MFC.TO vs. TRP.TO
MFC.TO (Manulife Financial Corporation) and TRP.TO (TC Energy Corporation) are both stocks. MFC.TO operates in Insurance - Life (Financial Services), while TRP.TO operates in Oil & Gas Midstream (Energy). Over the past 10 years, MFC.TO returned 17.33%/yr vs 11.53%/yr for TRP.TO. At a 0.32 correlation, their price movements are largely independent.
Performance
MFC.TO vs. TRP.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MFC.TO achieves a 15.19% return, which is significantly lower than TRP.TO's 29.69% return. Over the past 10 years, MFC.TO has outperformed TRP.TO with an annualized return of 17.33%, while TRP.TO has yielded a comparatively lower 11.53% 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%
TRP.TO
- 1D
- 0.20%
- 1M
- 3.23%
- YTD
- 29.69%
- 6M
- 31.68%
- 1Y
- 50.78%
- 3Y*
- 28.32%
- 5Y*
- 14.85%
- 10Y*
- 11.53%
MFC.TO vs. TRP.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% |
TRP.TO TC Energy Corporation | 29.69% | 18.35% | 37.67% | 2.53% | -2.77% | 20.34% | -20.74% | 48.49% | -16.01% | 5.23% |
Correlation
The correlation between MFC.TO and TRP.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 | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006 | 0.32 |
Over the past year, the correlation between MFC.TO and TRP.TO has dropped to 0.04 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.
Fundamentals
MFC.TO:
CA$94.62B
TRP.TO:
CA$101.12B
MFC.TO:
CA$3.78
TRP.TO:
CA$3.31
MFC.TO:
14.89
TRP.TO:
29.36
MFC.TO:
5.22
TRP.TO:
0.39
MFC.TO:
1.78
TRP.TO:
6.41
MFC.TO:
2.15
TRP.TO:
4.00
MFC.TO:
CA$53.61B
TRP.TO:
CA$15.76B
MFC.TO:
CA$27.15B
TRP.TO:
CA$8.07B
MFC.TO:
CA$8.25B
TRP.TO:
CA$10.90B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MFC.TO vs. TRP.TO — Risk / Return Rank
MFC.TO
TRP.TO
MFC.TO vs. TRP.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Manulife Financial Corporation (MFC.TO) and TC Energy Corporation (TRP.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 | TRP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.48 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 5.65 | -2.97 |
| Martin ratioReturn relative to average drawdown | 8.65 | 16.62 | -7.97 |
Loading charts...
Drawdowns
MFC.TO vs. TRP.TO - Drawdown Comparison
The maximum MFC.TO drawdown since its inception was -77.97%, which is greater than TRP.TO's maximum drawdown of -36.30%. Use the drawdown chart below to compare losses from any high point for MFC.TO and TRP.TO.
Loading charts...
Drawdown Indicators
| MFC.TO | TRP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.97% | -36.30% | -41.67% |
Max Drawdown (1Y)Largest decline over 1 year | -12.71% | -8.75% | -3.96% |
Max Drawdown (3Y)Largest decline over 3 years | -17.63% | -15.48% | -2.15% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -34.02% | +12.97% |
Max Drawdown (10Y)Largest decline over 10 years | -52.68% | -36.30% | -16.38% |
Current DrawdownCurrent decline from peak | 0.00% | -0.88% | +0.88% |
Average DrawdownAverage peak-to-trough decline | -28.15% | -8.45% | -19.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.96% | 3.08% | +0.88% |
Volatility
MFC.TO vs. TRP.TO - Volatility Comparison
Manulife Financial Corporation (MFC.TO) has a higher volatility of 7.81% compared to TC Energy Corporation (TRP.TO) at 5.44%. This indicates that MFC.TO's price experiences larger fluctuations and is considered to be riskier than TRP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MFC.TO | TRP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.81% | 5.44% | +2.37% |
Volatility (6M)Calculated over the trailing 6-month period | 15.42% | 12.67% | +2.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.91% | 16.90% | +3.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 19.65% | +1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.09% | 23.23% | +2.86% |
Dividends
MFC.TO vs. TRP.TO - Dividend Comparison
MFC.TO's dividend yield for the trailing twelve months is around 3.28%, less than TRP.TO's 3.53% 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% |
TRP.TO TC Energy Corporation | 3.53% | 4.50% | 5.40% | 6.71% | 6.67% | 5.92% | 6.26% | 4.34% | 5.66% | 4.09% | 3.73% | 4.60% |
Financials
MFC.TO vs. TRP.TO - Financials Comparison
This section allows you to compare key financial metrics between Manulife Financial Corporation and TC Energy Corporation. 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. TRP.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%.
TRP.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TC Energy Corporation reported a gross profit of 2.40B and revenue of 4.23B. Therefore, the gross margin over that period was 56.7%.
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%.
TRP.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TC Energy Corporation reported an operating income of 2.21B and revenue of 4.23B, resulting in an operating margin of 52.1%.
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%.
TRP.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TC Energy Corporation reported a net income of 927.00M and revenue of 4.23B, resulting in a net margin of 21.9%.
Frequently Asked Questions
MFC.TO and TRP.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.
Find the right allocation for MFC.TO and TRP.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer