MFC-PJ.TO vs. VFV.TO

Last updated Jun 5, 2026

MFC-PJ.TO (Manulife Financial Corporation) is a stock, while VFV.TO (Vanguard S&P 500 Index ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MFC-PJ.TO returned 8.36%/yr vs 16.15%/yr for VFV.TO. At a 0.11 correlation, their price movements are largely independent.

Performance

MFC-PJ.TO vs. VFV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Manulife Financial Corporation (MFC-PJ.TO) and Vanguard S&P 500 Index ETF (VFV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MFC-PJ.TO achieves a 3.62% return, which is significantly lower than VFV.TO's 12.72% return. Over the past 10 years, MFC-PJ.TO has underperformed VFV.TO with an annualized return of 8.36%, while VFV.TO has yielded a comparatively higher 16.15% annualized return.

MFC-PJ.TO

• 1D: 0.47%
• 1M: 0.83%
• YTD: 3.62%
• 6M: 4.24%
• 1Y: 8.71%
• 3Y*: 13.11%
• 5Y*: 6.47%
• 10Y*: 8.36%

VFV.TO

• 1D: 0.37%
• 1M: 6.75%
• YTD: 12.72%
• 6M: 10.73%
• 1Y: 30.31%
• 3Y*: 23.71%
• 5Y*: 16.92%
• 10Y*: 16.15%

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

MFC-PJ.TO vs. VFV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFC-PJ.TO Manulife Financial Corporation	3.62%	9.14%	15.36%	24.42%	-18.04%	26.71%	16.43%	-2.45%	-11.04%	19.76%
VFV.TO Vanguard S&P 500 Index ETF	12.72%	12.18%	35.23%	23.23%	-12.58%	27.51%	15.62%	25.14%	2.94%	13.67%

Correlation

The correlation between MFC-PJ.TO and VFV.TO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Dec 5, 2012	0.11

Return for Risk

MFC-PJ.TO vs. VFV.TO — Risk / Return Rank

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

MFC-PJ.TO

MFC-PJ.TO Risk / Return Rank: 77
MFC-PJ.TO Sharpe Ratio Rank: 76
MFC-PJ.TO Sortino Ratio Rank: 73
MFC-PJ.TO Omega Ratio Rank: 72
MFC-PJ.TO Calmar Ratio Rank: 81
MFC-PJ.TO Martin Ratio Rank: 85

VFV.TO

VFV.TO Risk / Return Rank: 78
VFV.TO Sharpe Ratio Rank: 83
VFV.TO Sortino Ratio Rank: 82
VFV.TO Omega Ratio Rank: 83
VFV.TO Calmar Ratio Rank: 72
VFV.TO Martin Ratio Rank: 73

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.

MFC-PJ.TO vs. VFV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manulife Financial Corporation (MFC-PJ.TO) and Vanguard S&P 500 Index ETF (VFV.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.

	MFC-PJ.TO	VFV.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.20	2.66	-1.46
Sortino ratio: Return per unit of downside risk	1.90	3.62	-1.72
Omega ratio: Gain probability vs. loss probability	1.24	1.49	-0.25
Calmar ratio: Return relative to maximum drawdown	2.84	3.53	-0.69
Martin ratio: Return relative to average drawdown	8.73	13.47	-4.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFC-PJ.TO vs. VFV.TO - Sharpe Ratio Comparison

The current MFC-PJ.TO Sharpe Ratio is 1.20, which is lower than the VFV.TO Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of MFC-PJ.TO and VFV.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.

Sharpe Ratios by Period

	MFC-PJ.TO	VFV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	2.66	-1.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	1.14	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.98	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	1.14	-0.81

Drawdowns

MFC-PJ.TO vs. VFV.TO - Drawdown Comparison

The maximum MFC-PJ.TO drawdown since its inception was -53.10%, which is greater than VFV.TO's maximum drawdown of -27.43%. Use the drawdown chart below to compare losses from any high point for MFC-PJ.TO and VFV.TO.

Drawdown Indicators

	MFC-PJ.TO	VFV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-53.10%	-27.43%	-25.67%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-8.62%	+5.54%
Max Drawdown (3Y) Largest decline over 3 years	-10.04%	-19.05%	+9.01%
Max Drawdown (5Y) Largest decline over 5 years	-19.51%	-22.19%	+2.68%
Max Drawdown (10Y) Largest decline over 10 years	-53.10%	-27.43%	-25.67%
Current Drawdown Current decline from peak	-1.76%	0.00%	-1.76%
Average Drawdown Average peak-to-trough decline	-7.48%	-3.35%	-4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	2.26%	-1.26%

Volatility

MFC-PJ.TO vs. VFV.TO - Volatility Comparison

The current volatility for Manulife Financial Corporation (MFC-PJ.TO) is 2.48%, while Vanguard S&P 500 Index ETF (VFV.TO) has a volatility of 3.00%. This indicates that MFC-PJ.TO experiences smaller price fluctuations and is considered to be less risky than VFV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFC-PJ.TO	VFV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	3.00%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	4.96%	8.56%	-3.60%
Volatility (1Y) Calculated over the trailing 1-year period	7.26%	11.44%	-4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.33%	14.91%	-2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.19%	16.57%	+0.62%

Dividends

MFC-PJ.TO vs. VFV.TO - Dividend Comparison

MFC-PJ.TO's dividend yield for the trailing twelve months is around 6.01%, more than VFV.TO's 0.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MFC-PJ.TO Manulife Financial Corporation	6.01%	6.04%	6.20%	6.31%	5.99%	4.66%	5.63%	6.14%	5.42%	4.05%	4.64%	4.53%
VFV.TO Vanguard S&P 500 Index ETF	0.83%	0.92%	0.99%	1.20%	1.31%	1.06%	1.33%	1.55%	1.68%	1.50%	1.66%	1.63%

Frequently Asked Questions

Can I hold both MFC-PJ.TO and VFV.TO in my portfolio?

MFC-PJ.TO and VFV.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.