MUSC.TO vs. CDIV.TO
MUSC.TO (Manulife Multifactor U.S. Small Cap Index ETF Hedged) and CDIV.TO (Manulife Smart Dividend ETF) are both exchange-traded funds - MUSC.TO is a Small Cap Blend Equities fund actively managed by Manulife, while CDIV.TO is a Dividend fund actively managed by Manulife. Both are actively managed. Over the past 5 years, MUSC.TO returned 6.18%/yr vs 12.33%/yr for CDIV.TO. At a 0.09 correlation, their price movements are largely independent.
Performance
MUSC.TO vs. CDIV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MUSC.TO achieves a 13.47% return, which is significantly lower than CDIV.TO's 16.68% return.
MUSC.TO
- 1D
- 0.00%
- 1M
- 5.24%
- 6M
- 13.47%
- YTD
- 13.47%
- 1Y
- 22.18%
- 3Y*
- 11.17%
- 5Y*
- 6.18%
- 10Y*
- —
CDIV.TO
- 1D
- 0.46%
- 1M
- 1.00%
- 6M
- 12.70%
- YTD
- 16.68%
- 1Y
- 23.74%
- 3Y*
- 18.68%
- 5Y*
- 12.33%
- 10Y*
- —
MUSC.TO vs. CDIV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MUSC.TO Manulife Multifactor U.S. Small Cap Index ETF Hedged | 13.47% | -3.19% | 24.99% | 11.83% | -16.41% | 20.14% | 5.81% |
CDIV.TO Manulife Smart Dividend ETF | 16.68% | 18.95% | 13.96% | 11.77% | -2.50% | 26.20% | 1.92% |
Correlation
The correlation between MUSC.TO and CDIV.TO is 0.10, 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 | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2020 | 0.09 |
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Return for Risk
MUSC.TO vs. CDIV.TO — Risk / Return Rank
MUSC.TO
CDIV.TO
MUSC.TO vs. CDIV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.TO) and Manulife Smart Dividend ETF (CDIV.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.
| MUSC.TO | CDIV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 2.73 | 1.35 | +1.38 |
| Calmar ratioReturn relative to maximum drawdown | 5.59 | 2.16 | +3.43 |
| Martin ratioReturn relative to average drawdown | 18.06 | 6.84 | +11.22 |
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Drawdowns
MUSC.TO vs. CDIV.TO - Drawdown Comparison
The maximum MUSC.TO drawdown since its inception was -37.77%, which is greater than CDIV.TO's maximum drawdown of -16.44%. Use the drawdown chart below to compare losses from any high point for MUSC.TO and CDIV.TO.
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Drawdown Indicators
| MUSC.TO | CDIV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.77% | -16.44% | -21.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.00% | -11.05% | +7.05% |
Max Drawdown (3Y)Largest decline over 3 years | -24.96% | -11.05% | -13.91% |
Max Drawdown (5Y)Largest decline over 5 years | -24.96% | -16.44% | -8.52% |
Current DrawdownCurrent decline from peak | 0.00% | -0.10% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -7.95% | -3.03% | -4.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 3.48% | -2.25% |
Volatility
MUSC.TO vs. CDIV.TO - Volatility Comparison
Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.TO) and Manulife Smart Dividend ETF (CDIV.TO) have volatilities of 3.78% and 3.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUSC.TO | CDIV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.78% | 3.91% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 8.69% | 9.80% | -1.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.52% | 15.76% | -4.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.28% | 12.87% | +5.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.63% | 12.58% | +10.05% |
Dividends
MUSC.TO vs. CDIV.TO - Dividend Comparison
MUSC.TO's dividend yield for the trailing twelve months is around 0.78%, less than CDIV.TO's 2.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CDIV.TO Manulife Smart Dividend ETF | 2.47% | 3.19% | 3.45% | 3.45% | 3.41% | 2.38% | 0.07% | 0.00% | 0.00% | 0.00% |
MUSC.TO Manulife Multifactor U.S. Small Cap Index ETF Hedged | 0.78% | 0.99% | 0.93% | 1.38% | 2.54% | 1.16% | 0.77% | 1.07% | 0.98% | 0.07% |
Frequently Asked Questions
MUSC.TO and CDIV.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUSC.TO is categorized as Small Cap Blend Equities, while CDIV.TO is Dividend.
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