MFC.TO vs. RY.TO
MFC.TO (Manulife Financial Corporation) and RY.TO (Royal Bank of Canada) are both stocks. Both are in the Financial Services sector — MFC.TO in Insurance - Life, RY.TO in Banks - Diversified. Over the past 10 years, MFC.TO returned 17.33%/yr vs 18.12%/yr for RY.TO. A 0.61 correlation means they provide meaningful diversification when combined.
Performance
MFC.TO vs. RY.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MFC.TO achieves a 15.19% return, which is significantly lower than RY.TO's 20.87% return. Both investments have delivered pretty close results over the past 10 years, with MFC.TO having a 17.33% annualized return and RY.TO not far ahead at 18.12%.
MFC.TO
- 1D
- 1.53%
- 1M
- 9.90%
- YTD
- 15.19%
- 6M
- 17.52%
- 1Y
- 38.24%
- 3Y*
- 35.54%
- 5Y*
- 23.66%
- 10Y*
- 17.33%
RY.TO
- 1D
- 0.36%
- 1M
- 10.50%
- YTD
- 20.87%
- 6M
- 23.89%
- 1Y
- 65.59%
- 3Y*
- 35.54%
- 5Y*
- 21.56%
- 10Y*
- 18.12%
MFC.TO vs. RY.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFC.TO Manulife Financial Corporation | 15.19% | 17.45% | 57.53% | 28.33% | 5.83% | 11.57% | -9.19% | 41.99% | -23.25% | 13.30% |
RY.TO Royal Bank of Canada | 20.87% | 39.60% | 34.37% | 9.80% | -1.52% | 33.09% | 6.52% | 14.33% | -5.50% | 17.12% |
Correlation
The correlation between MFC.TO and RY.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006 | 0.61 |
The correlation between MFC.TO and RY.TO shifts across timeframes, from 0.45 (1 year) to 0.61 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
MFC.TO:
CA$94.62B
RY.TO:
CA$389.54B
MFC.TO:
CA$3.78
RY.TO:
CA$15.77
MFC.TO:
14.89
RY.TO:
17.69
MFC.TO:
5.22
RY.TO:
2.60
MFC.TO:
1.78
RY.TO:
3.25
MFC.TO:
2.15
RY.TO:
3.01
MFC.TO:
CA$53.61B
RY.TO:
CA$120.33B
MFC.TO:
CA$27.15B
RY.TO:
CA$65.64B
MFC.TO:
CA$8.25B
RY.TO:
CA$14.74B
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Return for Risk
MFC.TO vs. RY.TO — Risk / Return Rank
MFC.TO
RY.TO
MFC.TO vs. RY.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Manulife Financial Corporation (MFC.TO) and Royal Bank of Canada (RY.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.
| MFC.TO | RY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -4.43 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.85 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 7.91 | -5.24 |
| Martin ratioReturn relative to average drawdown | 8.65 | 29.39 | -20.74 |
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Drawdowns
MFC.TO vs. RY.TO - Drawdown Comparison
The maximum MFC.TO drawdown since its inception was -77.97%, which is greater than RY.TO's maximum drawdown of -54.03%. Use the drawdown chart below to compare losses from any high point for MFC.TO and RY.TO.
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Drawdown Indicators
| MFC.TO | RY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.97% | -54.03% | -23.94% |
Max Drawdown (1Y)Largest decline over 1 year | -12.71% | -8.12% | -4.59% |
Max Drawdown (3Y)Largest decline over 3 years | -17.63% | -16.00% | -1.63% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -21.21% | +0.16% |
Max Drawdown (10Y)Largest decline over 10 years | -52.68% | -33.84% | -18.84% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -28.15% | -6.72% | -21.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.96% | 2.18% | +1.78% |
Volatility
MFC.TO vs. RY.TO - Volatility Comparison
Manulife Financial Corporation (MFC.TO) has a higher volatility of 7.81% compared to Royal Bank of Canada (RY.TO) at 4.23%. This indicates that MFC.TO's price experiences larger fluctuations and is considered to be riskier than RY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MFC.TO | RY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.81% | 4.23% | +3.58% |
Volatility (6M)Calculated over the trailing 6-month period | 15.42% | 10.44% | +4.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.91% | 13.82% | +6.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 14.93% | +6.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.09% | 17.26% | +8.83% |
Dividends
MFC.TO vs. RY.TO - Dividend Comparison
MFC.TO's dividend yield for the trailing twelve months is around 3.28%, more than RY.TO's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MFC.TO Manulife Financial Corporation | 3.28% | 3.53% | 3.62% | 4.99% | 5.47% | 4.85% | 4.94% | 3.79% | 4.70% | 3.13% | 3.09% | 2.39% |
RY.TO Royal Bank of Canada | 2.28% | 2.58% | 3.23% | 3.99% | 3.90% | 3.22% | 4.10% | 3.96% | 4.03% | 3.39% | 3.57% | 4.15% |
Financials
MFC.TO vs. RY.TO - Financials Comparison
This section allows you to compare key financial metrics between Manulife Financial Corporation and Royal Bank of Canada. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
MFC.TO vs. RY.TO - Profitability Comparison
MFC.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Manulife Financial Corporation reported a gross profit of 12.28B and revenue of 12.28B. Therefore, the gross margin over that period was 100.0%.
RY.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Royal Bank of Canada reported a gross profit of 16.52B and revenue of 33.95B. Therefore, the gross margin over that period was 48.7%.
MFC.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Manulife Financial Corporation reported an operating income of 1.47B and revenue of 12.28B, resulting in an operating margin of 11.9%.
RY.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Royal Bank of Canada reported an operating income of 7.10B and revenue of 33.95B, resulting in an operating margin of 20.9%.
MFC.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Manulife Financial Corporation reported a net income of 1.19B and revenue of 12.28B, resulting in a net margin of 9.7%.
RY.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Royal Bank of Canada reported a net income of 5.51B and revenue of 33.95B, resulting in a net margin of 16.2%.
Frequently Asked Questions
MFC.TO and RY.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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