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

VVL.TO vs. MUSC.TO

Last updated Aug 4, 2026
Documentation

VVL.TO (Vanguard Global Value Factor ETF) and MUSC.TO (Manulife Multifactor U.S. Small Cap Index ETF Hedged) are both exchange-traded funds - VVL.TO is a Global Equities fund actively managed by Vanguard, while MUSC.TO is a Small Cap Blend Equities fund tracking the John Hancock Dimensional Small Cap Index (CAD Hedged). VVL.TO is actively managed, while MUSC.TO is passively managed. Over the past 5 years, VVL.TO returned 15.45%/yr vs 6.26%/yr for MUSC.TO. Their 0.13 correlation means their historical movements had little consistent relationship. VVL.TO charges 0.38%/yr vs 0.54%/yr for MUSC.TO.

Performance

VVL.TO vs. MUSC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Global Value Factor ETF (VVL.TO) and Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.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, VVL.TO achieves a 19.93% return, which is significantly higher than MUSC.TO's 13.47% return.

VVL.TO

1D
-0.54%
1M
2.41%
6M
13.59%
YTD
19.93%
1Y
36.20%
3Y*
19.80%
5Y*
15.45%
10Y*
12.44%
ALL TIME*
12.64%

MUSC.TO

1D
0.00%
1M
0.25%
6M
8.32%
YTD
13.47%
1Y
20.07%
3Y*
11.17%
5Y*
6.26%
10Y*
—
ALL TIME*
6.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

MUSC.TO

Manulife Multifactor U.S. Small Cap Index ETF Hedged
CA$12.18CA$1.92KCA$1.16K

VVL.TO

Vanguard Global Value Factor ETF
CA$1.10MCA$1.04MCA$875.29K

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

2026 (YTD)202520242023202220212020201920182017
VVL.TO
Vanguard Global Value Factor ETF		19.93%18.01%15.01%16.57%0.50%29.77%-3.29%13.44%-9.39%3.20%
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%1.38%

Correlation

The correlation between VVL.TO and MUSC.TO is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-0.06

Correlation (3Y)
Balances recent behavior with more history.

0.03

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.09

Correlation (All Time)
Calculated using the full available price history since Nov 27, 2017

0.13

The correlation between VVL.TO and MUSC.TO shifts across timeframes, from -0.06 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

VVL.TO vs. MUSC.TO - Sectors Allocation Comparison

Sectors
VVL.TO
MUSC.TO

Financial Services

25.3%
19.0%

Consumer Cyclical

14.8%
13.8%

Healthcare

10.8%
8.2%

Technology

10.5%
14.7%

Industrials

9.8%
16.7%

Energy

9.4%
6.4%

Consumer Defensive

6.5%
3.2%

Communication Services

6.1%
2.8%

Basic Materials

6.0%
5.1%

Real Estate

0.9%
6.2%

Utilities

0.0%
4.0%

Financial Services

VVL.TO
25.3%
MUSC.TO
19.0%

Consumer Cyclical

VVL.TO
14.8%
MUSC.TO
13.8%

Healthcare

VVL.TO
10.8%
MUSC.TO
8.2%

Technology

VVL.TO
10.5%
MUSC.TO
14.7%

Industrials

VVL.TO
9.8%
MUSC.TO
16.7%

Energy

VVL.TO
9.4%
MUSC.TO
6.4%

Consumer Defensive

VVL.TO
6.5%
MUSC.TO
3.2%

Communication Services

VVL.TO
6.1%
MUSC.TO
2.8%

Basic Materials

VVL.TO
6.0%
MUSC.TO
5.1%

Real Estate

VVL.TO
0.9%
MUSC.TO
6.2%

Utilities

VVL.TO
0.0%
MUSC.TO
4.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Global Value Factor ETF

Manulife Multifactor U.S. Small Cap Index ETF Hedged

Often compared with VVL.TO:
VVL.TO vs. VFV.TOVVL.TO vs. XEQT.TOVVL.TO vs. VTVVVL.TO vs. VTVVL.TO vs. ZID.TOVVL.TO vs. SCHDVVL.TO vs. VGG.TO
Often compared with MUSC.TO:
MUSC.TO vs. MCSM.TOMUSC.TO vs. MCLC.TOMUSC.TO vs. MULC.TOMUSC.TO vs. MUMC.TOMUSC.TO vs. XMH.TOMUSC.TO vs. XSMH.TOMUSC.TO vs. IDIV-B.TO

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.
VVL.TO
VVL.TO Risk / Return Rank: 9191
Overall Rank
VVL.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
VVL.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
VVL.TO Omega Ratio Rank: 9191
Omega Ratio Rank
VVL.TO Calmar Ratio Rank: 9090
Calmar Ratio Rank
VVL.TO Martin Ratio Rank: 9191
Martin Ratio Rank
MUSC.TO
MUSC.TO Risk / Return Rank: 8888
Overall Rank
MUSC.TO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
MUSC.TO Sortino Ratio Rank: 9494
Sortino Ratio Rank
MUSC.TO Omega Ratio Rank: 9999
Omega Ratio Rank
MUSC.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
MUSC.TO Martin Ratio Rank: 9090
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VVL.TO vs. MUSC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Value Factor ETF (VVL.TO) and Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.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.

VVL.TOMUSC.TODifference
Sharpe ratioReturn per unit of total volatility
2.48
1.69

+0.78

Sortino ratioReturn per unit of downside risk
3.55
3.90

-0.34

Omega ratioGain probability vs. loss probability

1.44

2.50

-1.06

Calmar ratioReturn relative to maximum drawdown

3.88

4.77

-0.89

Martin ratioReturn relative to average drawdown

15.44

15.40

+0.04

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

The current VVL.TO Sharpe Ratio is 2.48, which is higher than the MUSC.TO Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of VVL.TO and MUSC.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

VVL.TO vs. MUSC.TO - Drawdown Comparison

The maximum VVL.TO drawdown since its inception was -43.88%, which is greater than MUSC.TO's maximum drawdown of -37.77%. Use the drawdown chart below to compare losses from any high point for VVL.TO and MUSC.TO.

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Drawdown Indicators

VVL.TOMUSC.TODifference

Max Drawdown

Largest peak-to-trough decline

-43.88%

-37.77%

-6.11%

Max Drawdown (1Y)

Largest decline over 1 year

-8.83%

-4.00%

-4.83%

Max Drawdown (3Y)

Largest decline over 3 years

-18.07%

-24.96%

+6.89%

Max Drawdown (5Y)

Largest decline over 5 years

-18.07%

-24.96%

+6.89%

Max Drawdown (10Y)

Largest decline over 10 years

-43.88%

—

—

Current Drawdown

Current decline from peak

-1.33%

0.00%

-1.33%

Average Drawdown

Average peak-to-trough decline

-5.71%

-7.91%

+2.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.22%

1.23%

+0.99%

Volatility

VVL.TO vs. MUSC.TO - Volatility Comparison

Vanguard Global Value Factor ETF (VVL.TO) has a higher volatility of 3.73% compared to Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.TO) at 0.95%. This indicates that VVL.TO's price experiences larger fluctuations and is considered to be riskier than MUSC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VVL.TOMUSC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.73%

0.95%

+2.78%

Volatility (6M)

Calculated over the trailing 6-month period

9.47%

6.98%

+2.49%

Volatility (1Y)

Calculated over the trailing 1-year period

13.85%

11.27%

+2.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.10%

18.28%

-2.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.78%

22.57%

-3.79%

VVL.TO vs. MUSC.TO - Expense Ratio Comparison

VVL.TO has a 0.38% expense ratio, which is lower than MUSC.TO's 0.54% expense ratio.

Dividends

VVL.TO vs. MUSC.TO - Dividend Comparison

VVL.TO's dividend yield for the trailing twelve months is around 1.58%, more than MUSC.TO's 0.78% yield.

PositionTTM2025202420232022202120202019201820172016
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%0.00%
VVL.TO
Vanguard Global Value Factor ETF		1.58%1.89%2.19%2.69%2.57%1.50%1.70%2.65%2.15%1.35%0.60%

Frequently Asked Questions

VVL.TO and MUSC.TO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VVL.TO is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VVL.TO is cheaper with a 0.38% expense ratio, compared with 0.54% for MUSC.TO.

VVL.TO is categorized as Global Equities, while MUSC.TO is Small Cap Blend Equities. They also come from different issuers: Vanguard and Manulife. Their fees differ too: 0.38% for VVL.TO and 0.54% for MUSC.TO.

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