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MUSC.TO vs. MCSM.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MUSC.TO vs. MCSM.TO

Last updated Jul 16, 2026
Documentation

MUSC.TO (Manulife Multifactor U.S. Small Cap Index ETF Hedged) and MCSM.TO (Manulife Multifactor Canadian SMID Cap Index ETF) are both exchange-traded funds - MUSC.TO is a Small 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, MUSC.TO returned 6.18%/yr vs 11.72%/yr for MCSM.TO. At a 0.10 correlation, their price movements are largely independent.

Performance

MUSC.TO vs. MCSM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.TO) and Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.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, MUSC.TO achieves a 13.47% return, which is significantly higher than MCSM.TO's 11.32% 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*
—

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)

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

2026 (YTD)202520242023202220212020201920182017
MUSC.TO
Manulife Multifactor U.S. Small Cap Index ETF Hedged		13.47%-3.19%24.99%11.83%-16.41%20.14%12.67%2.78%-4.13%0.07%
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 MUSC.TO and MCSM.TO is 0.09, 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

0.09

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

0.07

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

0.09

Correlation (All Time)
Calculated using the full available price history since Dec 19, 2017

0.10

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Manulife Multifactor U.S. Small Cap Index ETF Hedged

Manulife Multifactor Canadian SMID Cap Index ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MUSC.TO
MUSC.TO Risk / Return Rank: 9191
Overall Rank
MUSC.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
MUSC.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
MUSC.TO Omega Ratio Rank: 9999
Omega Ratio Rank
MUSC.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
MUSC.TO Martin Ratio Rank: 9292
Martin Ratio Rank
MCSM.TO
MCSM.TO Risk / Return Rank: 4646
Overall Rank
MCSM.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
MCSM.TO Sortino Ratio Rank: 3838
Sortino Ratio Rank
MCSM.TO Omega Ratio Rank: 5151
Omega Ratio Rank
MCSM.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
MCSM.TO Martin Ratio Rank: 4040
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.

MUSC.TO vs. MCSM.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 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.

MUSC.TOMCSM.TODifference
Sharpe ratioReturn per unit of total volatility
1.94
1.28

+0.66

Sortino ratioReturn per unit of downside risk
4.49
1.70

+2.79

Omega ratioGain probability vs. loss probability

2.73

1.27

+1.46

Calmar ratioReturn relative to maximum drawdown

5.59

2.26

+3.32

Martin ratioReturn relative to average drawdown

18.06

5.33

+12.73

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

The current MUSC.TO Sharpe Ratio is 1.94, which is higher than the MCSM.TO Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of MUSC.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.

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Drawdowns

MUSC.TO vs. MCSM.TO - Drawdown Comparison

The maximum MUSC.TO drawdown since its inception was -37.77%, smaller than the maximum MCSM.TO drawdown of -42.80%. Use the drawdown chart below to compare losses from any high point for MUSC.TO and MCSM.TO.

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Drawdown Indicators

MUSC.TOMCSM.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.77%

-42.80%

+5.03%

Max Drawdown (1Y)

Largest decline over 1 year

-4.00%

-14.54%

+10.54%

Max Drawdown (3Y)

Largest decline over 3 years

-24.96%

-22.65%

-2.31%

Max Drawdown (5Y)

Largest decline over 5 years

-24.96%

-22.93%

-2.03%

Current Drawdown

Current decline from peak

0.00%

-8.40%

+8.40%

Average Drawdown

Average peak-to-trough decline

-7.95%

-6.53%

-1.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.23%

6.16%

-4.93%

Volatility

MUSC.TO vs. MCSM.TO - Volatility Comparison

The current volatility for Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.TO) is 3.78%, while Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.TO) has a volatility of 4.94%. This indicates that MUSC.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.

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Volatility by Period

MUSC.TOMCSM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.78%

4.94%

-1.16%

Volatility (6M)

Calculated over the trailing 6-month period

8.69%

17.07%

-8.38%

Volatility (1Y)

Calculated over the trailing 1-year period

11.52%

25.62%

-14.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.28%

50.04%

-31.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.63%

49.71%

-27.08%

Dividends

MUSC.TO vs. MCSM.TO - Dividend Comparison

MUSC.TO's dividend yield for the trailing twelve months is around 0.78%, less than MCSM.TO's 1.78% yield.

PositionTTM202520242023202220212020201920182017
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%
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 MCSM.TO have a correlation of 0.09, 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 MCSM.TO is Canada Equities.

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