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Manulife Smart Defensive Equity ETF (CDEF) and Harvest Low Volatility Canadian Equity Income ETF (HVOI) offer distinct profiles for Canadian ETF investors. A direct comparison shows that CDEF focuses its top 3 sector exposures on Financials, Energy, and Industrials, while HVOI leans towards Financials, Energy, and Materials. When evaluating costs, CDEF features a management fee (MER) of 0.25%, compared to 0.65% for HVOI. Performance-wise, CDEF has returned 10.11% year-to-date with +$0 M in net flows, whereas HVOI is at 7.94% with +$25 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
CDEF
HVOI
| AuM | $3.67 M | $79.55 M |
| Management Fees | 0.25% | 0.65% |
| Exp. ratio | 0.28% | 0.65% |
| Tracking Difference | - | - |
Historical performance and flows
As of June 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | CDEF | +2.11% | +4.94% | +10.11% | +20.81% | +67.54% |
HVOI | +3.61% | +4.90% | +7.94% | +17.77% | - | |
| Flows | CDEF | +$0 M | -$0 M | +$0 M | -$2 M | +$1 M |
HVOI | +$2 M | +$20 M | +$25 M | +$56 M | - |
CDEF vs HVOI exposure
Countries
CDEF
Canada
96.44%
HVOI
Canada
92.70%
Other
7.30%
Sectors
CDEF
Financials
27.82%
Energy
17.45%
Industrials
14.58%
Materials
12.61%
Utilities
7.51%
Other
20.03%
HVOI
Financials
37.20%
Energy
12.80%
Other
10.30%
Industrials
7.80%
Utilities
7.80%
Materials
7.80%
Other
16.30%
As of June 11, 2026
Top 10 Holdings
CDEF
CENOVUS ENERGY
3.50%
IMPERIAL OIL
3.22%
ENBRIDGE
2.84%
CANADIAN PACIFIC RAILWAY
2.73%
TC ENERGY CORP
2.71%
HYDRO ONE
2.65%
NATIONAL BANK OF CANADA
2.65%
FORTIS
2.64%
CDN NATL RAILWAY
2.58%
CDN IMPERIAL BK
2.58%
HVOI
NATIONAL BANK OF CANADA
4.10%
CDN IMPERIAL BK
4.00%
CANADIAN PACIFIC RAILWAY
4.00%
BANK OF MONTREAL
4.00%
ROYAL BK CANADA
4.00%
TORONTO DOMINION
4.00%
BNS
3.90%
FORTIS
3.50%
ENBRIDGE
3.30%
SUN LIFE FINL
3.30%
Diversification
CDEF
Total weight of top 10 holdings out of 60 total
28.09%
HVOI
Total weight of top 10 holdings out of 37 total
38.10%
Characteristics
Compare
CDEF
HVOI
| Provider | Manulife Investments | Harvest Portfolios Group |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | ||
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 0.41% | 6.82% |
| Meets ESG criteria | No | No |
| Inception Date | November 10, 2021 | April 15, 2025 |
Frequently asked questions about CDEF and HVOI
Which ETF has performed better year to date: CDEF or HVOI?
As of June 11, 2026, CDEF has returned 10.11% year to date, while HVOI has returned 7.94%. CDEF is ahead on YTD performance.
Which ETF is larger by assets under management: CDEF or HVOI?
As of June 11, 2026, CDEF manages $3.67 M in assets, while HVOI manages $79.55 M. HVOI is the larger fund by AUM.
How are CDEF and HVOI managed?
CDEF is actively managed by Manulife Investments. It does not track an index. HVOI is actively managed by Harvest Portfolios Group. It does not track an index.
What sectors do CDEF and HVOI emphasize?
CDEF is most exposed to Financials, Energy, and Industrials. HVOI is most exposed to Financials, Energy, and Materials.
Which ETF is attracting more investor flows: CDEF or HVOI?
Year to date, CDEF has seen +$0.00 M in net flows, compared with +$25.31 M for HVOI. HVOI has attracted more net investor money so far.
How do the fees of CDEF and HVOI compare?
CDEF has an expense ratio of 0.28%, while HVOI has an expense ratio of 0.65%.
What are the top holdings of CDEF and HVOI?
CDEF's largest holdings include CENOVUS ENERGY, IMPERIAL OIL, and ENBRIDGE. HVOI's top holdings include NATIONAL BANK OF CANADA, CDN IMPERIAL BK, and CANADIAN PACIFIC RAILWAY.
Which ETF is more diversified: CDEF or HVOI?
CDEF holds 60 securities, while HVOI holds 37. On holdings count, CDEF is the more diversified portfolio.
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All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.