MCSM.TO vs. HEWB.TO
MCSM.TO (Manulife Multifactor Canadian SMID Cap Index ETF) and HEWB.TO (Global X Equal Weight Canadian Banks Index Corporate Class ETF) are both Canada Equities funds. MCSM.TO is actively managed, while HEWB.TO is passively managed. Over the past 5 years, MCSM.TO returned 11.72%/yr vs 21.67%/yr for HEWB.TO. At a 0.21 correlation, their price movements are largely independent.
Performance
MCSM.TO vs. HEWB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MCSM.TO achieves a 11.32% return, which is significantly lower than HEWB.TO's 36.46% 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*
- —
HEWB.TO
- 1D
- 1.33%
- 1M
- 8.80%
- 6M
- 35.08%
- YTD
- 36.46%
- 1Y
- 74.62%
- 3Y*
- 37.59%
- 5Y*
- 21.67%
- 10Y*
- —
MCSM.TO vs. HEWB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MCSM.TO Manulife Multifactor Canadian SMID Cap Index ETF | 11.32% | 39.56% | 4.39% | 6.83% | 1.07% | 17.32% | 10.44% | 11.12% |
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF | 36.46% | 43.48% | 24.54% | 11.00% | -10.46% | 39.19% | 4.74% | 3.56% |
Correlation
The correlation between MCSM.TO and HEWB.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 2019 | 0.21 |
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Return for Risk
MCSM.TO vs. HEWB.TO — Risk / Return Rank
MCSM.TO
HEWB.TO
MCSM.TO vs. HEWB.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 Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.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 | HEWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.26 | ||
| Sortino ratioReturn per unit of downside risk | -5.47 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.99 | -0.72 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 8.37 | -6.10 |
| Martin ratioReturn relative to average drawdown | 5.33 | 37.96 | -32.64 |
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Drawdowns
MCSM.TO vs. HEWB.TO - Drawdown Comparison
The maximum MCSM.TO drawdown since its inception was -42.80%, which is greater than HEWB.TO's maximum drawdown of -39.43%. Use the drawdown chart below to compare losses from any high point for MCSM.TO and HEWB.TO.
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Drawdown Indicators
| MCSM.TO | HEWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.80% | -39.43% | -3.37% |
Max Drawdown (1Y)Largest decline over 1 year | -14.54% | -8.97% | -5.57% |
Max Drawdown (3Y)Largest decline over 3 years | -22.65% | -14.84% | -7.81% |
Max Drawdown (5Y)Largest decline over 5 years | -22.93% | -25.89% | +2.96% |
Current DrawdownCurrent decline from peak | -8.40% | 0.00% | -8.40% |
Average DrawdownAverage peak-to-trough decline | -6.53% | -7.16% | +0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.16% | 1.97% | +4.19% |
Volatility
MCSM.TO vs. HEWB.TO - Volatility Comparison
Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.TO) has a higher volatility of 4.94% compared to Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) at 4.30%. This indicates that MCSM.TO's price experiences larger fluctuations and is considered to be riskier than HEWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCSM.TO | HEWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 4.30% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 17.07% | 11.90% | +5.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.62% | 13.54% | +12.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.04% | 14.12% | +35.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.71% | 19.24% | +30.47% |
Dividends
MCSM.TO vs. HEWB.TO - Dividend Comparison
MCSM.TO's dividend yield for the trailing twelve months is around 1.78%, while HEWB.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
MCSM.TO and HEWB.TO have a correlation of 0.28, 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 Global X.
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