TULV.TO vs. MULC.TO
TULV.TO (TD Q U.S. Low Volatility ETF) and MULC.TO (Manulife Multifactor U.S. Large Cap Index ETF Hedged) are both Large Cap Blend Equities funds. Both are actively managed. Over the past 5 years, TULV.TO returned 8.57%/yr vs 9.90%/yr for MULC.TO. At a 0.16 correlation, their price movements are largely independent.
Performance
TULV.TO vs. MULC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TULV.TO achieves a 6.53% return, which is significantly lower than MULC.TO's 9.54% return.
TULV.TO
- 1D
- -0.75%
- 1M
- 2.86%
- 6M
- 3.67%
- YTD
- 6.53%
- 1Y
- 10.60%
- 3Y*
- 11.25%
- 5Y*
- 8.57%
- 10Y*
- —
MULC.TO
- 1D
- -0.71%
- 1M
- -0.72%
- 6M
- 7.53%
- YTD
- 9.54%
- 1Y
- 18.88%
- 3Y*
- 15.72%
- 5Y*
- 9.90%
- 10Y*
- —
TULV.TO vs. MULC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TULV.TO TD Q U.S. Low Volatility ETF | 6.53% | 3.62% | 23.74% | -3.31% | 2.02% | 23.84% | 1.09% |
MULC.TO Manulife Multifactor U.S. Large Cap Index ETF Hedged | 9.54% | 13.42% | 18.78% | 18.95% | -16.59% | 27.01% | 23.44% |
Correlation
The correlation between TULV.TO and MULC.TO is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.16 |
The correlation between TULV.TO and MULC.TO shifts across timeframes, from -0.02 (1 year) to 0.18 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TULV.TO vs. MULC.TO — Risk / Return Rank
TULV.TO
MULC.TO
TULV.TO vs. MULC.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD Q U.S. Low Volatility ETF (TULV.TO) and Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.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.
| TULV.TO | MULC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.31 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 2.28 | -0.66 |
| Martin ratioReturn relative to average drawdown | 3.63 | 10.01 | -6.38 |
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Drawdowns
TULV.TO vs. MULC.TO - Drawdown Comparison
The maximum TULV.TO drawdown since its inception was -11.78%, smaller than the maximum MULC.TO drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for TULV.TO and MULC.TO.
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Drawdown Indicators
| TULV.TO | MULC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.78% | -35.21% | +23.43% |
Max Drawdown (1Y)Largest decline over 1 year | -6.56% | -8.32% | +1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -11.39% | -18.10% | +6.71% |
Max Drawdown (5Y)Largest decline over 5 years | -11.78% | -25.00% | +13.22% |
Current DrawdownCurrent decline from peak | -1.70% | -1.44% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -3.59% | -5.17% | +1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.93% | 1.89% | +1.04% |
Volatility
TULV.TO vs. MULC.TO - Volatility Comparison
TD Q U.S. Low Volatility ETF (TULV.TO) has a higher volatility of 4.89% compared to Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) at 2.96%. This indicates that TULV.TO's price experiences larger fluctuations and is considered to be riskier than MULC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TULV.TO | MULC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 2.96% | +1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 9.30% | 9.96% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.38% | 12.16% | -0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.03% | 15.51% | -3.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.76% | 18.16% | -6.40% |
Dividends
TULV.TO vs. MULC.TO - Dividend Comparison
TULV.TO's dividend yield for the trailing twelve months is around 1.74%, more than MULC.TO's 0.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MULC.TO Manulife Multifactor U.S. Large Cap Index ETF Hedged | 0.81% | 0.85% | 0.85% | 0.83% | 1.39% | 0.77% | 1.36% | 1.21% | 1.39% |
TULV.TO TD Q U.S. Low Volatility ETF | 1.74% | 1.80% | 1.48% | 1.96% | 1.57% | 1.37% | 0.83% | 0.00% | 0.00% |
Frequently Asked Questions
TULV.TO and MULC.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: TD and Manulife.
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