RY vs. MFC
RY (Royal Bank of Canada) and MFC (Manulife Financial Corporation) are both stocks. Both are in the Financial Services sector — RY in Banks - Diversified, MFC in Insurance - Life. Over the past 10 years, RY returned 16.63%/yr vs 15.88%/yr for MFC. A 0.62 correlation means they provide meaningful diversification when combined.
Performance
RY vs. MFC - Performance Comparison
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Returns By Period
In the year-to-date period, RY achieves a 16.17% return, which is significantly higher than MFC's 9.27% return. Both investments have delivered pretty close results over the past 10 years, with RY having a 16.63% annualized return and MFC not far behind at 15.88%.
RY
- 1D
- 0.66%
- 1M
- 7.51%
- YTD
- 16.17%
- 6M
- 21.22%
- 1Y
- 57.80%
- 3Y*
- 33.05%
- 5Y*
- 17.96%
- 10Y*
- 16.63%
MFC
- 1D
- 0.46%
- 1M
- -1.92%
- YTD
- 9.27%
- 6M
- 13.46%
- 1Y
- 24.59%
- 3Y*
- 32.27%
- 5Y*
- 19.18%
- 10Y*
- 15.88%
RY vs. MFC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RY Royal Bank of Canada | 16.17% | 46.29% | 23.80% | 12.72% | -8.00% | 34.11% | 8.42% | 20.17% | -12.88% | 24.95% |
MFC Manulife Financial Corporation | 9.27% | 22.95% | 45.75% | 31.13% | -1.18% | 12.17% | -7.18% | 49.19% | -29.89% | 22.17% |
Correlation
The correlation between RY and MFC is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 1999 | 0.62 |
The correlation between RY and MFC shifts across timeframes, from 0.51 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
RY:
$200.68B
MFC:
$46.97B
RY:
$18.17
MFC:
$4.06
RY:
10.75
MFC:
9.59
RY:
1.56
MFC:
3.36
RY:
1.71
MFC:
0.78
RY:
1.55
MFC:
1.07
RY:
$138.99B
MFC:
$79.35B
RY:
$65.64B
MFC:
$26.46B
RY:
$30.01B
MFC:
$8.26B
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Return for Risk
RY vs. MFC — Risk / Return Rank
RY
MFC
RY vs. MFC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royal Bank of Canada (RY) and Manulife Financial Corporation (MFC). 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.
| RY | MFC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.66 | ||
| Sortino ratioReturn per unit of downside risk | +3.93 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.22 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 5.79 | 1.98 | +3.81 |
| Martin ratioReturn relative to average drawdown | 21.54 | 5.41 | +16.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RY | MFC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.86 | 1.19 | +2.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.00 | 0.80 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | 0.56 | +0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.34 | +0.31 |
Drawdowns
RY vs. MFC - Drawdown Comparison
The maximum RY drawdown since its inception was -62.90%, smaller than the maximum MFC drawdown of -83.61%. Use the drawdown chart below to compare losses from any high point for RY and MFC.
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Drawdown Indicators
| RY | MFC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.90% | -83.61% | +20.71% |
Max Drawdown (1Y)Largest decline over 1 year | -10.04% | -12.49% | +2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -19.88% | -16.75% | -3.13% |
Max Drawdown (5Y)Largest decline over 5 years | -28.36% | -26.99% | -1.37% |
Max Drawdown (10Y)Largest decline over 10 years | -39.95% | -57.44% | +17.49% |
Current DrawdownCurrent decline from peak | 0.00% | -1.95% | +1.95% |
Average DrawdownAverage peak-to-trough decline | -9.32% | -29.41% | +20.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 4.64% | -1.95% |
Volatility
RY vs. MFC - Volatility Comparison
The current volatility for Royal Bank of Canada (RY) is 4.34%, while Manulife Financial Corporation (MFC) has a volatility of 7.84%. This indicates that RY experiences smaller price fluctuations and is considered to be less risky than MFC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RY | MFC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 7.84% | -3.50% |
Volatility (6M)Calculated over the trailing 6-month period | 11.36% | 15.82% | -4.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.09% | 20.72% | -5.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.00% | 24.13% | -6.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.77% | 28.42% | -8.65% |
Dividends
RY vs. MFC - Dividend Comparison
RY's dividend yield for the trailing twelve months is around 2.37%, less than MFC's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MFC Manulife Financial Corporation | 3.43% | 3.45% | 4.16% | 4.86% | 5.71% | 4.91% | 4.70% | 3.71% | 4.08% | 3.93% | 4.15% | 5.38% |
RY Royal Bank of Canada | 2.37% | 2.54% | 3.39% | 4.29% | 4.07% | 3.24% | 3.88% | 3.88% | 4.27% | 3.22% | 3.95% | 5.41% |
Financials
RY vs. MFC - Financials Comparison
This section allows you to compare key financial metrics between Royal Bank of Canada and Manulife Financial Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
RY vs. MFC - Profitability Comparison
RY - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Royal Bank of Canada reported a gross profit of 16.51B and revenue of 33.93B. Therefore, the gross margin over that period was 48.7%.
MFC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Manulife Financial Corporation reported a gross profit of 12.31B and revenue of 12.31B. Therefore, the gross margin over that period was 100.0%.
RY - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Royal Bank of Canada reported an operating income of 7.10B and revenue of 33.93B, resulting in an operating margin of 20.9%.
MFC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Manulife Financial Corporation reported an operating income of 1.47B and revenue of 12.31B, resulting in an operating margin of 11.9%.
RY - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Royal Bank of Canada reported a net income of 5.51B and revenue of 33.93B, resulting in a net margin of 16.2%.
MFC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Manulife Financial Corporation reported a net income of 1.20B and revenue of 12.31B, resulting in a net margin of 9.7%.
Frequently Asked Questions
RY and MFC have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFC has higher volatility (7.84%) compared to RY (4.34%). In terms of maximum drawdown, RY dropped -62.90% vs MFC's -83.61%.
RY currently has the higher Sharpe Ratio (3.86 vs 1.19), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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