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ZUQ.TO vs. MULC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZUQ.TO vs. MULC.TO

Last updated Jul 18, 2026
Documentation

ZUQ.TO (BMO MSCI USA High Quality Index ETF) and MULC.TO (Manulife Multifactor U.S. Large Cap Index ETF Hedged) are both Large Cap Blend Equities funds. ZUQ.TO is passively managed, while MULC.TO is actively managed. Over the past 5 years, ZUQ.TO returned 13.65%/yr vs 9.90%/yr for MULC.TO. At a 0.30 correlation, their price movements are largely independent.

Performance

ZUQ.TO vs. MULC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI USA High Quality Index ETF (ZUQ.TO) and Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.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, ZUQ.TO achieves a 11.73% return, which is significantly higher than MULC.TO's 9.54% return.

ZUQ.TO

1D
-1.61%
1M
0.85%
6M
8.55%
YTD
11.73%
1Y
17.38%
3Y*
19.58%
5Y*
13.65%
10Y*
16.26%

MULC.TO

1D
-0.71%
1M
-0.72%
6M
7.53%
YTD
9.54%
1Y
18.88%
3Y*
15.72%
5Y*
9.90%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZUQ.TO
BMO MSCI USA High Quality Index ETF		11.73%5.80%34.06%33.29%-18.30%26.45%19.97%31.80%4.75%5.52%
MULC.TO
Manulife Multifactor U.S. Large Cap Index ETF Hedged		9.54%13.42%18.78%18.95%-16.59%27.01%12.62%30.40%-8.43%12.69%

Correlation

The correlation between ZUQ.TO and MULC.TO is 0.52, 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

0.52

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

0.44

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

0.33

Correlation (All Time)
Calculated using the full available price history since May 17, 2017

0.30

Over the past year, ZUQ.TO and MULC.TO have become more correlated (0.52) than their long-term average of 0.30, meaning their price movements have been converging.

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BMO MSCI USA High Quality Index ETF

Manulife Multifactor U.S. Large Cap Index ETF Hedged

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ZUQ.TO vs. ZSP.TOZUQ.TO vs. ZGQ.TOZUQ.TO vs. VFV.TOZUQ.TO vs. VGG.TOZUQ.TO vs. XEQT.TOZUQ.TO vs. ZNQ.TOZUQ.TO vs. BNKS.L
Often compared with MULC.TO:
MULC.TO vs. MCLC.TOMULC.TO vs. MCSM.TOMULC.TO vs. MINT.TOMULC.TO vs. MUMC.TOMULC.TO vs. MUSC.TOMULC.TO vs. CDIV.TOMULC.TO vs. FLUS.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUQ.TO
ZUQ.TO Risk / Return Rank: 4545
Overall Rank
ZUQ.TO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
ZUQ.TO Sortino Ratio Rank: 4646
Sortino Ratio Rank
ZUQ.TO Omega Ratio Rank: 5050
Omega Ratio Rank
ZUQ.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
ZUQ.TO Martin Ratio Rank: 4141
Martin Ratio Rank
MULC.TO
MULC.TO Risk / Return Rank: 6868
Overall Rank
MULC.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
MULC.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
MULC.TO Omega Ratio Rank: 7070
Omega Ratio Rank
MULC.TO Calmar Ratio Rank: 6161
Calmar Ratio Rank
MULC.TO Martin Ratio Rank: 7474
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI USA High Quality Index ETF (ZUQ.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.

ZUQ.TOMULC.TODifference
Sharpe ratioReturn per unit of total volatility
1.38
1.56

-0.18

Sortino ratioReturn per unit of downside risk
1.92
2.41

-0.49

Omega ratioGain probability vs. loss probability

1.26

1.31

-0.05

Calmar ratioReturn relative to maximum drawdown

1.65

2.28

-0.63

Martin ratioReturn relative to average drawdown

5.34

10.01

-4.67

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

The current ZUQ.TO Sharpe Ratio is 1.38, which is comparable to the MULC.TO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of ZUQ.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.

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Drawdowns

ZUQ.TO vs. MULC.TO - Drawdown Comparison

The maximum ZUQ.TO drawdown since its inception was -26.93%, smaller than the maximum MULC.TO drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for ZUQ.TO and MULC.TO.

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Drawdown Indicators

ZUQ.TOMULC.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.93%

-35.21%

+8.28%

Max Drawdown (1Y)

Largest decline over 1 year

-10.57%

-8.32%

-2.25%

Max Drawdown (3Y)

Largest decline over 3 years

-17.93%

-18.10%

+0.17%

Max Drawdown (5Y)

Largest decline over 5 years

-26.93%

-25.00%

-1.93%

Max Drawdown (10Y)

Largest decline over 10 years

-26.93%

—

—

Current Drawdown

Current decline from peak

-2.99%

-1.44%

-1.55%

Average Drawdown

Average peak-to-trough decline

-4.54%

-5.17%

+0.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.27%

1.89%

+1.38%

Volatility

ZUQ.TO vs. MULC.TO - Volatility Comparison

BMO MSCI USA High Quality Index ETF (ZUQ.TO) has a higher volatility of 3.51% compared to Manulife Multifactor U.S. Large Cap Index ETF Hedged (MULC.TO) at 2.96%. This indicates that ZUQ.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

ZUQ.TOMULC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.51%

2.96%

+0.55%

Volatility (6M)

Calculated over the trailing 6-month period

9.22%

9.96%

-0.74%

Volatility (1Y)

Calculated over the trailing 1-year period

12.69%

12.16%

+0.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.40%

15.51%

+0.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.53%

18.16%

-0.63%

Dividends

ZUQ.TO vs. MULC.TO - Dividend Comparison

ZUQ.TO's dividend yield for the trailing twelve months is around 0.44%, less than MULC.TO's 0.81% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		0.44%0.48%0.60%0.90%1.03%0.83%1.00%1.00%1.12%1.25%1.26%0.92%

Frequently Asked Questions

ZUQ.TO and MULC.TO have a correlation of 0.52, 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: BMO and Manulife.

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