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Compare Manulife Smart Defensive Equity ETF (CDEF) vs Harvest Low Volatility Canadian Equity ETF (HVOL) to find the best fit for your portfolio. CDEF provides Financials, Energy, and Industrials exposures, while HVOL is primarily weighted in Financials, Energy, and Utilities. When evaluating costs, CDEF features a management fee (MER) of 0.25%, compared to 0.35% for HVOL. Performance-wise, CDEF has returned 10.11% year-to-date with +$0 M in net flows, whereas HVOL is at 10.19% with -$1 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
HVOL
| AuM | $3.67 M | $4.63 M |
| Management Fees | 0.25% | 0.35% |
| Exp. ratio | 0.28% | 0.35% |
| 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% |
HVOL | +3.77% | +6.36% | +10.19% | +21.03% | - | |
| Flows | CDEF | +$0 M | -$0 M | +$0 M | -$2 M | +$1 M |
HVOL | -$0 M | -$1 M | -$1 M | +$2 M | - |
CDEF vs HVOL exposure
Countries
CDEF
Canada
96.44%
HVOL
Canada
93.10%
Sectors
CDEF
Financials
27.82%
Energy
17.45%
Industrials
14.58%
Materials
12.61%
Utilities
7.51%
Other
20.03%
HVOL
Financials
36.90%
Energy
13.00%
Other
10.00%
Industrials
8.00%
Utilities
8.00%
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%
HVOL
TORONTO DOMINION
4.10%
CANADIAN PACIFIC RAILWAY
4.00%
BNS
4.00%
NATIONAL BANK OF CANADA
4.00%
BANK OF MONTREAL
3.90%
CDN IMPERIAL BK
3.90%
ROYAL BK CANADA
3.90%
FORTIS
3.50%
TC ENERGY CORP
3.30%
SUN LIFE FINL
3.30%
Diversification
CDEF
Total weight of top 10 holdings out of 60 total
28.09%
HVOL
Total weight of top 10 holdings out of 37 total
37.90%
Characteristics
Compare
CDEF
HVOL
| 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% | 1.75% |
| Meets ESG criteria | No | No |
| Inception Date | November 10, 2021 | April 15, 2025 |
Frequently asked questions about CDEF and HVOL
Which ETF has performed better year to date: CDEF or HVOL?
As of June 11, 2026, CDEF has returned 10.11% year to date, while HVOL has returned 10.19%. HVOL is ahead on YTD performance.
Which ETF is larger by assets under management: CDEF or HVOL?
As of June 11, 2026, CDEF manages $3.67 M in assets, while HVOL manages $4.63 M. HVOL is the larger fund by AUM.
How are CDEF and HVOL managed?
CDEF is actively managed by Manulife Investments. It does not track an index. HVOL is actively managed by Harvest Portfolios Group. It does not track an index.
What sectors do CDEF and HVOL emphasize?
CDEF is most exposed to Financials, Energy, and Industrials. HVOL is most exposed to Financials, Energy, and Utilities.
Which ETF is attracting more investor flows: CDEF or HVOL?
Year to date, CDEF has seen +$0.00 M in net flows, compared with -$0.79 M for HVOL. CDEF has attracted more net investor money so far.
How do the fees of CDEF and HVOL compare?
CDEF has an expense ratio of 0.28%, while HVOL has an expense ratio of 0.35%.
What are the top holdings of CDEF and HVOL?
CDEF's largest holdings include CENOVUS ENERGY, IMPERIAL OIL, and ENBRIDGE. HVOL's top holdings include TORONTO DOMINION, CANADIAN PACIFIC RAILWAY, and BNS.
Which ETF is more diversified: CDEF or HVOL?
CDEF holds 60 securities, while HVOL 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.