MFC.TO vs. TD.TO
MFC.TO (Manulife Financial Corporation) and TD.TO (The Toronto-Dominion Bank) are both stocks. Both are in the Financial Services sector — MFC.TO in Insurance - Life, TD.TO in Banks - Diversified. Over the past 10 years, MFC.TO returned 17.33%/yr vs 16.09%/yr for TD.TO. A 0.59 correlation means they provide meaningful diversification when combined.
Performance
MFC.TO vs. TD.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 TD.TO's 28.85% return. Over the past 10 years, MFC.TO has outperformed TD.TO with an annualized return of 17.33%, while TD.TO has yielded a comparatively lower 16.09% annualized return.
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%
TD.TO
- 1D
- 1.10%
- 1M
- 10.59%
- YTD
- 28.85%
- 6M
- 32.50%
- 1Y
- 76.68%
- 3Y*
- 33.03%
- 5Y*
- 18.47%
- 10Y*
- 16.09%
MFC.TO vs. TD.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% |
TD.TO The Toronto-Dominion Bank | 28.85% | 77.06% | -6.05% | 2.34% | -6.01% | 40.15% | 3.72% | 11.66% | -4.57% | 15.15% |
Correlation
The correlation between MFC.TO and TD.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006 | 0.59 |
The correlation between MFC.TO and TD.TO shifts across timeframes, from 0.42 (3 years) to 0.59 (all time), reflecting how their relationship changes across market environments.
Fundamentals
MFC.TO:
CA$94.62B
TD.TO:
CA$273.16B
MFC.TO:
CA$3.78
TD.TO:
CA$8.81
MFC.TO:
14.89
TD.TO:
18.62
MFC.TO:
5.22
TD.TO:
0.67
MFC.TO:
1.78
TD.TO:
2.47
MFC.TO:
2.15
TD.TO:
2.42
MFC.TO:
CA$53.61B
TD.TO:
CA$112.59B
MFC.TO:
CA$27.15B
TD.TO:
CA$59.48B
MFC.TO:
CA$8.25B
TD.TO:
CA$19.98B
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Return for Risk
MFC.TO vs. TD.TO — Risk / Return Rank
MFC.TO
TD.TO
MFC.TO vs. TD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Manulife Financial Corporation (MFC.TO) and The Toronto-Dominion Bank (TD.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 | TD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.37 | ||
| Sortino ratioReturn per unit of downside risk | -3.92 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.89 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 11.51 | -8.84 |
| Martin ratioReturn relative to average drawdown | 8.65 | 48.39 | -39.74 |
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Drawdowns
MFC.TO vs. TD.TO - Drawdown Comparison
The maximum MFC.TO drawdown since its inception was -77.97%, which is greater than TD.TO's maximum drawdown of -52.42%. Use the drawdown chart below to compare losses from any high point for MFC.TO and TD.TO.
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Drawdown Indicators
| MFC.TO | TD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.97% | -52.42% | -25.55% |
Max Drawdown (1Y)Largest decline over 1 year | -12.71% | -6.68% | -6.03% |
Max Drawdown (3Y)Largest decline over 3 years | -17.63% | -15.04% | -2.59% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -26.06% | +5.01% |
Max Drawdown (10Y)Largest decline over 10 years | -52.68% | -35.80% | -16.88% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -28.15% | -7.29% | -20.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.96% | 1.59% | +2.37% |
Volatility
MFC.TO vs. TD.TO - Volatility Comparison
Manulife Financial Corporation (MFC.TO) has a higher volatility of 7.81% compared to The Toronto-Dominion Bank (TD.TO) at 5.14%. This indicates that MFC.TO's price experiences larger fluctuations and is considered to be riskier than TD.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 | TD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.81% | 5.14% | +2.67% |
Volatility (6M)Calculated over the trailing 6-month period | 15.42% | 11.73% | +3.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.91% | 15.16% | +4.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 17.17% | +4.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.09% | 19.29% | +6.80% |
Dividends
MFC.TO vs. TD.TO - Dividend Comparison
MFC.TO's dividend yield for the trailing twelve months is around 3.28%, more than TD.TO's 2.60% 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% |
TD.TO The Toronto-Dominion Bank | 2.60% | 3.25% | 5.33% | 4.48% | 4.06% | 3.26% | 4.32% | 3.97% | 3.85% | 3.19% | 3.26% | 3.69% |
Financials
MFC.TO vs. TD.TO - Financials Comparison
This section allows you to compare key financial metrics between Manulife Financial Corporation and The Toronto-Dominion Bank. 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. TD.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%.
TD.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a gross profit of 14.91B and revenue of 27.03B. Therefore, the gross margin over that period was 55.2%.
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%.
TD.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported an operating income of 5.03B and revenue of 27.03B, resulting in an operating margin of 18.6%.
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%.
TD.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a net income of 4.25B and revenue of 27.03B, resulting in a net margin of 15.7%.
Frequently Asked Questions
MFC.TO and TD.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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