MULC.TO vs. TULV.TO
MULC.TO (Manulife Multifactor U.S. Large Cap Index ETF Hedged) and TULV.TO (TD Q U.S. Low Volatility ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past 5 years, MULC.TO returned 10.10%/yr vs 8.33%/yr for TULV.TO. At a 0.16 correlation, their price movements are largely independent.
Performance
MULC.TO vs. TULV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MULC.TO achieves a 10.56% return, which is significantly higher than TULV.TO's 5.36% return.
MULC.TO
- 1D
- 0.09%
- 1M
- -0.30%
- 6M
- 9.24%
- YTD
- 10.56%
- 1Y
- 19.42%
- 3Y*
- 16.49%
- 5Y*
- 10.10%
- 10Y*
- —
TULV.TO
- 1D
- -0.42%
- 1M
- 0.73%
- 6M
- 2.53%
- YTD
- 5.36%
- 1Y
- 11.17%
- 3Y*
- 10.87%
- 5Y*
- 8.33%
- 10Y*
- —
MULC.TO vs. TULV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MULC.TO Manulife Multifactor U.S. Large Cap Index ETF Hedged | 10.56% | 13.42% | 18.78% | 18.95% | -16.59% | 27.01% | 23.44% |
TULV.TO TD Q U.S. Low Volatility ETF | 5.36% | 3.62% | 23.74% | -3.31% | 2.02% | 23.84% | 1.09% |
Correlation
The correlation between MULC.TO and TULV.TO is -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.16 |
The correlation between MULC.TO and TULV.TO shifts across timeframes, from -0.03 (1 year) to 0.18 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MULC.TO vs. TULV.TO — Risk / Return Rank
MULC.TO
TULV.TO
MULC.TO vs. TULV.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 TD Q U.S. Low Volatility ETF (TULV.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 | TULV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.18 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 1.71 | +0.63 |
| Martin ratioReturn relative to average drawdown | 10.31 | 3.83 | +6.48 |
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Drawdowns
MULC.TO vs. TULV.TO - Drawdown Comparison
The maximum MULC.TO drawdown since its inception was -35.21%, which is greater than TULV.TO's maximum drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for MULC.TO and TULV.TO.
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Drawdown Indicators
| MULC.TO | TULV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.21% | -11.78% | -23.43% |
Max Drawdown (1Y)Largest decline over 1 year | -8.32% | -6.56% | -1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -18.10% | -11.39% | -6.71% |
Max Drawdown (5Y)Largest decline over 5 years | -25.00% | -11.78% | -13.22% |
Current DrawdownCurrent decline from peak | -0.52% | -2.78% | +2.26% |
Average DrawdownAverage peak-to-trough decline | -5.17% | -3.59% | -1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.89% | 2.92% | -1.03% |
Volatility
MULC.TO vs. TULV.TO - Volatility Comparison
The current volatility for Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) is 2.88%, while TD Q U.S. Low Volatility ETF (TULV.TO) has a volatility of 4.54%. This indicates that MULC.TO experiences smaller price fluctuations and is considered to be less risky than TULV.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.TO | TULV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.88% | 4.54% | -1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 9.98% | 9.09% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.15% | 11.24% | +0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.51% | 12.00% | +3.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.16% | 11.74% | +6.42% |
Dividends
MULC.TO vs. TULV.TO - Dividend Comparison
MULC.TO's dividend yield for the trailing twelve months is around 0.80%, less than TULV.TO's 1.76% yield.
| 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% |
TULV.TO TD Q U.S. Low Volatility ETF | 1.76% | 1.80% | 1.48% | 1.96% | 1.57% | 1.37% | 0.83% | 0.00% | 0.00% |
Frequently Asked Questions
MULC.TO and TULV.TO have a correlation of -0.03, 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 TD.
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