PDIV.TO vs. IDIV-B.TO

Last updated Jun 4, 2026

PDIV.TO (Purpose Enhanced Dividend Fund ETF) and IDIV-B.TO (Manulife Smart International Dividend ETF Unhedged Units) are both Dividend funds. Both are actively managed. Over the past 3 years, PDIV.TO returned 11.94%/yr vs 21.08%/yr for IDIV-B.TO. At a 0.41 correlation, their price movements are largely independent. PDIV.TO charges 0.77%/yr vs 0.55%/yr for IDIV-B.TO.

Performance

PDIV.TO vs. IDIV-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Enhanced Dividend Fund ETF (PDIV.TO) and Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDIV.TO achieves a 7.12% return, which is significantly lower than IDIV-B.TO's 10.75% return.

PDIV.TO

• 1D: -0.52%
• 1M: 2.70%
• YTD: 7.12%
• 6M: 7.91%
• 1Y: 18.80%
• 3Y*: 11.94%
• 5Y*: 8.07%
• 10Y*: 9.28%

IDIV-B.TO

• 1D: 0.00%
• 1M: 3.35%
• YTD: 10.75%
• 6M: 8.02%
• 1Y: 25.99%
• 3Y*: 21.08%
• 5Y*: —
• 10Y*: —

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

PDIV.TO vs. IDIV-B.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PDIV.TO Purpose Enhanced Dividend Fund ETF	7.12%	15.82%	10.71%	4.64%	-0.88%
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	10.75%	35.22%	12.85%	12.28%	7.59%

Correlation

The correlation between PDIV.TO and IDIV-B.TO is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Nov 11, 2022	0.41

Over the past year, PDIV.TO and IDIV-B.TO have become more correlated (0.61) than their long-term average of 0.41, meaning their price movements have been converging.

Return for Risk

PDIV.TO vs. IDIV-B.TO — Risk / Return Rank

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

PDIV.TO

PDIV.TO Risk / Return Rank: 82
PDIV.TO Sharpe Ratio Rank: 84
PDIV.TO Sortino Ratio Rank: 85
PDIV.TO Omega Ratio Rank: 89
PDIV.TO Calmar Ratio Rank: 72
PDIV.TO Martin Ratio Rank: 81

IDIV-B.TO

IDIV-B.TO Risk / Return Rank: 53
IDIV-B.TO Sharpe Ratio Rank: 50
IDIV-B.TO Sortino Ratio Rank: 47
IDIV-B.TO Omega Ratio Rank: 52
IDIV-B.TO Calmar Ratio Rank: 53
IDIV-B.TO Martin Ratio Rank: 62

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.

PDIV.TO vs. IDIV-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Enhanced Dividend Fund ETF (PDIV.TO) and Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.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.

	PDIV.TO	IDIV-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.78	1.69	+1.09
Sortino ratio: Return per unit of downside risk	3.86	2.31	+1.55
Omega ratio: Gain probability vs. loss probability	1.56	1.32	+0.24
Calmar ratio: Return relative to maximum drawdown	3.62	2.60	+1.02
Martin ratio: Return relative to average drawdown	15.98	11.03	+4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDIV.TO vs. IDIV-B.TO - Sharpe Ratio Comparison

The current PDIV.TO Sharpe Ratio is 2.78, which is higher than the IDIV-B.TO Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of PDIV.TO and IDIV-B.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.

Sharpe Ratios by Period

	PDIV.TO	IDIV-B.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	1.69	+1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	1.59	-0.97

Drawdowns

PDIV.TO vs. IDIV-B.TO - Drawdown Comparison

The maximum PDIV.TO drawdown since its inception was -30.64%, which is greater than IDIV-B.TO's maximum drawdown of -13.62%. Use the drawdown chart below to compare losses from any high point for PDIV.TO and IDIV-B.TO.

Drawdown Indicators

	PDIV.TO	IDIV-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.64%	-13.62%	-17.02%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-10.03%	+4.81%
Max Drawdown (3Y) Largest decline over 3 years	-8.61%	-13.62%	+5.01%
Max Drawdown (5Y) Largest decline over 5 years	-14.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.64%	—	—
Current Drawdown Current decline from peak	-1.27%	-3.00%	+1.73%
Average Drawdown Average peak-to-trough decline	-4.35%	-1.72%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	2.36%	-1.18%

Volatility

PDIV.TO vs. IDIV-B.TO - Volatility Comparison

The current volatility for Purpose Enhanced Dividend Fund ETF (PDIV.TO) is 2.43%, while Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) has a volatility of 5.14%. This indicates that PDIV.TO experiences smaller price fluctuations and is considered to be less risky than IDIV-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDIV.TO	IDIV-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.43%	5.14%	-2.71%
Volatility (6M) Calculated over the trailing 6-month period	5.36%	13.24%	-7.88%
Volatility (1Y) Calculated over the trailing 1-year period	6.79%	15.48%	-8.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.87%	14.06%	-4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.89%	14.06%	-0.17%

PDIV.TO vs. IDIV-B.TO - Expense Ratio Comparison

PDIV.TO has a 0.77% expense ratio, which is higher than IDIV-B.TO's 0.55% expense ratio.

Dividends

PDIV.TO vs. IDIV-B.TO - Dividend Comparison

PDIV.TO's dividend yield for the trailing twelve months is around 11.85%, more than IDIV-B.TO's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	2.80%	3.02%	3.49%	1.73%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PDIV.TO Purpose Enhanced Dividend Fund ETF	11.85%	12.24%	12.35%	11.84%	6.38%	5.59%	6.33%	5.85%	6.80%	25.71%	5.38%	8.10%

Frequently Asked Questions

Can I hold both PDIV.TO and IDIV-B.TO in my portfolio?

PDIV.TO and IDIV-B.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PDIV.TO or IDIV-B.TO?

On fees, IDIV-B.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PDIV.TO or IDIV-B.TO?

IDIV-B.TO is cheaper with a 0.55% expense ratio, compared with 0.77% for PDIV.TO.

What is the main difference between PDIV.TO and IDIV-B.TO?

They also come from different issuers: Purpose Investments and Manulife. Their fees differ too: 0.77% for PDIV.TO and 0.55% for IDIV-B.TO.