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

MULC.TO vs. XMTM.TO

Last updated Jul 16, 2026
Documentation

MULC.TO (Manulife Multifactor U.S. Large Cap Index ETF Hedged) and XMTM.TO (iShares MSCI USA Momentum Factor Index ETF) are both exchange-traded funds - MULC.TO is a Large Cap Blend Equities fund actively managed by Manulife, while XMTM.TO is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. MULC.TO is actively managed, while XMTM.TO is passively managed. Over the past 5 years, MULC.TO returned 10.10%/yr vs 15.54%/yr for XMTM.TO. At a 0.37 correlation, their price movements are largely independent.

Performance

MULC.TO vs. XMTM.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 MSCI USA Momentum Factor Index ETF (XMTM.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 10.56% return, which is significantly lower than XMTM.TO's 27.67% 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*
—

XMTM.TO

1D
-2.50%
1M
-5.97%
6M
24.28%
YTD
27.67%
1Y
32.55%
3Y*
31.61%
5Y*
15.54%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
MULC.TO
Manulife Multifactor U.S. Large Cap Index ETF Hedged		10.56%13.42%18.78%18.95%-16.59%27.01%12.62%7.40%
XMTM.TO
iShares MSCI USA Momentum Factor Index ETF		27.67%14.03%43.59%6.48%-14.53%15.00%25.77%3.26%

Correlation

The correlation between MULC.TO and XMTM.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

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

0.42

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

0.41

Correlation (All Time)
Calculated using the full available price history since Sep 17, 2019

0.37

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 MSCI USA Momentum Factor Index ETF

Often compared with XMTM.TO:
XMTM.TO vs. SPMOXMTM.TO vs. VMO.TOXMTM.TO vs. VFV.TOXMTM.TO vs. XCHP.TOXMTM.TO vs. FEQT.NEOXMTM.TO vs. QQC.TOXMTM.TO vs. VOO

Return for Risk

MULC.TO vs. XMTM.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: 6464
Overall Rank
MULC.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
MULC.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
MULC.TO Omega Ratio Rank: 6565
Omega Ratio Rank
MULC.TO Calmar Ratio Rank: 5858
Calmar Ratio Rank
MULC.TO Martin Ratio Rank: 7070
Martin Ratio Rank
XMTM.TO
XMTM.TO Risk / Return Rank: 5353
Overall Rank
XMTM.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XMTM.TO Sortino Ratio Rank: 4444
Sortino Ratio Rank
XMTM.TO Omega Ratio Rank: 5050
Omega Ratio Rank
XMTM.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XMTM.TO Martin Ratio Rank: 5454
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. XMTM.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 MSCI USA Momentum Factor Index ETF (XMTM.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.TOXMTM.TODifference
Sharpe ratioReturn per unit of total volatility
1.61
1.36

+0.24

Sortino ratioReturn per unit of downside risk
2.47
1.84

+0.63

Omega ratioGain probability vs. loss probability

1.32

1.26

+0.06

Calmar ratioReturn relative to maximum drawdown

2.35

2.86

-0.52

Martin ratioReturn relative to average drawdown

10.31

7.49

+2.82

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

The current MULC.TO Sharpe Ratio is 1.61, which is comparable to the XMTM.TO Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of MULC.TO and XMTM.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. XMTM.TO - Drawdown Comparison

The maximum MULC.TO drawdown since its inception was -35.21%, which is greater than XMTM.TO's maximum drawdown of -29.01%. Use the drawdown chart below to compare losses from any high point for MULC.TO and XMTM.TO.

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Drawdown Indicators

MULC.TOXMTM.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.21%

-29.01%

-6.20%

Max Drawdown (1Y)

Largest decline over 1 year

-8.32%

-11.42%

+3.10%

Max Drawdown (3Y)

Largest decline over 3 years

-18.10%

-20.64%

+2.54%

Max Drawdown (5Y)

Largest decline over 5 years

-25.00%

-29.01%

+4.01%

Current Drawdown

Current decline from peak

-0.52%

-9.93%

+9.41%

Average Drawdown

Average peak-to-trough decline

-5.17%

-7.90%

+2.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

4.36%

-2.47%

Volatility

MULC.TO vs. XMTM.TO - Volatility Comparison

The current volatility for Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) is 2.88%, while iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) has a volatility of 13.24%. This indicates that MULC.TO experiences smaller price fluctuations and is considered to be less risky than XMTM.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.TOXMTM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.88%

13.24%

-10.36%

Volatility (6M)

Calculated over the trailing 6-month period

9.98%

21.63%

-11.65%

Volatility (1Y)

Calculated over the trailing 1-year period

12.15%

23.99%

-11.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.51%

20.02%

-4.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.16%

20.80%

-2.64%

Dividends

MULC.TO vs. XMTM.TO - Dividend Comparison

MULC.TO's dividend yield for the trailing twelve months is around 0.80%, more than XMTM.TO's 0.50% yield.

PositionTTM20252024202320222021202020192018
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%
XMTM.TO
iShares MSCI USA Momentum Factor Index ETF		0.50%0.71%0.62%0.84%1.66%0.32%0.64%1.24%0.00%

Frequently Asked Questions

MULC.TO and XMTM.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MULC.TO is categorized as Large Cap Blend Equities, while XMTM.TO is Momentum. They also come from different issuers: Manulife and iShares.

Portfolio Optimizer

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