MULC.TO vs. PHE.TO

Last updated Aug 4, 2026

MULC.TO (Manulife Multifactor U.S. Large Cap Index ETF Hedged) and PHE.TO (Purpose Tactical Hedged Equity Fund) are both exchange-traded funds - MULC.TO is a Large Cap Blend Equities fund tracking the John Hancock Dimensional Large Cap Index (CAD Hedged), while PHE.TO is a Equity Hedged fund actively managed by Purpose. MULC.TO is passively managed, while PHE.TO is actively managed. Over the past 5 years, MULC.TO returned 9.54%/yr vs 6.08%/yr for PHE.TO. Their 0.37 correlation means their historical movements had little consistent relationship. MULC.TO charges 0.42%/yr vs 0.98%/yr for PHE.TO.

Performance

MULC.TO vs. PHE.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 Purpose Tactical Hedged Equity Fund (PHE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MULC.TO achieves a 10.22% return, which is significantly higher than PHE.TO's 2.09% return.

MULC.TO

• 1D: 0.67%
• 1M: -0.22%
• 6M: 8.76%
• YTD: 10.22%
• 1Y: 18.23%
• 3Y*: 15.71%
• 5Y*: 9.54%
• 10Y*: —
• ALL TIME*: 11.99%

PHE.TO

• 1D: 0.74%
• 1M: 0.96%
• 6M: 2.29%
• YTD: 2.09%
• 1Y: 7.63%
• 3Y*: 9.66%
• 5Y*: 6.08%
• 10Y*: 7.03%
• ALL TIME*: 5.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MULC.TO Manulife Multifactor U.S. Large Cap Index ETF Hedged	CA$15.53K	CA$23.70K	CA$30.21K
PHE.TO Purpose Tactical Hedged Equity Fund	CA$66.23K	CA$30.48K	CA$12.22K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MULC.TO Manulife Multifactor U.S. Large Cap Index ETF Hedged	10.22%	13.42%	18.78%	18.95%	-16.59%	27.01%	12.62%	30.40%	-8.43%	12.69%
PHE.TO Purpose Tactical Hedged Equity Fund	2.09%	12.04%	12.63%	10.64%	-9.81%	20.76%	2.62%	8.65%	-7.89%	9.57%

Correlation

The correlation between MULC.TO and PHE.TO is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (All Time) Calculated using the full available price history since May 17, 2017	0.37

The correlation between MULC.TO and PHE.TO shifts across timeframes, from 0.25 (1 year) to 0.51 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

MULC.TO

MULC.TO Risk / Return Rank: 59
MULC.TO Sharpe Ratio Rank: 54
MULC.TO Sortino Ratio Rank: 60
MULC.TO Omega Ratio Rank: 60
MULC.TO Calmar Ratio Rank: 54
MULC.TO Martin Ratio Rank: 69

PHE.TO

PHE.TO Risk / Return Rank: 35
PHE.TO Sharpe Ratio Rank: 36
PHE.TO Sortino Ratio Rank: 36
PHE.TO Omega Ratio Rank: 33
PHE.TO Calmar Ratio Rank: 31
PHE.TO Martin Ratio Rank: 39

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MULC.TO vs. PHE.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 Purpose Tactical Hedged Equity Fund (PHE.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.TO	PHE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.48	0.97	+0.50
Sortino ratio: Return per unit of downside risk	2.28	1.47	+0.81
Omega ratio: Gain probability vs. loss probability	1.29	1.17	+0.12
Calmar ratio: Return relative to maximum drawdown	2.16	1.12	+1.04
Martin ratio: Return relative to average drawdown	9.44	4.48	+4.96

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

The current MULC.TO Sharpe Ratio is 1.48, which is higher than the PHE.TO Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of MULC.TO and PHE.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.

Drawdowns

MULC.TO vs. PHE.TO - Drawdown Comparison

The maximum MULC.TO drawdown since its inception was -35.21%, which is greater than PHE.TO's maximum drawdown of -22.37%. Use the drawdown chart below to compare losses from any high point for MULC.TO and PHE.TO.

Drawdown Indicators

	MULC.TO	PHE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.21%	-22.37%	-12.84%
Max Drawdown (1Y) Largest decline over 1 year	-8.32%	-6.54%	-1.78%
Max Drawdown (3Y) Largest decline over 3 years	-18.10%	-11.34%	-6.76%
Max Drawdown (5Y) Largest decline over 5 years	-25.00%	-17.48%	-7.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.38%	—
Current Drawdown Current decline from peak	-0.83%	-0.44%	-0.39%
Average Drawdown Average peak-to-trough decline	-5.15%	-5.22%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.63%	+0.27%

Volatility

MULC.TO vs. PHE.TO - Volatility Comparison

Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) has a higher volatility of 2.44% compared to Purpose Tactical Hedged Equity Fund (PHE.TO) at 1.91%. This indicates that MULC.TO's price experiences larger fluctuations and is considered to be riskier than PHE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULC.TO	PHE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	1.91%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	9.78%	5.87%	+3.91%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	7.52%	+4.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.51%	9.63%	+5.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.12%	10.14%	+7.98%

MULC.TO vs. PHE.TO - Expense Ratio Comparison

MULC.TO has a 0.42% expense ratio, which is lower than PHE.TO's 0.98% expense ratio.

Dividends

MULC.TO vs. PHE.TO - Dividend Comparison

MULC.TO's dividend yield for the trailing twelve months is around 0.80%, while PHE.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MULC.TO Manulife Multifactor U.S. Large Cap Index ETF Hedged	0.80%	0.85%	0.85%	0.83%	1.39%	0.77%	1.36%	1.21%	1.39%
PHE.TO Purpose Tactical Hedged Equity Fund	0.00%	0.20%	0.00%	0.00%	0.76%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MULC.TO and PHE.TO in my portfolio?

MULC.TO and PHE.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MULC.TO or PHE.TO?

On fees, MULC.TO is cheaper at 0.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MULC.TO or PHE.TO?

MULC.TO is cheaper with a 0.42% expense ratio, compared with 0.98% for PHE.TO.

What is the main difference between MULC.TO and PHE.TO?

MULC.TO is categorized as Large Cap Blend Equities, while PHE.TO is Equity Hedged. They also come from different issuers: Manulife and Purpose. Their fees differ too: 0.42% for MULC.TO and 0.98% for PHE.TO.