MCSM.TO vs. TCLV.TO
MCSM.TO (Manulife Multifactor Canadian SMID Cap Index ETF) and TCLV.TO (TD Q Canadian Low Volatility ETF) are both Canada Equities funds. Both are actively managed. Over the past 5 years, MCSM.TO returned 11.72%/yr vs 11.78%/yr for TCLV.TO. At a 0.17 correlation, their price movements are largely independent.
Performance
MCSM.TO vs. TCLV.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 higher than TCLV.TO's 8.67% 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*
- —
TCLV.TO
- 1D
- 0.28%
- 1M
- 2.05%
- 6M
- 7.94%
- YTD
- 8.67%
- 1Y
- 17.36%
- 3Y*
- 17.09%
- 5Y*
- 11.78%
- 10Y*
- —
MCSM.TO vs. TCLV.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% | 31.83% |
TCLV.TO TD Q Canadian Low Volatility ETF | 8.67% | 24.55% | 17.71% | 2.95% | -0.91% | 23.83% | 7.27% |
Correlation
The correlation between MCSM.TO and TCLV.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.17 |
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Return for Risk
MCSM.TO vs. TCLV.TO — Risk / Return Rank
MCSM.TO
TCLV.TO
MCSM.TO vs. TCLV.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 TD Q Canadian Low Volatility ETF (TCLV.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 | TCLV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.39 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 3.60 | -1.34 |
| Martin ratioReturn relative to average drawdown | 5.33 | 14.41 | -9.08 |
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Drawdowns
MCSM.TO vs. TCLV.TO - Drawdown Comparison
The maximum MCSM.TO drawdown since its inception was -42.80%, which is greater than TCLV.TO's maximum drawdown of -15.27%. Use the drawdown chart below to compare losses from any high point for MCSM.TO and TCLV.TO.
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Drawdown Indicators
| MCSM.TO | TCLV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.80% | -15.27% | -27.53% |
Max Drawdown (1Y)Largest decline over 1 year | -14.54% | -4.84% | -9.70% |
Max Drawdown (3Y)Largest decline over 3 years | -22.65% | -9.15% | -13.50% |
Max Drawdown (5Y)Largest decline over 5 years | -22.93% | -15.27% | -7.66% |
Current DrawdownCurrent decline from peak | -8.40% | -0.25% | -8.15% |
Average DrawdownAverage peak-to-trough decline | -6.53% | -3.02% | -3.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.16% | 1.21% | +4.95% |
Volatility
MCSM.TO vs. TCLV.TO - Volatility Comparison
Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.TO) has a higher volatility of 4.94% compared to TD Q Canadian Low Volatility ETF (TCLV.TO) at 2.64%. This indicates that MCSM.TO's price experiences larger fluctuations and is considered to be riskier than TCLV.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 | TCLV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 2.64% | +2.30% |
Volatility (6M)Calculated over the trailing 6-month period | 17.07% | 6.70% | +10.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.62% | 8.24% | +17.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.04% | 9.70% | +40.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.71% | 9.76% | +39.95% |
Dividends
MCSM.TO vs. TCLV.TO - Dividend Comparison
MCSM.TO's dividend yield for the trailing twelve months is around 1.78%, less than TCLV.TO's 1.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
TCLV.TO TD Q Canadian Low Volatility ETF | 1.82% | 1.88% | 2.68% | 3.15% | 2.84% | 2.64% | 1.59% | 0.00% | 0.00% |
Frequently Asked Questions
MCSM.TO and TCLV.TO have a correlation of 0.20, 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 TD.
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