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MCSM.TO vs. MULC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MCSM.TO vs. MULC.TO

Last updated Jul 16, 2026
Documentation

MCSM.TO (Manulife Multifactor Canadian SMID Cap Index ETF) and MULC.TO (Manulife Multifactor U.S. Large Cap Index ETF Hedged) are both exchange-traded funds - MCSM.TO is a Canada Equities fund actively managed by Manulife, while MULC.TO is a Large Cap Blend Equities fund actively managed by Manulife. Both are actively managed. Over the past 5 years, MCSM.TO returned 11.72%/yr vs 10.10%/yr for MULC.TO. At a 0.15 correlation, their price movements are largely independent.

Performance

MCSM.TO vs. MULC.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 Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.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, MCSM.TO achieves a 11.32% return, which is significantly higher than MULC.TO's 10.56% 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*
—

MULC.TO

1D
0.09%
1M
-0.30%
6M
9.24%
YTD
10.56%
1Y
19.42%
3Y*
16.49%
5Y*
10.10%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
MCSM.TO
Manulife Multifactor Canadian SMID Cap Index ETF		11.32%39.56%4.39%6.83%1.07%17.32%10.44%17.79%0.56%0.00%
MULC.TO
Manulife Multifactor U.S. Large Cap Index ETF Hedged		10.56%13.42%18.78%18.95%-16.59%27.01%12.62%30.40%-8.43%0.00%

Correlation

The correlation between MCSM.TO and MULC.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.24

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

0.17

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

0.17

Correlation (All Time)
Calculated using the full available price history since Dec 19, 2017

0.15

Compare stocks, funds, or ETFs

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Manulife Multifactor Canadian SMID Cap Index ETF

Manulife Multifactor U.S. Large Cap Index ETF Hedged

Return for Risk

MCSM.TO vs. MULC.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: 4646
Overall Rank
MCSM.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
MCSM.TO Sortino Ratio Rank: 3838
Sortino Ratio Rank
MCSM.TO Omega Ratio Rank: 5151
Omega Ratio Rank
MCSM.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
MCSM.TO Martin Ratio Rank: 4040
Martin Ratio Rank
MULC.TO
MULC.TO Risk / Return Rank: 6464
Overall Rank
MULC.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
MULC.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
MULC.TO Omega Ratio Rank: 6565
Omega Ratio Rank
MULC.TO Calmar Ratio Rank: 5858
Calmar Ratio Rank
MULC.TO Martin Ratio Rank: 7070
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.

MCSM.TO vs. MULC.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 Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.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.TOMULC.TODifference
Sharpe ratioReturn per unit of total volatility
1.28
1.61

-0.32

Sortino ratioReturn per unit of downside risk
1.70
2.47

-0.78

Omega ratioGain probability vs. loss probability

1.27

1.32

-0.05

Calmar ratioReturn relative to maximum drawdown

2.26

2.35

-0.08

Martin ratioReturn relative to average drawdown

5.33

10.31

-4.98

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

The current MCSM.TO Sharpe Ratio is 1.28, which is comparable to the MULC.TO Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of MCSM.TO and MULC.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

MCSM.TO vs. MULC.TO - Drawdown Comparison

The maximum MCSM.TO drawdown since its inception was -42.80%, which is greater than MULC.TO's maximum drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for MCSM.TO and MULC.TO.

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Drawdown Indicators

MCSM.TOMULC.TODifference

Max Drawdown

Largest peak-to-trough decline

-42.80%

-35.21%

-7.59%

Max Drawdown (1Y)

Largest decline over 1 year

-14.54%

-8.32%

-6.22%

Max Drawdown (3Y)

Largest decline over 3 years

-22.65%

-18.10%

-4.55%

Max Drawdown (5Y)

Largest decline over 5 years

-22.93%

-25.00%

+2.07%

Current Drawdown

Current decline from peak

-8.40%

-0.52%

-7.88%

Average Drawdown

Average peak-to-trough decline

-6.53%

-5.17%

-1.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.16%

1.89%

+4.27%

Volatility

MCSM.TO vs. MULC.TO - Volatility Comparison

Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.TO) has a higher volatility of 4.94% compared to Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) at 2.88%. This indicates that MCSM.TO's price experiences larger fluctuations and is considered to be riskier than MULC.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.TOMULC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.94%

2.88%

+2.06%

Volatility (6M)

Calculated over the trailing 6-month period

17.07%

9.98%

+7.09%

Volatility (1Y)

Calculated over the trailing 1-year period

25.62%

12.15%

+13.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

50.04%

15.51%

+34.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

49.71%

18.16%

+31.55%

Dividends

MCSM.TO vs. MULC.TO - Dividend Comparison

MCSM.TO's dividend yield for the trailing twelve months is around 1.78%, more than MULC.TO's 0.80% yield.

PositionTTM20252024202320222021202020192018
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%
MULC.TO
Manulife Multifactor U.S. Large Cap Index ETF Hedged		0.80%0.85%0.85%0.83%1.39%0.77%1.36%1.21%1.39%

Frequently Asked Questions

MCSM.TO and MULC.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MCSM.TO is categorized as Canada Equities, while MULC.TO is Large Cap Blend Equities.

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