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

MCSM.TO vs. TLV.TO

Last updated Jul 16, 2026
Documentation

MCSM.TO (Manulife Multifactor Canadian SMID Cap Index ETF) and TLV.TO (Invesco S&P/TSX Composite Low Volatility Index ETF) are both Canada Equities funds. MCSM.TO is actively managed, while TLV.TO is passively managed. Over the past 5 years, MCSM.TO returned 11.72%/yr vs 11.79%/yr for TLV.TO. At a 0.14 correlation, their price movements are largely independent.

Performance

MCSM.TO vs. TLV.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 Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.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 lower than TLV.TO's 18.03% 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*
—

TLV.TO

1D
0.44%
1M
3.55%
6M
16.34%
YTD
18.03%
1Y
29.52%
3Y*
21.51%
5Y*
11.79%
10Y*
9.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MCSM.TO vs. TLV.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%
TLV.TO
Invesco S&P/TSX Composite Low Volatility Index ETF		18.03%22.51%20.36%4.75%-10.22%21.67%-6.10%22.29%-6.62%-0.51%

Correlation

The correlation between MCSM.TO and TLV.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.16

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

0.15

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

0.18

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

0.14

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Manulife Multifactor Canadian SMID Cap Index ETF

Invesco S&P/TSX Composite Low Volatility Index ETF

Often compared with TLV.TO:
TLV.TO vs. ESG.TOTLV.TO vs. XEI.TOTLV.TO vs. ZLB.TOTLV.TO vs. FCCV.TOTLV.TO vs. XDV.TOTLV.TO vs. QQCE.TOTLV.TO vs. VCE.TO

Return for Risk

MCSM.TO vs. TLV.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
TLV.TO
TLV.TO Risk / Return Rank: 9797
Overall Rank
TLV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
TLV.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
TLV.TO Omega Ratio Rank: 9797
Omega Ratio Rank
TLV.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
TLV.TO Martin Ratio Rank: 9797
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. TLV.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 Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.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.TOTLV.TODifference
Sharpe ratioReturn per unit of total volatility
1.28
3.95

-2.66

Sortino ratioReturn per unit of downside risk
1.70
5.98

-4.28

Omega ratioGain probability vs. loss probability

1.27

1.82

-0.56

Calmar ratioReturn relative to maximum drawdown

2.26

7.29

-5.02

Martin ratioReturn relative to average drawdown

5.33

33.50

-28.17

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

The current MCSM.TO Sharpe Ratio is 1.28, which is lower than the TLV.TO Sharpe Ratio of 3.95. The chart below compares the historical Sharpe Ratios of MCSM.TO and TLV.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. TLV.TO - Drawdown Comparison

The maximum MCSM.TO drawdown since its inception was -42.80%, which is greater than TLV.TO's maximum drawdown of -37.68%. Use the drawdown chart below to compare losses from any high point for MCSM.TO and TLV.TO.

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Drawdown Indicators

MCSM.TOTLV.TODifference

Max Drawdown

Largest peak-to-trough decline

-42.80%

-37.68%

-5.12%

Max Drawdown (1Y)

Largest decline over 1 year

-14.54%

-4.07%

-10.47%

Max Drawdown (3Y)

Largest decline over 3 years

-22.65%

-9.83%

-12.82%

Max Drawdown (5Y)

Largest decline over 5 years

-22.93%

-19.36%

-3.57%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.68%

—

Current Drawdown

Current decline from peak

-8.40%

0.00%

-8.40%

Average Drawdown

Average peak-to-trough decline

-6.53%

-4.03%

-2.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.16%

0.88%

+5.28%

Volatility

MCSM.TO vs. TLV.TO - Volatility Comparison

Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.TO) has a higher volatility of 4.94% compared to Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) at 2.06%. This indicates that MCSM.TO's price experiences larger fluctuations and is considered to be riskier than TLV.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.TOTLV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.94%

2.06%

+2.88%

Volatility (6M)

Calculated over the trailing 6-month period

17.07%

6.10%

+10.97%

Volatility (1Y)

Calculated over the trailing 1-year period

25.62%

7.53%

+18.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

50.04%

9.98%

+40.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

49.71%

12.68%

+37.03%

Dividends

MCSM.TO vs. TLV.TO - Dividend Comparison

MCSM.TO's dividend yield for the trailing twelve months is around 1.78%, less than TLV.TO's 2.88% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
TLV.TO
Invesco S&P/TSX Composite Low Volatility Index ETF		2.88%3.25%3.40%4.12%4.01%2.49%2.75%3.74%4.28%3.58%3.46%4.08%

Frequently Asked Questions

MCSM.TO and TLV.TO have a correlation of 0.16, 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 Invesco.

Portfolio Optimizer

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Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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