor U.S. Small Cap Index ETF Hedged		13.47%-3.19%24.99%11.83%-16.41%20.14%12.67%2.78%-4.13%1.38%

Correlation

The correlation between MCLC.TO and MUSC.TO is 0.00, 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

0.00

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

0.00

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

0.04

Correlation (All Time)
Calculated using the full available price history since Nov 27, 2017

0.08

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Manulife Multifactor Canadian Large Cap Index ETF

Manulife Multifactor U.S. Small Cap Index ETF Hedged

Return for Risk

MCLC.TO vs. MUSC.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
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.

MCLC.TO vs. MUSC.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 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.

MCLC.TOMUSC.TODifference
Sharpe ratioReturn per unit of total volatility
2.46
1.94

+0.52

Sortino ratioReturn per unit of downside risk
3.24
4.49

-1.25

Omega ratioGain probability vs. loss probability

1.46

2.73

-1.27

Calmar ratioReturn relative to maximum drawdown

4.04

5.59

-1.55

Martin ratioReturn relative to average drawdown

17.48

18.06

-0.58

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

The current MCLC.TO Sharpe Ratio is 2.46, which is comparable to the MUSC.TO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of MCLC.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

MCLC.TO vs. MUSC.TO - Drawdown Comparison

The maximum MCLC.TO drawdown since its inception was -35.34%, smaller than the maximum MUSC.TO drawdown of -37.77%. Use the drawdown chart below to compare losses from any high point for MCLC.TO and MUSC.TO.

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Drawdown Indicators

MCLC.TOMUSC.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.34%

-37.77%

+2.43%

Max Drawdown (1Y)

Largest decline over 1 year

-7.15%

-4.00%

-3.15%

Max Drawdown (3Y)

Largest decline over 3 years

-11.91%

-24.96%

+13.05%

Max Drawdown (5Y)

Largest decline over 5 years

-16.24%

-24.96%

+8.72%

Current Drawdown

Current decline from peak

-0.08%

0.00%

-0.08%

Average Drawdown

Average peak-to-trough decline

-3.85%

-7.95%

+4.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.65%

1.23%

+0.42%

Volatility

MCLC.TO vs. MUSC.TO - Volatility Comparison

The current volatility for Manulife Multifactor Canadian Large Cap Index ETF (MCLC.TO) is 2.44%, while Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.TO) has a volatility of 3.78%. This indicates that MCLC.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

MCLC.TOMUSC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.44%

3.78%

-1.34%

Volatility (6M)

Calculated over the trailing 6-month period

9.38%

8.69%

+0.69%

Volatility (1Y)

Calculated over the trailing 1-year period

11.74%

11.52%

+0.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.24%

18.28%

-1.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.02%

22.63%

-3.61%

Dividends

MCLC.TO vs. MUSC.TO - Dividend Comparison

MCLC.TO's dividend yield for the trailing twelve months is around 1.68%, more than MUSC.TO's 0.78% yield.

PositionTTM202520242023202220212020201920182017
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%
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

MCLC.TO and MUSC.TO have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MCLC.TO is categorized as Canada Equities, while MUSC.TO is Small Cap Blend Equities.

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