MFC vs. AFG

Last updated Jun 3, 2026

MFC (Manulife Financial Corporation) and AFG (American Financial Group, Inc.) are both stocks. Both are in the Financial Services sector — MFC in Insurance - Life, AFG in Insurance - Property & Casualty. Over the past 10 years, MFC returned 15.27%/yr vs 14.01%/yr for AFG. At a 0.44 correlation, their price movements are largely independent.

Performance

MFC vs. AFG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manulife Financial Corporation (MFC) and American Financial Group, Inc. (AFG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MFC achieves a 8.01% return, which is significantly higher than AFG's -3.38% return. Over the past 10 years, MFC has outperformed AFG with an annualized return of 15.27%, while AFG has yielded a comparatively lower 14.01% annualized return.

MFC

• 1D: 2.02%
• 1M: -0.78%
• YTD: 8.01%
• 6M: 12.15%
• 1Y: 24.96%
• 3Y*: 31.67%
• 5Y*: 18.61%
• 10Y*: 15.27%

AFG

• 1D: 0.40%
• 1M: -2.17%
• YTD: -3.38%
• 6M: -0.86%
• 1Y: 8.63%
• 3Y*: 9.66%
• 5Y*: 9.49%
• 10Y*: 14.01%

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

MFC vs. AFG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFC Manulife Financial Corporation	8.01%	22.95%	45.75%	31.13%	-1.18%	12.17%	-7.18%	49.19%	-29.89%	22.17%
AFG American Financial Group, Inc.	-3.38%	5.45%	23.79%	-7.61%	10.91%	93.83%	-16.18%	27.10%	-13.04%	29.20%

Correlation

The correlation between MFC and AFG is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Sep 27, 1999	0.44

The correlation between MFC and AFG has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.

Fundamentals

Market Cap MFC : $46.43B AFG : $10.73B
EPS MFC : $4.06 AFG : $10.54
PE Ratio MFC : 9.48 AFG : 12.22
PS Ratio MFC : 0.77 AFG : 1.32
PB Ratio MFC : 1.05 AFG : 2.29
Total Revenue (TTM) MFC : $79.35B AFG : $8.15B
Gross Profit (TTM) MFC : $26.46B AFG : $2.64B
EBITDA (TTM) MFC : $8.26B AFG : $1.26B

Return for Risk

MFC vs. AFG — Risk / Return Rank

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

MFC

MFC Risk / Return Rank: 73
MFC Sharpe Ratio Rank: 76
MFC Sortino Ratio Rank: 68
MFC Omega Ratio Rank: 68
MFC Calmar Ratio Rank: 75
MFC Martin Ratio Rank: 77

AFG

AFG Risk / Return Rank: 52
AFG Sharpe Ratio Rank: 56
AFG Sortino Ratio Rank: 48
AFG Omega Ratio Rank: 45
AFG Calmar Ratio Rank: 56
AFG Martin Ratio Rank: 54

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 vs. AFG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manulife Financial Corporation (MFC) and American Financial Group, Inc. (AFG). 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	AFG	Difference
Sharpe ratio Return per unit of total volatility	1.21	0.45	+0.76
Sortino ratio Return per unit of downside risk	1.65	0.76	+0.89
Omega ratio Gain probability vs. loss probability	1.22	1.09	+0.13
Calmar ratio Return relative to maximum drawdown	2.04	0.71	+1.33
Martin ratio Return relative to average drawdown	5.51	1.36	+4.15
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 vs. AFG - Sharpe Ratio Comparison

The current MFC Sharpe Ratio is 1.21, which is higher than the AFG Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of MFC and AFG, 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	AFG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	0.45	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.41	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.46	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.34	+0.01

Drawdowns

MFC vs. AFG - Drawdown Comparison

The maximum MFC drawdown since its inception was -83.61%, which is greater than AFG's maximum drawdown of -62.94%. Use the drawdown chart below to compare losses from any high point for MFC and AFG.

Drawdown Indicators

	MFC	AFG	Difference
Max Drawdown Largest peak-to-trough decline	-83.61%	-62.94%	-20.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.49%	-13.19%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-16.75%	-19.85%	+3.10%
Max Drawdown (5Y) Largest decline over 5 years	-26.99%	-23.85%	-3.14%
Max Drawdown (10Y) Largest decline over 10 years	-57.44%	-58.98%	+1.54%
Current Drawdown Current decline from peak	-3.08%	-9.36%	+6.28%
Average Drawdown Average peak-to-trough decline	-29.42%	-16.75%	-12.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	6.90%	-2.28%

Volatility

MFC vs. AFG - Volatility Comparison

Manulife Financial Corporation (MFC) has a higher volatility of 8.38% compared to American Financial Group, Inc. (AFG) at 4.27%. This indicates that MFC's price experiences larger fluctuations and is considered to be riskier than AFG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFC	AFG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	4.27%	+4.11%
Volatility (6M) Calculated over the trailing 6-month period	15.79%	12.54%	+3.25%
Volatility (1Y) Calculated over the trailing 1-year period	20.67%	19.08%	+1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.12%	23.03%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.43%	30.28%	-1.85%

Dividends

MFC vs. AFG - Dividend Comparison

MFC's dividend yield for the trailing twelve months is around 3.47%, less than AFG's 5.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFG American Financial Group, Inc.	5.39%	5.33%	6.89%	6.81%	10.42%	20.43%	4.39%	4.51%	4.92%	4.41%	2.44%	2.82%
MFC Manulife Financial Corporation	3.47%	3.45%	4.16%	4.86%	5.71%	4.91%	4.70%	3.71%	4.08%	3.93%	4.15%	5.38%

Financials

MFC vs. AFG - Profitability Comparison

The chart below illustrates the profitability comparison between Manulife Financial Corporation and American Financial Group, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

MFC - 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 12.31B and revenue of 12.31B. Therefore, the gross margin over that period was 100.0%.

AFG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, American Financial Group, Inc. reported a gross profit of 948.00M and revenue of 1.85B. Therefore, the gross margin over that period was 51.1%.

MFC - 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 12.31B, resulting in an operating margin of 11.9%.

AFG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, American Financial Group, Inc. reported an operating income of 239.00M and revenue of 1.85B, resulting in an operating margin of 12.9%.

MFC - 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 1.20B and revenue of 12.31B, resulting in a net margin of 9.7%.

AFG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, American Financial Group, Inc. reported a net income of 191.00M and revenue of 1.85B, resulting in a net margin of 10.3%.

Frequently Asked Questions

Can I hold both MFC and AFG in my portfolio?

MFC and AFG have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFC or AFG?

MFC has higher volatility (8.38%) compared to AFG (4.27%). In terms of maximum drawdown, MFC dropped -83.61% vs AFG's -62.94%.

Which has better risk-adjusted returns?

MFC currently has the higher Sharpe Ratio (1.21 vs 0.45), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.