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

MULC.TO vs. XHD.TO

Last updated Jul 18, 2026
Documentation

MULC.TO (Manulife Multifactor U.S. Large Cap Index ETF Hedged) and XHD.TO (iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)) are both Large Cap Blend Equities funds. MULC.TO is actively managed, while XHD.TO is passively managed. Over the past 5 years, MULC.TO returned 9.90%/yr vs 6.78%/yr for XHD.TO. At a 0.26 correlation, their price movements are largely independent.

Performance

MULC.TO vs. XHD.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 iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.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 lower than XHD.TO's 16.33% return.

MULC.TO

1D
-0.71%
1M
-0.72%
6M
7.53%
YTD
9.54%
1Y
18.88%
3Y*
15.72%
5Y*
9.90%
10Y*
—

XHD.TO

1D
-0.30%
1M
4.54%
6M
11.52%
YTD
16.33%
1Y
7.15%
3Y*
8.69%
5Y*
6.78%
10Y*
5.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%-8.43%12.69%
XHD.TO
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)		16.33%-1.36%9.56%0.00%4.27%17.97%-9.44%18.01%-5.54%9.71%

Correlation

The correlation between MULC.TO and XHD.TO is 0.02, 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

0.02

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

0.19

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

0.25

Correlation (All Time)
Calculated using the full available price history since May 17, 2017

0.26

Over the past year, the correlation between MULC.TO and XHD.TO has dropped to 0.02 - well below their long-term average of 0.26, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Manulife Multifactor U.S. Large Cap Index ETF Hedged

iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)

Often compared with MULC.TO:
MULC.TO vs. MCLC.TOMULC.TO vs. MCSM.TOMULC.TO vs. MINT.TOMULC.TO vs. MUMC.TOMULC.TO vs. MUSC.TOMULC.TO vs. CDIV.TOMULC.TO vs. FLUS.TO
Often compared with XHD.TO:
XHD.TO vs. SCHDXHD.TO vs. VDY.TOXHD.TO vs. XDIV.TOXHD.TO vs. XEQT.TOXHD.TO vs. XDGH.TOXHD.TO vs. XDU.TOXHD.TO vs. HDIVX

Return for Risk

MULC.TO vs. XHD.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: 6363
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: 6161
Calmar Ratio Rank
MULC.TO Martin Ratio Rank: 7474
Martin Ratio Rank
XHD.TO
XHD.TO Risk / Return Rank: 1919
Overall Rank
XHD.TO Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
XHD.TO Sortino Ratio Rank: 1515
Sortino Ratio Rank
XHD.TO Omega Ratio Rank: 2020
Omega Ratio Rank
XHD.TO Calmar Ratio Rank: 1919
Calmar Ratio Rank
XHD.TO Martin Ratio Rank: 2323
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. XHD.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 iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.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.TOXHD.TODifference
Sharpe ratioReturn per unit of total volatility
1.56
0.44

+1.12

Sortino ratioReturn per unit of downside risk
2.41
0.64

+1.77

Omega ratioGain probability vs. loss probability

1.31

1.11

+0.19

Calmar ratioReturn relative to maximum drawdown

2.28

0.64

+1.64

Martin ratioReturn relative to average drawdown

10.01

2.22

+7.79

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

The current MULC.TO Sharpe Ratio is 1.56, which is higher than the XHD.TO Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of MULC.TO and XHD.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. XHD.TO - Drawdown Comparison

The maximum MULC.TO drawdown since its inception was -35.21%, smaller than the maximum XHD.TO drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for MULC.TO and XHD.TO.

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Drawdown Indicators

MULC.TOXHD.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.21%

-38.71%

+3.50%

Max Drawdown (1Y)

Largest decline over 1 year

-8.32%

-11.29%

+2.97%

Max Drawdown (3Y)

Largest decline over 3 years

-18.10%

-12.74%

-5.36%

Max Drawdown (5Y)

Largest decline over 5 years

-25.00%

-16.37%

-8.63%

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.71%

—

Current Drawdown

Current decline from peak

-1.44%

-0.30%

-1.14%

Average Drawdown

Average peak-to-trough decline

-5.17%

-3.94%

-1.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

3.23%

-1.34%

Volatility

MULC.TO vs. XHD.TO - Volatility Comparison

The current volatility for Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) is 2.96%, while iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO) has a volatility of 4.77%. This indicates that MULC.TO experiences smaller price fluctuations and is considered to be less risky than XHD.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.TOXHD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.96%

4.77%

-1.81%

Volatility (6M)

Calculated over the trailing 6-month period

9.96%

8.63%

+1.33%

Volatility (1Y)

Calculated over the trailing 1-year period

12.16%

16.39%

-4.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.51%

14.69%

+0.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.16%

16.42%

+1.74%

Dividends

MULC.TO vs. XHD.TO - Dividend Comparison

MULC.TO's dividend yield for the trailing twelve months is around 0.81%, less than XHD.TO's 2.35% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
XHD.TO
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)		2.35%2.74%3.06%3.16%2.75%2.87%3.51%2.51%2.87%2.41%2.54%3.07%

Frequently Asked Questions

MULC.TO and XHD.TO have a correlation of 0.02, 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 iShares.

Portfolio Optimizer

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