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Relative Intelligence · Life Insurance

How Manulife Financial (MFC) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MFC alone. It places MFC (Manulife Financial Corporation) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where MFC stands in the market, and of the alternatives worth a closer look.

Period covered: MFC's full trading record, from September 1999 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against MFC →Chart MFC vs. 20 alternatives →
On this page12 sections

Key findings

How much would $10,000 in MFC have grown?

This chart tracks a hypothetical $10,000 investment in MFC over the past 27 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MFC over the same span and MFC's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1999 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 388 of the 1,166 stocks and funds worth at least $500 million that traded the whole period ended ahead of MFC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$100$1,000$10,000$100,000199920042009201420192024$100$1,000$10,000$100,0001999200620132020
  • WRB$772,563+7,626% total · +17.5% a year
  • PGR$593,751+5,838% total · +16.3% a year
  • RY$500,230+4,902% total · +15.6% a year
  • GL$186,163+1,762% total · +11.4% a year
  • AFL$182,349+1,723% total · +11.4% a year
  • MFC$174,548+1,645% total · +11.2% a year
  • SPY (S&P 500)$95,018+850% total · +8.7% a year
  • UNM$57,644+476% total · +6.7% a year
  • AEG$6,159−38.4% total · −1.8% a year
  • AIG$1,302−87.0% total · −7.3% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 396 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MFC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • JXN$63,053+531% total · +44.5% a year
  • MCK$43,941+339% total · +34.5% a year
  • UNM$40,709+307% total · +32.4% a year
  • VCTR$36,954+270% total · +29.9% a year
  • DXJ$32,976+230% total · +27.0% a year
  • ABBV$29,134+191% total · +23.8% a year
  • MFC$28,001+180% total · +22.9% a year
  • AMP$20,051+101% total · +14.9% a year
  • PRI$19,092+90.9% total · +13.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

MFC at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$74B
Industry
Insurance - Life
Price history from
September 1999

Returns

Past 1 year
+44.8%total return
Past 3 years
+189%+42.5% a year
Past 5 years
+177%+22.6% a year
Past 10 years
+373%+16.8% a year
Best calendar year
+152%2000
Worst calendar year
−56.9%2008
Losing years
10 of 26full calendar years

Risk

Volatility
24.0%typical yearly swing, 5 years
Sharpe ratio
0.97return per unit of risk, 5 years
Worst decline ever
−83.8%Oct 2007 to Mar 2009
From its all-time high
At its highwithin 1%

MFC against the whole market

Where MFC ranks among every stock and fund, and what across the market has done better.

How does MFC rank among all stocks?

This section ranks MFC on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how MFC stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureMFCRankStanding
1-year return+44.8%633 of 3,287top 19%
3-year return+189%435 of 3,017top 14%
5-year return+177%374 of 2,893top 13%
10-year return+373%455 of 2,202top 21%
Volatility, 5 years24.0%262 of 2,893top 9%
Sharpe ratio, 5 years0.97115 of 2,893top 4%
Worst decline, past 10 years−57.5%782 of 2,187top 36%

What has beaten MFC on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). MFC sits where the dashed lines cross. Anything in the green box above and to the left earned more than MFC with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to MFC. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%37.5%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MFCMFC: +22.6% a year, volatility 24.0%SPY (S&P 500): +12.7% a year, volatility 17.1%VCTR: +28.1% a year, volatility 35.0%PGR: +21.3% a year, volatility 25.6%WRB: +18.9% a year, volatility 22.9%AJG: +10.9% a year, volatility 24.2%ABBV: +26.1% a year, volatility 23.4%MCK: +38.7% a year, volatility 25.0%DXJ: +26.6% a year, volatility 19.1%LLY: +40.7% a year, volatility 32.8%NHC: +32.0% a year, volatility 28.5%CAH: +42.1% a year, volatility 24.7%MPLX: +23.5% a year, volatility 18.8%EPU: +29.5% a year, volatility 24.9%MFCSPY (S&P 500)VCTRPGRWRBAJGABBVMCKDXJLLYNHCCAHMPLXEPU15.0%20.0%25.0%30.0%35.0%40.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MFCMFC: +22.6% a year, volatility 24.0%SPY (S&P 500): +12.7% a year, volatility 17.1%VCTR: +28.1% a year, volatility 35.0%PGR: +21.3% a year, volatility 25.6%WRB: +18.9% a year, volatility 22.9%AJG: +10.9% a year, volatility 24.2%ABBV: +26.1% a year, volatility 23.4%MCK: +38.7% a year, volatility 25.0%DXJ: +26.6% a year, volatility 19.1%LLY: +40.7% a year, volatility 32.8%NHC: +32.0% a year, volatility 28.5%CAH: +42.1% a year, volatility 24.7%MPLX: +23.5% a year, volatility 18.8%EPU: +29.5% a year, volatility 24.9%MFCSPY (S&P 500)VCTRWRBAJGABBVMCKDXJLLYNHCCAHMPLXEPU
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • 1 with more than 1.6× MFC's volatility is in the table only

Is there a better investment than MFC?

Investments that beat MFC over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat MFC over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks MFC's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than MFC follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than MFC's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× MFC's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than MFC's.

Screen the whole market against MFC for any period in BetterThanSPYOpen these 14 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with MFC?lower diversifies moreExpenseper year
MFCManulife Financial Corporation · this page
+22.6%24.0%0.97−57.5%+373%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.620.09%
Popular alternativesbest 1 shownThe investments people most often weigh against MFC. 1 of 17 passed at least one test.
JXNJackson Financial Inc. · Life Insurance
Higher return in most periods+41.7%43.3%1.03−48.4%—0.43—
Same and neighboring categories, and shared themesbest 4 shownEverything else in Life Insurance and Insurance and the categories next to it (Property & Casualty Insurance, Asset Management, Retirement Services), plus MFC's specific themes. 4 of 62 passed at least one test.
VCTRVictory Capital Holdings, Inc. · Asset Management
Higher return in most periods+28.1%35.0%0.89−45.2%—0.41—
PGRThe Progressive Corporation · Property & Casualty Insurance
Smaller losses in recent crashes+21.3%25.6%0.89−30.3%+816%0.25—
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Smaller losses in recent crashes+18.9%22.9%0.87−45.3%+443%0.31—
AJGArthur J. Gallagher & Co. · Insurance
Smaller losses in recent crashes+10.9%24.2%0.55−44.4%+516%0.29—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 62 of 3,554 passed at least one test.
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+26.1%23.4%1.11−45.1%+603%0.20—
MCKMcKesson Corporation · Health Care Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+38.7%25.0%1.44−38.1%+586%0.13—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+26.6%19.1%1.34−39.1%+428%0.280.48%
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.03—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%0.35—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst decline+42.1%24.7%1.55−46.1%+349%0.27—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierSimilar return, lower volatility+23.5%18.8%1.22−75.2%+350%0.46—
EPUiShares MSCI Peru and Global Exposure ETF · International
Higher return, similar volatilityHigher Sharpe, smaller worst decline+29.5%24.9%1.17−51.0%+275%0.470.59%
What these numbers mean for MFC
Annual return
MFC returned 22.6% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $27,700. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
MFC's volatility over the past 5 years was 24.0%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MFC's return lands within 24.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
MFC's Sharpe ratio over the past 5 years was 0.97, against 0.79 for the S&P 500, so MFC earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
MFC's worst fall from a peak to a low over the past 10 years was 57.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 57.5% fall takes a 135% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MFC's monthly returns had a correlation of 0.62 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against MFC instead: the lower it is, the more that option would diversify a MFC holding. Guide: Correlation and diversification →
Show all 1 stock or fund worth at least $500 million that earned more than MFC with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with MFCExpense
1
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.280.48%

MFC against its popular alternatives

The investments people most often weigh against MFC, compared period by period and year by year.

How do MFC's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at MFC, which divides the map into what did better or worse on each measure.

Green points earned more than MFC with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMFC: 22.6% a year, volatility 24.0%SPY (S&P 500): 12.7% a year, volatility 17.1%AMP: 12.1% a year, volatility 27.8%PRI: 12.8% a year, volatility 25.5%MET: 12.0% a year, volatility 25.4%CNO: 18.8% a year, volatility 28.1%BLK: 7.1% a year, volatility 27.1%AIG: 9.0% a year, volatility 25.9%AEG: 16.2% a year, volatility 30.4%PFG: 13.0% a year, volatility 26.5%GL: 12.4% a year, volatility 35.6%PRU: 5.2% a year, volatility 25.5%LNC: −7.4% a year, volatility 42.7%BHF: −1.7% a year, volatility 42.6%JXN: 41.7% a year, volatility 43.3%UNM: 30.6% a year, volatility 29.3%AFL: 19.0% a year, volatility 20.8%SLF: 11.7% a year, volatility 19.4%RY: 17.3% a year, volatility 18.2%MFCSPY (S&P 500)AMPPRIMETCNOBLKAIGAEGGLPRULNCBHFJXNUNMAFLRY10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMFC: 22.6% a year, volatility 24.0%SPY (S&P 500): 12.7% a year, volatility 17.1%AMP: 12.1% a year, volatility 27.8%PRI: 12.8% a year, volatility 25.5%MET: 12.0% a year, volatility 25.4%CNO: 18.8% a year, volatility 28.1%BLK: 7.1% a year, volatility 27.1%AIG: 9.0% a year, volatility 25.9%AEG: 16.2% a year, volatility 30.4%PFG: 13.0% a year, volatility 26.5%GL: 12.4% a year, volatility 35.6%PRU: 5.2% a year, volatility 25.5%LNC: −7.4% a year, volatility 42.7%BHF: −1.7% a year, volatility 42.6%JXN: 41.7% a year, volatility 43.3%UNM: 30.6% a year, volatility 29.3%AFL: 19.0% a year, volatility 20.8%SLF: 11.7% a year, volatility 19.4%RY: 17.3% a year, volatility 18.2%MFCSPY (S&P 500)CNOBLKAIGAEGGLPRULNCBHFJXNUNMAFLRY
All figures
InvestmentAnnual returnVolatility
JXN Jackson Financial Inc.+41.7%43.3%
UNM Unum Group+30.6%29.3%
MFC This pageManulife Financial Corporation+22.6%24.0%
AFL Aflac Incorporated+19.0%20.8%
CNO CNO Financial Group, Inc.+18.8%28.1%
RY Royal Bank of Canada+17.3%18.2%
AEG Aegon Ltd.+16.2%30.4%
PFG Principal Financial Group, Inc.+13.0%26.5%
PRI Primerica, Inc.+12.8%25.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
GL Globe Life Inc.+12.4%35.6%
AMP Ameriprise Financial, Inc.+12.1%27.8%
MET MetLife, Inc.+12.0%25.4%
SLF Sun Life Financial Inc.+11.7%19.4%
AIG American International Group, Inc.+9.0%25.9%
BLK BlackRock, Inc.+7.1%27.1%
PRU Prudential Financial, Inc.+5.2%25.5%
BHF Brighthouse Financial, Inc.−1.7%42.6%
LNC Lincoln National Corporation−7.4%42.7%
Open these 19 in EasyCompare

Has MFC consistently beaten its popular alternatives?

This section compares MFC with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than MFC helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than MFC over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
MFC Manulife Financial Corporation (this page)—−0.2%+5.5%+17.4%+26.1%+44.8%+189%+177%+373%24.0%0.97−57.5%—$74B—
JXN Insurance - LifeJackson Financial Inc.2/5 short2/3 long−1.1%+6.7%+18.9%+24.3%+37.6%+269%+472%—43.3%1.03−48.4%—$8.8B—
UNM Insurance - LifeUnum Group1/5 short1/3 long−0.1%+5.8%+19.3%+23.2%+26.4%+106%+279%+256%29.3%1.06−81.0%—$15B—
AMP Asset ManagementAmeriprise Financial, Inc.0/5 short1/3 long−9.0%−7.0%+7.5%−0.3%+4.5%+62.6%+76.8%+507%27.8%0.55−53.9%—$43B—
PRI Insurance - LifePrimerica, Inc.0/5 short1/3 long−0.3%−7.6%+3.9%+11.5%+10.4%+49.9%+82.5%+486%25.5%0.60−54.5%—$8.8B—
MET Insurance - LifeMetLife, Inc.4/5 short0/3 long+4.7%+9.5%+32.0%+28.6%+32.2%+84.0%+76.5%+240%25.4%0.58−55.2%—$64B—
CNO Insurance - LifeCNO Financial Group, Inc.3/5 short0/3 long+0.8%+3.8%+25.7%+31.5%+41.1%+150%+136%+342%28.1%0.76−63.8%—$5.1B—
CRBG Asset ManagementCorebridge Financial, Inc.3/5 short0/3 long+0.4%+12.7%+32.2%+18.2%+13.8%+98.8%————−36.3%—$16B—
BLK Asset ManagementBlackRock, Inc.2/5 short0/3 long+3.5%+7.6%+8.8%+5.7%−0.6%+96.3%+41.1%+313%27.1%0.39−43.9%—$175B—
AFL Insurance - LifeAflac Incorporated1/5 short0/3 long+4.4%−2.6%+6.0%+10.8%+12.9%+65.2%+139%+335%20.8%0.95−54.9%—$60B—
SLF Insurance - DiversifiedSun Life Financial Inc.1/5 short0/3 long−2.2%−0.4%+15.2%+30.4%+35.5%+96.3%+74.1%+255%19.4%0.67−50.8%—$44B—
AIG Insurance - DiversifiedAmerican International Group, Inc.1/5 short0/3 long+9.8%+3.3%+5.6%−1.0%+8.0%+47.1%+54.1%+75.5%25.9%0.47−69.6%—$43B—
RY Banks - DiversifiedRoyal Bank of Canada0/5 short0/3 long−3.5%−4.8%+12.0%+18.9%+39.2%+173%+122%+352%18.2%0.97−40.0%—$276B—
AEG Insurance - DiversifiedAegon Ltd.0/5 short0/3 long−8.5%−5.6%+9.2%+13.4%+19.0%+113%+112%+224%30.4%0.65−71.1%—$13B—
PFG Asset ManagementPrincipal Financial Group, Inc.0/5 short0/3 long−7.3%−2.9%+14.0%+23.7%+41.4%+76.3%+84.6%+196%26.5%0.60−64.7%—$23B—
GL Insurance - LifeGlobe Life Inc.0/5 short0/3 long−1.2%−7.7%+12.8%+23.6%+26.3%+58.0%+79.7%+188%35.6%0.56−61.6%—$13B—
PRU Insurance - LifePrudential Financial, Inc.0/5 short0/3 long−2.8%−1.2%+15.2%+5.2%+19.6%+47.5%+29.0%+117%25.5%0.33−65.9%—$40B—
LNC Insurance - LifeLincoln National Corporation0/5 short0/3 long−4.1%−3.9%+9.0%−8.0%+6.2%+111%−32.1%+20.1%42.7%0.04−79.2%—$7.6B—
BAM Asset ManagementBrookfield Asset Management Ltd.0/5 short0/3 long−0.6%−2.1%−4.5%−11.4%−12.5%+67.9%————−30.4%—$73B—
BHF Insurance - LifeBrighthouse Financial, Inc.0/5 short0/3 long−4.4%−26.6%−23.0%−26.2%+2.2%+3.1%−8.1%—42.6%0.17−76.9%—$2.7B—
FG Insurance - LifeF&G Annuities & Life, Inc.0/5 short0/3 long−11.9%−33.9%−24.1%−30.9%−29.0%−25.8%————−58.8%—$2.7B—
Open these 21 in EasyCompare

How did MFC do year by year?

This table shows each investment's total return in every full calendar year since 2000, along with where MFC ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MFC and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of MFC; gray means the two finished within a fraction of a point. The rank row places MFC among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of MFC20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000
MFC This pageManulife Financial Corporation—+22.9%+45.2%+31.0%−1.3%+12.1%−7.1%+49.2%−29.3%+20.9%+23.6%−19.0%−0.6%+49.7%+33.5%−36.0%−3.3%+12.5%−56.9%+23.2%+17.2%+29.8%+45.7%+51.7%−15.4%−16.0%+152%
Rank among alternativesTop quarter in 8 of 267 of 213 of 215 of 2110 of 1814 of 179 of 172 of 1710 of 1710 of 169 of 1614 of 1613 of 1611 of 166 of 1615 of 1613 of 157 of 158 of 154 of 159 of 154 of 142 of 141 of 138 of 137 of 111 of 9
SPY S&P 500State Street SPDR S&P 500 ETF11 of 26+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%
JXN Jackson Financial Inc.3 of 4+26.9%+76.4%+57.2%−11.6%——————————————————————
UNM Unum Group11 of 26+8.6%+66.3%+13.7%+73.5%+11.9%−16.2%+2.7%−45.2%+27.2%+35.1%−2.6%+1.2%+71.9%+0.9%−11.6%+25.9%+6.9%−20.6%+16.1%−7.4%+28.9%+16.0%−7.6%−32.1%+0.8%−13.8%
AMP Ameriprise Financial, Inc.12 of 20−6.7%+42.1%+24.0%+5.0%+57.9%+19.8%+64.0%−36.8%+56.4%+7.7%−17.8%+17.2%+88.4%+29.5%−12.3%+50.7%+70.6%−56.9%+2.1%+34.3%——————
PRI Primerica, Inc.9 of 15−3.3%+33.6%+47.1%−5.9%+15.8%+3.9%+35.1%−2.9%+48.2%+48.4%−11.8%+27.7%+44.7%+30.3%−3.7%———————————
MET MetLife, Inc.13 of 25−0.8%+27.7%−5.5%+19.2%+37.5%−3.4%+28.8%−15.8%+8.4%+15.9%−8.3%+3.0%+67.5%+7.9%−28.3%+27.9%+3.7%−42.2%+5.6%+21.7%+22.2%+21.8%+25.4%−13.9%−8.8%—
CNO CNO Financial Group, Inc.7 of 22+16.1%+36.1%+25.1%−1.6%+9.5%+25.9%+25.1%−38.5%+31.0%+2.1%+12.5%−1.3%+91.1%+48.8%−7.0%+35.6%−3.3%−58.8%−37.1%−13.8%+16.2%−8.5%————
CRBG Corebridge Financial, Inc.0 of 3+3.9%+42.9%+25.3%———————————————————————
BLK BlackRock, Inc.16 of 26+6.6%+29.3%+17.9%−20.4%+29.4%+47.2%+31.9%−21.6%+38.2%+14.6%−2.4%+15.7%+57.0%+19.8%−3.6%−15.9%+76.6%−37.0%+45.1%+41.8%+42.4%+47.6%+35.9%−5.5%−0.7%+144%
AFL Aflac Incorporated10 of 26+8.9%+28.1%+17.3%+26.4%+34.6%−13.6%+18.6%+6.2%+29.0%+19.1%+0.5%−6.2%+28.9%+26.4%−21.3%+24.8%+4.3%−25.5%+38.3%+0.4%+17.6%+11.2%+21.4%+23.7%−31.6%+53.9%
SLF Sun Life Financial Inc.11 of 25+9.7%+19.5%+16.9%−12.9%+29.7%+2.0%+42.7%−16.6%+10.3%+27.6%−10.2%+5.9%+39.3%+52.5%−34.9%+10.2%+31.1%−57.0%+35.5%+8.2%+22.7%+38.3%+51.6%−18.9%−17.2%—
AIG American International Group, Inc.6 of 26+20.0%+9.8%+9.8%+13.8%+53.9%−23.1%+33.6%−32.1%−6.9%+7.8%+12.1%+10.7%+45.2%+52.1%−43.6%+92.2%−4.6%−97.2%−17.6%+6.2%+5.0%−0.5%+15.1%−26.9%−19.3%+37.0%
RY Royal Bank of Canada15 of 26+46.3%+23.8%+12.2%−8.0%+34.1%+8.4%+20.2%−12.9%+23.9%+31.8%−19.3%+6.7%+16.0%+23.3%+1.2%+1.4%+89.3%−39.4%+10.7%+26.0%+50.7%+15.9%+33.6%+15.8%−0.9%+58.5%
AEG Aegon Ltd.8 of 26+39.1%+8.3%+21.0%+6.7%+29.3%−10.5%+5.5%−22.1%+16.9%+4.3%−19.9%−17.6%+53.8%+70.0%−34.6%−4.3%+6.0%−62.9%−3.3%+20.2%+24.1%−3.3%+20.3%−49.8%−33.9%−11.8%
PFG Principal Financial Group, Inc.12 of 24+18.4%+1.9%−2.8%+20.1%+51.4%−5.2%+29.7%−35.0%+25.5%+33.1%−10.8%+8.0%+77.2%+19.4%−22.3%+38.2%+8.6%−66.5%+18.8%+25.5%+17.3%+25.6%+11.3%+26.6%——
GL Globe Life Inc.13 of 26+26.5%−7.5%+1.8%+29.7%−0.5%−8.9%+42.3%−17.2%+23.9%+30.3%+6.3%+5.0%+53.2%+20.5%+10.2%+37.6%−0.5%−25.2%−4.3%+15.6%−1.9%+26.6%+25.9%−6.2%+3.2%+34.0%
PRU Prudential Financial, Inc.12 of 24+0.2%+19.4%+10.1%−3.9%+45.3%−11.4%+20.1%−26.5%+13.6%+32.5%−7.4%+0.7%+77.1%+9.9%−12.1%+20.5%+66.8%−66.3%+9.7%+18.7%+34.5%+33.3%+33.4%−3.1%——
LNC Lincoln National Corporation12 of 26+48.0%+24.8%−5.5%−53.5%+39.5%−11.1%+17.9%−32.0%+18.0%+35.0%−11.5%+13.1%+102%+35.3%−29.6%+11.9%+33.5%−66.4%−10.3%+28.6%+17.2%+19.2%+32.9%−32.8%+5.4%+22.0%
BAM Brookfield Asset Management Ltd.1 of 3−0.3%+39.7%+45.6%———————————————————————
BHF Brighthouse Financial, Inc.2 of 8+34.9%−9.2%+3.2%−1.0%+43.1%−7.7%+28.7%−48.0%——————————————————
FG F&G Annuities & Life, Inc.1 of 3−23.6%−8.0%+137%———————————————————————
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Risk and diversification

How MFC has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were MFC's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents MFC's five deepest drawdowns since it began trading in 1999, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means MFC fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringMFC fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−83.8%−54.7%Oct 2007Mar 200917 monthsFeb 202414.9 years
Dot-com bust−42.9%−33.3%Aug 2001Oct 200214 monthsAug 200310 months
No named crash−24.8%−3.4%Nov 1999Feb 20003 monthsMar 20001 month
Dot-com bust−22.3%−6.1%Dec 2000Feb 20012 monthsAug 20016 months
No named crash−16.8%−12.0%Apr 2025Apr 2025Under a monthJun 20252 months

How did MFC do in stock market crashes?

This section measures how far MFC, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than MFC.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
MFC This pageManulife Financial Corporation—−6.1%−27.1%−55.1%−25.9%−2.6%−35.4%−35.3%0.0%−83.8%−42.9%
SPY S&P 500State Street SPDR S&P 500 ETF7 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
JXN Jackson Financial Inc.0 of 2−14.2%−48.4%————————
UNM Unum Group4 of 10−16.7%−14.8%−65.5%−32.2%−9.2%−34.8%−21.4%−1.0%−69.1%−47.6%
AMP Ameriprise Financial, Inc.3 of 9−14.9%−31.5%−53.9%−35.3%−8.9%−38.2%−32.3%−2.6%−81.1%—
PRI Primerica, Inc.4 of 8−8.7%−28.7%−54.1%−25.3%−6.2%−23.7%−12.9%0.0%——
MET MetLife, Inc.3 of 9−12.6%−19.5%−55.0%−20.9%−6.9%−36.5%−36.3%−3.4%−82.3%—
CNO CNO Financial Group, Inc.2 of 9−13.3%−35.4%−53.5%−36.4%−6.5%−26.9%−36.2%−7.5%−97.7%—
CRBG Corebridge Financial, Inc.0 of 1−14.3%—————————
BLK BlackRock, Inc.6 of 10−7.2%−40.8%−42.3%−25.2%−7.1%−19.9%−23.9%0.0%−60.4%−33.0%
AFL Aflac Incorporated7 of 10−6.0%−19.9%−51.0%−13.2%−6.4%−15.8%−31.4%−4.3%−82.7%−36.7%
SLF Sun Life Financial Inc.6 of 9−5.5%−30.8%−50.2%−20.3%−4.5%−23.8%−20.3%−1.4%−78.8%—
AIG American International Group, Inc.3 of 10−12.7%−25.5%−61.8%−32.5%−7.6%−21.1%−30.6%0.0%−99.5%−50.5%
RY Royal Bank of Canada8 of 10−3.8%−26.0%−40.0%−17.1%−5.7%−23.1%−21.8%0.0%−63.1%−21.6%
AEG Aegon Ltd.1 of 10−11.4%−36.5%−53.6%−33.5%−4.7%−38.4%−41.5%−1.4%−88.0%−76.9%
PFG Principal Financial Group, Inc.2 of 9−13.3%−21.1%−56.3%−31.5%−9.0%−39.9%−26.8%−2.4%−91.5%—
GL Globe Life Inc.7 of 10−9.8%−16.6%−47.7%−20.5%−8.7%−22.7%−20.9%−3.3%−73.7%−27.4%
PRU Prudential Financial, Inc.1 of 9−13.3%−27.4%−58.2%−26.8%−11.9%−35.8%−27.9%−3.1%−88.3%—
LNC Lincoln National Corporation0 of 10−21.0%−40.4%−72.0%−30.6%−11.1%−45.9%−48.5%−3.0%−92.4%−52.1%
BAM Brookfield Asset Management Ltd.0 of 1−7.1%—————————
BHF Brighthouse Financial, Inc.0 of 5−18.0%−35.2%−65.9%−37.4%−10.8%—————
FG F&G Annuities & Life, Inc.0 of 1−9.9%—————————
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How closely does MFC move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares MFC with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than MFC's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MFC This pageManulife Financial Corporation110%110%1.001.10
AFL Aflac Incorporated83%71%1.170.79
RY Royal Bank of Canada97%88%1.110.88
PRI Primerica, Inc.121%116%1.041.15
SLF Sun Life Financial Inc.87%85%1.020.96
CNO CNO Financial Group, Inc.103%102%1.001.09
GL Globe Life Inc.72%72%1.000.79
UNM Unum Group88%90%0.980.96
MET MetLife, Inc.91%97%0.941.03
AMP Ameriprise Financial, Inc.141%152%0.931.41
AEG Aegon Ltd.103%114%0.911.07
PFG Principal Financial Group, Inc.103%124%0.831.22
BLK BlackRock, Inc.127%157%0.811.30
PRU Prudential Financial, Inc.102%146%0.701.25
AIG American International Group, Inc.64%93%0.680.91
LNC Lincoln National Corporation119%211%0.561.67
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What diversifies MFC?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with MFC's. Because such investments tend not to fall at the same time, pairing MFC with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which MFC lost money. The last two columns show a portfolio that is 80% MFC and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202220202018201520142011201020082002200180/20 mix volatility80/20 mix annual return
MFC Manulife Financial Corporation (this page)1.00+177%0.97−1.3%−7.1%−29.3%−19.0%−0.6%−36.0%−3.3%−56.9%−15.4%−16.0%21.3%+22.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.28+225%1.34+6.0%+3.9%−19.8%+7.7%+8.1%−16.1%−1.8%−20.8%——17.9%+24.1%
SMH TechnologyVanEck Semiconductor ETF0.39+323%0.97−33.5%+55.5%−9.1%−0.3%+30.2%+6.8%+19.0%−44.7%−47.0%−14.6%20.8%+26.7%
GLD CommoditiesSPDR Gold Shares0.05+126%0.96−0.8%+24.8%−1.9%−10.7%−2.2%+9.6%+29.3%+4.9%——17.6%+22.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.48+136%0.93−10.4%+28.2%−0.9%———————19.4%+23.0%
XLE EnergyState Street Energy Select Sector SPDR ETF0.30+177%0.93+64.4%−32.7%−18.2%−21.5%−8.7%+2.8%+21.9%−39.0%−14.8%−18.2%19.2%+23.6%
EWT TechnologyiShares MSCI Taiwan ETF0.40+153%0.89−28.9%+31.5%−9.9%−12.9%+7.0%−21.8%+22.8%−45.3%−24.4%+2.1%19.7%+23.3%
AMLP EnergyAlerian MLP ETF0.43+111%0.89+25.5%−32.3%−12.6%−25.7%+4.8%+10.2%————18.9%+22.4%
PTLC Broad MarketPacer Trendpilot US Large Cap ETF0.42+57.4%0.83−8.6%−1.2%+1.5%———————18.1%+20.6%

Stocks

InvestmentCorrelation5Y returnSharpe202220202018201520142011201020082002200180/20 mix volatility80/20 mix annual return
MFC Manulife Financial Corporation (this page)1.00+177%0.97−1.3%−7.1%−29.3%−19.0%−0.6%−36.0%−3.3%−56.9%−15.4%−16.0%21.3%+22.9%
CAH Medical - DistributionCardinal Health, Inc.0.27+479%1.55+54.1%+10.1%−24.5%+12.6%+23.0%+8.1%+21.4%−39.6%−8.3%−2.5%19.1%+26.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.31+3,143%1.47+1.3%−2.4%−16.3%−6.0%+12.9%−24.4%+2.8%−20.5%−65.1%−25.6%23.5%+39.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.28+1,636%1.46+17.0%+6.7%+0.8%+67.7%−10.4%−17.0%+8.7%−15.2%−9.4%+73.7%21.3%+35.8%
MCK Medical - DistributionMcKesson Corporation0.13+413%1.44+51.8%+27.1%−28.4%−4.5%+29.3%+11.8%+13.8%−40.4%−27.2%+4.9%18.4%+26.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.15+690%1.41+86.6%−27.4%−8.2%+17.4%+0.4%—————19.1%+28.8%
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Common questions

What was MFC's worst drawdown?

MFC's deepest decline since it began trading in 1999 was 83.8%, from October 2007 to March 2009. It took about 15 years from the low to climb back to its old high.

What were MFC's best and worst years?

Over 26 full calendar years, MFC's best year was 2000, when it returned 152%. Its worst was 2008, with a return of -56.9%.

Is there a better investment than MFC?

Among MFC's popular alternatives, JXN was ahead of MFC in most short and long periods, though with much bigger swings (43.3% volatility against 24.0%). Looking beyond its popular alternatives, VCTR (asset management) was ahead of MFC in most short and long periods, though with much bigger swings (35.0% volatility against 24.0%).

Is MFC more volatile than the S&P 500?

Yes. MFC's volatility over the past 5 years was 24.0%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MFC's return lands within 24.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is MFC's Sharpe ratio?

MFC's Sharpe ratio over the past 5 years was 0.97, against 0.79 for the S&P 500, so MFC earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is MFC with the S&P 500?

Over the past 5 years, MFC's monthly returns had a correlation of 0.62 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against MFC instead: the lower it is, the more that option would diversify a MFC holding.

What are the best alternatives to MFC?

None of the 20 popular alternatives we compared outperformed MFC in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about MFC's strength than about its alternatives.

Did MFC outperform the S&P 500?

MFC finished ahead of the S&P 500 (SPY) in 15 of 26 full calendar years. In 2025, it returned +23.0%, against +17.7% for the index.

How did MFC do in stock market crashes?

MFC fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in seven. The clearest case was the 2008 financial crisis, when MFC fell 83.8% and the S&P 500 fell 55.2%.

What diversifies MFC?

These had a low correlation with MFC over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.28), SMH (correlation 0.39) and GLD (correlation 0.05); among large stocks, CAH (correlation 0.27), CLS (correlation 0.31) and FIX (correlation 0.28). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to MFC

Other stocks and ETFs