MCSM.TO vs. HCAL.TO

Last updated Jul 16, 2026

MCSM.TO (Manulife Multifactor Canadian SMID Cap Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - MCSM.TO is a Canada Equities fund actively managed by Manulife, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). MCSM.TO is actively managed, while HCAL.TO is passively managed. Over the past 5 years, MCSM.TO returned 11.72%/yr vs 25.28%/yr for HCAL.TO. At a 0.21 correlation, their price movements are largely independent.

Performance

MCSM.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCSM.TO achieves a 11.32% return, which is significantly lower than HCAL.TO's 46.44% return.

MCSM.TO

• 1D: 0.46%
• 1M: -1.44%
• 6M: 4.24%
• YTD: 11.32%
• 1Y: 32.76%
• 3Y*: 19.58%
• 5Y*: 11.72%
• 10Y*: —

HCAL.TO

• 1D: 2.03%
• 1M: 11.16%
• 6M: 44.73%
• YTD: 46.44%
• 1Y: 97.75%
• 3Y*: 46.31%
• 5Y*: 25.28%
• 10Y*: —

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

MCSM.TO vs. HCAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MCSM.TO Manulife Multifactor Canadian SMID Cap Index ETF	11.32%	39.56%	4.39%	6.83%	1.07%	17.32%	11.35%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	46.44%	54.09%	29.04%	11.73%	-17.54%	50.25%	16.92%

Correlation

The correlation between MCSM.TO and HCAL.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 (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.21

Return for Risk

MCSM.TO vs. HCAL.TO — Risk / Return Rank

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

MCSM.TO

MCSM.TO Risk / Return Rank: 46
MCSM.TO Sharpe Ratio Rank: 43
MCSM.TO Sortino Ratio Rank: 38
MCSM.TO Omega Ratio Rank: 51
MCSM.TO Calmar Ratio Rank: 55
MCSM.TO Martin Ratio Rank: 40

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 99
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 98
HCAL.TO Calmar Ratio Rank: 97
HCAL.TO Martin Ratio Rank: 98

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.

MCSM.TO vs. HCAL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.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.

	MCSM.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.28	5.87	-4.59
Sortino ratio: Return per unit of downside risk	1.70	7.18	-5.48
Omega ratio: Gain probability vs. loss probability	1.27	1.99	-0.73
Calmar ratio: Return relative to maximum drawdown	2.26	9.23	-6.96
Martin ratio: Return relative to average drawdown	5.33	39.93	-34.60

MCSM.TO vs. HCAL.TO - Sharpe Ratio Comparison

The current MCSM.TO Sharpe Ratio is 1.28, which is lower than the HCAL.TO Sharpe Ratio of 5.87. The chart below compares the historical Sharpe Ratios of MCSM.TO and HCAL.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.

Drawdowns

MCSM.TO vs. HCAL.TO - Drawdown Comparison

The maximum MCSM.TO drawdown since its inception was -42.80%, which is greater than HCAL.TO's maximum drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for MCSM.TO and HCAL.TO.

Drawdown Indicators

	MCSM.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-42.80%	-35.05%	-7.75%
Max Drawdown (1Y) Largest decline over 1 year	-14.54%	-10.65%	-3.89%
Max Drawdown (3Y) Largest decline over 3 years	-22.65%	-18.77%	-3.88%
Max Drawdown (5Y) Largest decline over 5 years	-22.93%	-35.05%	+12.12%
Current Drawdown Current decline from peak	-8.40%	0.00%	-8.40%
Average Drawdown Average peak-to-trough decline	-6.53%	-9.45%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.16%	2.46%	+3.70%

Volatility

MCSM.TO vs. HCAL.TO - Volatility Comparison

The current volatility for Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.TO) is 4.94%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 5.22%. This indicates that MCSM.TO experiences smaller price fluctuations and is considered to be less risky than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCSM.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	5.22%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	17.07%	14.63%	+2.44%
Volatility (1Y) Calculated over the trailing 1-year period	25.62%	16.76%	+8.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.04%	17.31%	+32.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.71%	17.01%	+32.70%

Dividends

MCSM.TO vs. HCAL.TO - Dividend Comparison

MCSM.TO's dividend yield for the trailing twelve months is around 1.78%, less than HCAL.TO's 2.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HCAL.TO Hamilton Enhanced Canadian Bank ETF	2.97%	4.20%	6.12%	7.37%	7.46%	4.27%	2.66%	0.00%	0.00%
MCSM.TO Manulife Multifactor Canadian SMID Cap Index ETF	1.78%	1.63%	1.82%	2.15%	2.05%	1.23%	1.05%	1.41%	1.43%

Frequently Asked Questions

Can I hold both MCSM.TO and HCAL.TO in my portfolio?

MCSM.TO and HCAL.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.

What is the main difference between MCSM.TO and HCAL.TO?

MCSM.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. They also come from different issuers: Manulife and Hamilton Capital.