MUMC.TO vs. MCSM.TO

Last updated Jul 16, 2026

MUMC.TO (Manulife Multifactor U.S. Mid Cap Index ETF Hedged) and MCSM.TO (Manulife Multifactor Canadian SMID Cap Index ETF) are both exchange-traded funds - MUMC.TO is a Mid Cap Blend Equities fund actively managed by Manulife, while MCSM.TO is a Canada Equities fund actively managed by Manulife. Both are actively managed. Over the past 5 years, MUMC.TO returned 6.15%/yr vs 11.72%/yr for MCSM.TO. At a 0.13 correlation, their price movements are largely independent.

Performance

MUMC.TO vs. MCSM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Manulife Multifactor U.S. Mid Cap Index ETF Hedged (MUMC.TO) and Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MUMC.TO having a 10.94% return and MCSM.TO slightly higher at 11.32%.

MUMC.TO

• 1D: -0.79%
• 1M: -0.28%
• 6M: 7.47%
• YTD: 10.94%
• 1Y: 14.50%
• 3Y*: 11.18%
• 5Y*: 6.15%
• 10Y*: —

MCSM.TO

• 1D: 0.46%
• 1M: -1.44%
• 6M: 4.24%
• YTD: 11.32%
• 1Y: 32.76%
• 3Y*: 19.58%
• 5Y*: 11.72%
• 10Y*: —

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

MUMC.TO vs. MCSM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUMC.TO Manulife Multifactor U.S. Mid Cap Index ETF Hedged	10.94%	4.82%	13.82%	13.06%	-17.20%	24.09%	12.29%	29.38%	-12.33%	1.16%
MCSM.TO Manulife Multifactor Canadian SMID Cap Index ETF	11.32%	39.56%	4.39%	6.83%	1.07%	17.32%	10.44%	17.79%	0.56%	0.00%

Correlation

The correlation between MUMC.TO and MCSM.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Dec 19, 2017	0.13

Return for Risk

MUMC.TO vs. MCSM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MUMC.TO

MUMC.TO Risk / Return Rank: 29
MUMC.TO Sharpe Ratio Rank: 26
MUMC.TO Sortino Ratio Rank: 25
MUMC.TO Omega Ratio Rank: 30
MUMC.TO Calmar Ratio Rank: 32
MUMC.TO Martin Ratio Rank: 33

MCSM.TO

MCSM.TO Risk / Return Rank: 46
MCSM.TO Sharpe Ratio Rank: 43
MCSM.TO Sortino Ratio Rank: 38
MCSM.TO Omega Ratio Rank: 51
MCSM.TO Calmar Ratio Rank: 55
MCSM.TO Martin Ratio Rank: 40

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.

MUMC.TO vs. MCSM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manulife Multifactor U.S. Mid Cap Index ETF Hedged (MUMC.TO) and Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.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.

	MUMC.TO	MCSM.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.81	1.28	-0.47
Sortino ratio: Return per unit of downside risk	1.18	1.70	-0.52
Omega ratio: Gain probability vs. loss probability	1.17	1.27	-0.09
Calmar ratio: Return relative to maximum drawdown	1.40	2.26	-0.86
Martin ratio: Return relative to average drawdown	4.17	5.33	-1.16

MUMC.TO vs. MCSM.TO - Sharpe Ratio Comparison

The current MUMC.TO Sharpe Ratio is 0.81, which is lower than the MCSM.TO Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of MUMC.TO and MCSM.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

MUMC.TO vs. MCSM.TO - Drawdown Comparison

The maximum MUMC.TO drawdown since its inception was -38.47%, smaller than the maximum MCSM.TO drawdown of -42.80%. Use the drawdown chart below to compare losses from any high point for MUMC.TO and MCSM.TO.

Drawdown Indicators

	MUMC.TO	MCSM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.47%	-42.80%	+4.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-14.54%	+4.16%
Max Drawdown (3Y) Largest decline over 3 years	-21.77%	-22.65%	+0.88%
Max Drawdown (5Y) Largest decline over 5 years	-24.62%	-22.93%	-1.69%
Current Drawdown Current decline from peak	-1.78%	-8.40%	+6.62%
Average Drawdown Average peak-to-trough decline	-6.49%	-6.53%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	6.16%	-2.67%

Volatility

MUMC.TO vs. MCSM.TO - Volatility Comparison

The current volatility for Manulife Multifactor U.S. Mid Cap Index ETF Hedged (MUMC.TO) is 3.17%, while Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.TO) has a volatility of 4.94%. This indicates that MUMC.TO experiences smaller price fluctuations and is considered to be less risky than MCSM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUMC.TO	MCSM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	4.94%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	17.07%	-6.56%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	25.62%	-7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.58%	50.04%	-31.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.45%	49.71%	-30.26%

Dividends

MUMC.TO vs. MCSM.TO - Dividend Comparison

MUMC.TO's dividend yield for the trailing twelve months is around 0.81%, less than MCSM.TO's 1.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCSM.TO Manulife Multifactor Canadian SMID Cap Index ETF	1.78%	1.63%	1.82%	2.15%	2.05%	1.23%	1.05%	1.41%	1.43%	0.00%
MUMC.TO Manulife Multifactor U.S. Mid Cap Index ETF Hedged	0.81%	1.00%	0.70%	1.05%	0.86%	0.63%	0.90%	0.90%	1.19%	0.73%

Frequently Asked Questions

Can I hold both MUMC.TO and MCSM.TO in my portfolio?

MUMC.TO and MCSM.TO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between MUMC.TO and MCSM.TO?

MUMC.TO is categorized as Mid Cap Blend Equities, while MCSM.TO is Canada Equities.