XUSC.TO vs. MULC.TO

Last updated Aug 4, 2026

XUSC.TO (iShares S&P 500 3% Capped Index ETF (CAD Units)) and MULC.TO (Manulife Multifactor U.S. Large Cap Index ETF Hedged) are both Large Cap Blend Equities funds - XUSC.TO tracks the S&P 500 3% Capped Index while MULC.TO tracks the John Hancock Dimensional Large Cap Index (CAD Hedged). Both are passively managed. Over the past year, XUSC.TO returned 23.12% vs 18.23% for MULC.TO. Their 0.51 correlation means they have sometimes moved together and sometimes differently. XUSC.TO charges 0.12%/yr vs 0.42%/yr for MULC.TO.

Performance

XUSC.TO vs. MULC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO) and Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XUSC.TO achieves a 12.83% return, which is significantly higher than MULC.TO's 10.22% return.

XUSC.TO

• 1D: 0.74%
• 1M: -2.31%
• 6M: 10.41%
• YTD: 12.83%
• 1Y: 23.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.61%

MULC.TO

• 1D: 0.67%
• 1M: -0.22%
• 6M: 8.76%
• YTD: 10.22%
• 1Y: 18.23%
• 3Y*: 15.71%
• 5Y*: 9.54%
• 10Y*: —
• ALL TIME*: 11.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MULC.TO Manulife Multifactor U.S. Large Cap Index ETF Hedged	CA$15.53K	CA$23.70K	CA$30.21K
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	CA$357.72K	CA$279.18K	CA$207.94K

XUSC.TO vs. MULC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	12.83%	11.40%	10.66%
MULC.TO Manulife Multifactor U.S. Large Cap Index ETF Hedged	10.22%	13.42%	4.56%

Correlation

The correlation between XUSC.TO and MULC.TO is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.51
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.51

The correlation between XUSC.TO and MULC.TO has been stable across timeframes, ranging from 0.51 to 0.51 - a consistent structural relationship.

Return for Risk

XUSC.TO vs. MULC.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XUSC.TO

XUSC.TO Risk / Return Rank: 67
XUSC.TO Sharpe Ratio Rank: 66
XUSC.TO Sortino Ratio Rank: 65
XUSC.TO Omega Ratio Rank: 64
XUSC.TO Calmar Ratio Rank: 71
XUSC.TO Martin Ratio Rank: 70

MULC.TO

MULC.TO Risk / Return Rank: 59
MULC.TO Sharpe Ratio Rank: 54
MULC.TO Sortino Ratio Rank: 60
MULC.TO Omega Ratio Rank: 60
MULC.TO Calmar Ratio Rank: 54
MULC.TO Martin Ratio Rank: 69

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.

XUSC.TO vs. MULC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.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.

	XUSC.TO	MULC.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.48	+0.19
Sortino ratio: Return per unit of downside risk	2.35	2.28	+0.07
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.70	2.16	+0.55
Martin ratio: Return relative to average drawdown	9.44	9.44	0.00

XUSC.TO vs. MULC.TO - Sharpe Ratio Comparison

The current XUSC.TO Sharpe Ratio is 1.67, which is comparable to the MULC.TO Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of XUSC.TO and MULC.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.

Drawdowns

XUSC.TO vs. MULC.TO - Drawdown Comparison

The maximum XUSC.TO drawdown since its inception was -18.31%, smaller than the maximum MULC.TO drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for XUSC.TO and MULC.TO.

Drawdown Indicators

	XUSC.TO	MULC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.31%	-35.21%	+16.90%
Max Drawdown (1Y) Largest decline over 1 year	-7.60%	-8.32%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.00%	—
Current Drawdown Current decline from peak	-2.59%	-0.83%	-1.76%
Average Drawdown Average peak-to-trough decline	-2.59%	-5.15%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	1.90%	+0.28%

Volatility

XUSC.TO vs. MULC.TO - Volatility Comparison

iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO) has a higher volatility of 3.84% compared to Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) at 2.44%. This indicates that XUSC.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.

Volatility by Period

	XUSC.TO	MULC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	2.44%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	9.78%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	12.34%	12.17%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	15.51%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.60%	18.12%	-2.52%

XUSC.TO vs. MULC.TO - Expense Ratio Comparison

XUSC.TO has a 0.12% expense ratio, which is lower than MULC.TO's 0.42% expense ratio.

Dividends

XUSC.TO vs. MULC.TO - Dividend Comparison

XUSC.TO's dividend yield for the trailing twelve months is around 0.95%, more than MULC.TO's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MULC.TO Manulife Multifactor U.S. Large Cap Index ETF Hedged	0.80%	0.85%	0.85%	0.83%	1.39%	0.77%	1.36%	1.21%	1.39%
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	0.95%	0.94%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XUSC.TO and MULC.TO in my portfolio?

XUSC.TO and MULC.TO 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.

Which ETF is better, XUSC.TO or MULC.TO?

On fees, XUSC.TO is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XUSC.TO or MULC.TO?

XUSC.TO is cheaper with a 0.12% expense ratio, compared with 0.42% for MULC.TO.

What is the main difference between XUSC.TO and MULC.TO?

XUSC.TO tracks S&P 500 3% Capped Index, while MULC.TO tracks John Hancock Dimensional Large Cap Index (CAD Hedged). They also come from different issuers: iShares and Manulife. Their fees differ too: 0.12% for XUSC.TO and 0.42% for MULC.TO.