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

MCLC.TO vs. ZCN.TO

Last updated Jul 17, 2026
Documentation

MCLC.TO (Manulife Multifactor Canadian Large Cap Index ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both Canada Equities funds. MCLC.TO is actively managed, while ZCN.TO is passively managed. Over the past 5 years, MCLC.TO returned 15.26%/yr vs 15.30%/yr for ZCN.TO. At a 0.37 correlation, their price movements are largely independent.

Performance

MCLC.TO vs. ZCN.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 BMO S&P/TSX Capped Composite Index ETF (ZCN.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 13.91% return, which is significantly higher than ZCN.TO's 12.76% return.

MCLC.TO

1D
-0.10%
1M
-0.16%
6M
9.83%
YTD
13.91%
1Y
29.43%
3Y*
21.32%
5Y*
15.26%
10Y*
—

ZCN.TO

1D
-0.17%
1M
0.08%
6M
8.19%
YTD
12.76%
1Y
33.17%
3Y*
23.79%
5Y*
15.30%
10Y*
12.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
MCLC.TO
Manulife Multifactor Canadian Large Cap Index ETF		13.91%25.65%19.78%10.82%0.64%24.38%-0.74%23.54%-10.29%7.42%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		12.76%31.51%21.64%11.63%-5.84%25.05%5.69%22.85%-8.85%6.39%

Correlation

The correlation between MCLC.TO and ZCN.TO is 0.79, 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

0.79

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

0.64

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

0.49

Correlation (All Time)
Calculated using the full available price history since Apr 17, 2017

0.37

Over the past year, MCLC.TO and ZCN.TO have become more correlated (0.79) than their long-term average of 0.37, meaning their price movements have been converging.

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Manulife Multifactor Canadian Large Cap Index ETF

BMO S&P/TSX Capped Composite Index ETF

Often compared with MCLC.TO:
MCLC.TO vs. MCSM.TOMCLC.TO vs. MINT.TOMCLC.TO vs. MULC.TOMCLC.TO vs. MUMC.TOMCLC.TO vs. MUSC.TOMCLC.TO vs. CDIV.TOMCLC.TO vs. IDIV-B.TO
Often compared with ZCN.TO:
ZCN.TO vs. XIC.TOZCN.TO vs. XIU.TOZCN.TO vs. ZSP.TOZCN.TO vs. VDY.TOZCN.TO vs. VCE.TOZCN.TO vs. XEQT.TOZCN.TO vs. VFV.TO

Return for Risk

MCLC.TO vs. ZCN.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: 9191
Overall Rank
MCLC.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
MCLC.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
MCLC.TO Omega Ratio Rank: 9191
Omega Ratio Rank
MCLC.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
MCLC.TO Martin Ratio Rank: 9292
Martin Ratio Rank
ZCN.TO
ZCN.TO Risk / Return Rank: 8989
Overall Rank
ZCN.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
ZCN.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
ZCN.TO Omega Ratio Rank: 8989
Omega Ratio Rank
ZCN.TO Calmar Ratio Rank: 8383
Calmar Ratio Rank
ZCN.TO Martin Ratio Rank: 9090
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. ZCN.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 BMO S&P/TSX Capped Composite Index ETF (ZCN.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.TOZCN.TODifference
Sharpe ratioReturn per unit of total volatility
2.52
2.54

-0.02

Sortino ratioReturn per unit of downside risk
3.32
3.28

+0.04

Omega ratioGain probability vs. loss probability

1.48

1.45

+0.02

Calmar ratioReturn relative to maximum drawdown

4.13

3.58

+0.55

Martin ratioReturn relative to average drawdown

17.90

16.30

+1.60

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

The current MCLC.TO Sharpe Ratio is 2.52, which is comparable to the ZCN.TO Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of MCLC.TO and ZCN.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. ZCN.TO - Drawdown Comparison

The maximum MCLC.TO drawdown since its inception was -35.34%, roughly equal to the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for MCLC.TO and ZCN.TO.

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Drawdown Indicators

MCLC.TOZCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.34%

-37.18%

+1.84%

Max Drawdown (1Y)

Largest decline over 1 year

-7.15%

-9.30%

+2.15%

Max Drawdown (3Y)

Largest decline over 3 years

-11.91%

-12.25%

+0.34%

Max Drawdown (5Y)

Largest decline over 5 years

-16.24%

-16.25%

+0.01%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.18%

—

Current Drawdown

Current decline from peak

-0.18%

-0.17%

-0.01%

Average Drawdown

Average peak-to-trough decline

-3.85%

-4.71%

+0.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.65%

2.04%

-0.39%

Volatility

MCLC.TO vs. ZCN.TO - Volatility Comparison

Manulife Multifactor Canadian Large Cap Index ETF (MCLC.TO) has a higher volatility of 2.43% compared to BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) at 2.18%. This indicates that MCLC.TO's price experiences larger fluctuations and is considered to be riskier than ZCN.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.TOZCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.43%

2.18%

+0.25%

Volatility (6M)

Calculated over the trailing 6-month period

9.38%

10.64%

-1.26%

Volatility (1Y)

Calculated over the trailing 1-year period

11.74%

13.13%

-1.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.24%

13.18%

+4.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.01%

14.97%

+4.04%

Dividends

MCLC.TO vs. ZCN.TO - Dividend Comparison

MCLC.TO's dividend yield for the trailing twelve months is around 1.68%, less than ZCN.TO's 2.03% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		2.03%2.22%2.78%3.29%3.27%2.74%3.24%3.13%3.16%2.75%2.86%3.36%

Frequently Asked Questions

MCLC.TO and ZCN.TO have a correlation of 0.79, 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 BMO.

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