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MULC.TO vs. BGU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MULC.TO vs. BGU.TO

Last updated Jul 21, 2026
Documentation

MULC.TO (Manulife Multifactor U.S. Large Cap Index ETF Hedged) and BGU.TO (Bristol Gate Concentrated US Equity ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past 5 years, MULC.TO returned 9.90%/yr vs 9.08%/yr for BGU.TO. At a 0.32 correlation, their price movements are largely independent.

Performance

MULC.TO vs. BGU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) and Bristol Gate Concentrated US Equity ETF (BGU.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MULC.TO achieves a 9.54% return, which is significantly higher than BGU.TO's 6.44% return.

MULC.TO

1D
-0.71%
1M
-0.40%
6M
9.17%
YTD
9.54%
1Y
18.02%
3Y*
15.72%
5Y*
9.90%
10Y*
—
ALL TIME*
11.96%

BGU.TO

1D
-0.02%
1M
-0.94%
6M
3.70%
YTD
6.44%
1Y
11.27%
3Y*
12.62%
5Y*
9.08%
10Y*
—
ALL TIME*
12.06%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MULC.TO vs. BGU.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
MULC.TO
Manulife Multifactor U.S. Large Cap Index ETF Hedged		9.54%13.42%18.78%18.95%-16.59%27.01%12.62%30.40%-8.01%
BGU.TO
Bristol Gate Concentrated US Equity ETF		6.44%4.62%18.85%20.28%-13.23%30.22%8.27%30.25%2.31%

Correlation

The correlation between MULC.TO and BGU.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

Correlation (3Y)
Calculated over the trailing 3-year period

0.42

Correlation (5Y)
Calculated over the trailing 5-year period

0.37

Correlation (All Time)
Calculated using the full available price history since Mar 5, 2018

0.32

MULC.TO vs. BGU.TO - Sectors Allocation Comparison

Sectors
MULC.TO
BGU.TO

Technology

31.0%
27.7%

Financial Services

13.5%
18.3%

Industrials

11.9%
31.3%

Consumer Cyclical

9.8%

-

Healthcare

9.0%
9.3%

Communication Services

7.7%

-

Consumer Defensive

4.8%
8.5%

Energy

3.8%
5.0%

Utilities

3.6%

-

Basic Materials

2.7%

-

Real Estate

2.3%

-

Technology

MULC.TO
31.0%
BGU.TO
27.7%

Financial Services

MULC.TO
13.5%
BGU.TO
18.3%

Industrials

MULC.TO
11.9%
BGU.TO
31.3%

Consumer Cyclical

MULC.TO
9.8%
BGU.TO

-

Healthcare

MULC.TO
9.0%
BGU.TO
9.3%

Communication Services

MULC.TO
7.7%
BGU.TO

-

Consumer Defensive

MULC.TO
4.8%
BGU.TO
8.5%

Energy

MULC.TO
3.8%
BGU.TO
5.0%

Utilities

MULC.TO
3.6%
BGU.TO

-

Basic Materials

MULC.TO
2.7%
BGU.TO

-

Real Estate

MULC.TO
2.3%
BGU.TO

-

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Manulife Multifactor U.S. Large Cap Index ETF Hedged

Bristol Gate Concentrated US Equity ETF

Often compared with MULC.TO:
MULC.TO vs. MCSM.TOMULC.TO vs. MUSC.TOMULC.TO vs. MCLC.TOMULC.TO vs. MINT.TOMULC.TO vs. MUMC.TOMULC.TO vs. CDIV.TOMULC.TO vs. DRFU.TO
Often compared with BGU.TO:
BGU.TO vs. BGC.TOBGU.TO vs. DRFU.TOBGU.TO vs. ZLH.TOBGU.TO vs. XHD.TOBGU.TO vs. XMTM.TOBGU.TO vs. QUU.TOBGU.TO vs. XTOT.TO

Return for Risk

MULC.TO vs. BGU.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MULC.TO
MULC.TO Risk / Return Rank: 6868
Overall Rank
MULC.TO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
MULC.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
MULC.TO Omega Ratio Rank: 7070
Omega Ratio Rank
MULC.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
MULC.TO Martin Ratio Rank: 7575
Martin Ratio Rank
BGU.TO
BGU.TO Risk / Return Rank: 3030
Overall Rank
BGU.TO Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
BGU.TO Sortino Ratio Rank: 3232
Sortino Ratio Rank
BGU.TO Omega Ratio Rank: 3232
Omega Ratio Rank
BGU.TO Calmar Ratio Rank: 2828
Calmar Ratio Rank
BGU.TO Martin Ratio Rank: 2929
Martin Ratio Rank
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.

MULC.TO vs. BGU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) and Bristol Gate Concentrated US Equity ETF (BGU.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.

MULC.TOBGU.TODifference
Sharpe ratioReturn per unit of total volatility
1.56
0.87

+0.69

Sortino ratioReturn per unit of downside risk
2.41
1.31

+1.10

Omega ratioGain probability vs. loss probability

1.31

1.17

+0.14

Calmar ratioReturn relative to maximum drawdown

2.28

1.02

+1.26

Martin ratioReturn relative to average drawdown

10.01

2.83

+7.18

MULC.TO vs. BGU.TO - Sharpe Ratio Comparison

The current MULC.TO Sharpe Ratio is 1.56, which is higher than the BGU.TO Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of MULC.TO and BGU.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.

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Drawdowns

MULC.TO vs. BGU.TO - Drawdown Comparison

The maximum MULC.TO drawdown since its inception was -35.21%, which is greater than BGU.TO's maximum drawdown of -31.66%. Use the drawdown chart below to compare losses from any high point for MULC.TO and BGU.TO.

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Drawdown Indicators

MULC.TOBGU.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.21%

-31.66%

-3.55%

Max Drawdown (1Y)

Largest decline over 1 year

-8.32%

-11.12%

+2.80%

Max Drawdown (3Y)

Largest decline over 3 years

-18.10%

-17.03%

-1.07%

Max Drawdown (5Y)

Largest decline over 5 years

-25.00%

-25.46%

+0.46%

Current Drawdown

Current decline from peak

-1.44%

-2.77%

+1.33%

Average Drawdown

Average peak-to-trough decline

-5.17%

-5.23%

+0.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

3.99%

-2.10%

Volatility

MULC.TO vs. BGU.TO - Volatility Comparison

The current volatility for Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) is 2.96%, while Bristol Gate Concentrated US Equity ETF (BGU.TO) has a volatility of 3.36%. This indicates that MULC.TO experiences smaller price fluctuations and is considered to be less risky than BGU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MULC.TOBGU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.96%

3.36%

-0.40%

Volatility (6M)

Calculated over the trailing 6-month period

9.96%

10.10%

-0.14%

Volatility (1Y)

Calculated over the trailing 1-year period

12.16%

13.08%

-0.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.51%

16.00%

-0.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.16%

18.33%

-0.17%

Dividends

MULC.TO vs. BGU.TO - Dividend Comparison

MULC.TO's dividend yield for the trailing twelve months is around 0.81%, while BGU.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
BGU.TO
Bristol Gate Concentrated US Equity ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
MULC.TO
Manulife Multifactor U.S. Large Cap Index ETF Hedged		0.81%0.85%0.85%0.83%1.39%0.77%1.36%1.21%1.39%

Frequently Asked Questions

MULC.TO and BGU.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Manulife and Bristol Gate.

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