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XMC.TO vs. MUMC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMC.TO vs. MUMC.TO

Last updated Jul 18, 2026
Documentation

XMC.TO (iShares S&P U.S. Mid-Cap Index ETF) and MUMC.TO (Manulife Multifactor U.S. Mid Cap Index ETF Hedged) are both Mid Cap Blend Equities funds. XMC.TO is passively managed, while MUMC.TO is actively managed. Over the past 5 years, XMC.TO returned 11.12%/yr vs 6.11%/yr for MUMC.TO. At a 0.39 correlation, their price movements are largely independent.

Performance

XMC.TO vs. MUMC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) and Manulife Multifactor U.S. Mid Cap Index ETF Hedged (MUMC.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, XMC.TO achieves a 17.19% return, which is significantly higher than MUMC.TO's 10.75% return.

XMC.TO

1D
-0.61%
1M
0.02%
6M
8.97%
YTD
17.19%
1Y
22.46%
3Y*
15.22%
5Y*
11.12%
10Y*
11.49%

MUMC.TO

1D
-0.11%
1M
-0.49%
6M
5.96%
YTD
10.75%
1Y
13.08%
3Y*
10.68%
5Y*
6.11%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMC.TO vs. MUMC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMC.TO
iShares S&P U.S. Mid-Cap Index ETF		17.19%2.37%22.99%13.65%-7.61%23.39%11.11%20.90%-4.83%6.94%
MUMC.TO
Manulife Multifactor U.S. Mid Cap Index ETF Hedged		10.75%4.82%13.82%13.06%-17.20%24.09%12.29%29.38%-12.33%14.34%

Correlation

The correlation between XMC.TO and MUMC.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.18

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

0.34

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

0.40

Correlation (All Time)
Calculated using the full available price history since Apr 18, 2017

0.39

Over the past year, the correlation between XMC.TO and MUMC.TO has dropped to 0.18 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

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iShares S&P U.S. Mid-Cap Index ETF

Manulife Multifactor U.S. Mid Cap Index ETF Hedged

Often compared with XMC.TO:
XMC.TO vs. XSMC.TOXMC.TO vs. ZEB.TOXMC.TO vs. XSP.TOXMC.TO vs. XSMOXMC.TO vs. IMCGXMC.TO vs. FMDEXMC.TO vs. VOE
Often compared with MUMC.TO:
MUMC.TO vs. MUSC.TOMUMC.TO vs. DXZ.TOMUMC.TO vs. MCLC.TOMUMC.TO vs. MCSM.TOMUMC.TO vs. MINT.TOMUMC.TO vs. MULC.TOMUMC.TO vs. ZMID.TO

Return for Risk

XMC.TO vs. MUMC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMC.TO
XMC.TO Risk / Return Rank: 6161
Overall Rank
XMC.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
XMC.TO Sortino Ratio Rank: 5858
Sortino Ratio Rank
XMC.TO Omega Ratio Rank: 5151
Omega Ratio Rank
XMC.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
XMC.TO Martin Ratio Rank: 7171
Martin Ratio Rank
MUMC.TO
MUMC.TO Risk / Return Rank: 3030
Overall Rank
MUMC.TO Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
MUMC.TO Sortino Ratio Rank: 2525
Sortino Ratio Rank
MUMC.TO Omega Ratio Rank: 3030
Omega Ratio Rank
MUMC.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
MUMC.TO Martin Ratio Rank: 3434
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.

XMC.TO vs. MUMC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) and Manulife Multifactor U.S. Mid Cap Index ETF Hedged (MUMC.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.

XMC.TOMUMC.TODifference
Sharpe ratioReturn per unit of total volatility
1.43
0.74

+0.70

Sortino ratioReturn per unit of downside risk
2.16
1.08

+1.08

Omega ratioGain probability vs. loss probability

1.26

1.16

+0.10

Calmar ratioReturn relative to maximum drawdown

2.72

1.27

+1.46

Martin ratioReturn relative to average drawdown

9.85

3.75

+6.10

XMC.TO vs. MUMC.TO - Sharpe Ratio Comparison

The current XMC.TO Sharpe Ratio is 1.43, which is higher than the MUMC.TO Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of XMC.TO and MUMC.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

XMC.TO vs. MUMC.TO - Drawdown Comparison

The maximum XMC.TO drawdown since its inception was -36.38%, smaller than the maximum MUMC.TO drawdown of -38.47%. Use the drawdown chart below to compare losses from any high point for XMC.TO and MUMC.TO.

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Drawdown Indicators

XMC.TOMUMC.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.38%

-38.47%

+2.09%

Max Drawdown (1Y)

Largest decline over 1 year

-8.28%

-10.38%

+2.10%

Max Drawdown (3Y)

Largest decline over 3 years

-22.70%

-21.77%

-0.93%

Max Drawdown (5Y)

Largest decline over 5 years

-22.70%

-24.62%

+1.92%

Max Drawdown (10Y)

Largest decline over 10 years

-36.38%

—

—

Current Drawdown

Current decline from peak

-3.24%

-1.94%

-1.30%

Average Drawdown

Average peak-to-trough decline

-5.00%

-6.48%

+1.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

3.49%

-1.20%

Volatility

XMC.TO vs. MUMC.TO - Volatility Comparison

iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) has a higher volatility of 3.44% compared to Manulife Multifactor U.S. Mid Cap Index ETF Hedged (MUMC.TO) at 3.01%. This indicates that XMC.TO's price experiences larger fluctuations and is considered to be riskier than MUMC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMC.TOMUMC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.44%

3.01%

+0.43%

Volatility (6M)

Calculated over the trailing 6-month period

11.76%

10.47%

+1.29%

Volatility (1Y)

Calculated over the trailing 1-year period

15.81%

17.89%

-2.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.67%

18.57%

-0.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.58%

19.44%

-0.86%

Dividends

XMC.TO vs. MUMC.TO - Dividend Comparison

XMC.TO's dividend yield for the trailing twelve months is around 0.91%, more than MUMC.TO's 0.82% yield.

PositionTTM20252024202320222021202020192018201720162015
MUMC.TO
Manulife Multifactor U.S. Mid Cap Index ETF Hedged		0.82%1.00%0.70%1.05%0.86%0.63%0.90%0.90%1.19%0.73%0.00%0.00%
XMC.TO
iShares S&P U.S. Mid-Cap Index ETF		0.91%1.10%0.94%1.17%1.27%0.99%1.07%1.43%1.57%0.98%1.06%0.54%

Frequently Asked Questions

XMC.TO and MUMC.TO have a correlation of 0.18, 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: iShares and Manulife.

Portfolio Optimizer

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