VS
Manulife Smart U.S. Defensive Equity ETF (UDEF) and iShares MSCI USA Minimum Volatility Index ETF (XMU) offer distinct profiles for Canadian ETF investors. A direct comparison shows that UDEF focuses its top 3 sector exposures on Information Technology, Health Care, and Financials, while XMU leans towards Information Technology, Health Care, and Financials. When evaluating costs, UDEF features a management fee (MER) of 0.33%, compared to 0.3% for XMU. Performance-wise, UDEF has returned 8.54% year-to-date with +$1 M in net flows, whereas XMU is at 4.04% with -$59 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
UDEF
XMU
| AuM | $2.88 M | $330.27 M |
| Management Fees | 0.33% | 0.30% |
| Exp. ratio | 0.37% | 0.33% |
| Tracking Difference | - | -0.08% |
Historical performance and flows
As of June 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | UDEF | +3.86% | +6.76% | +8.54% | +14.19% | +42.25% |
XMU | +4.19% | +3.56% | +4.04% | +6.62% | +41.91% | |
| Flows | UDEF | -$0 M | -$0 M | +$1 M | +$1 M | +$0 M |
XMU | -$33 M | -$50 M | -$59 M | -$47 M | -$118 M |
UDEF vs XMU exposure
Countries
UDEF
USA
92.12%
Other
7.88%
XMU
USA
93.64%
Sectors
UDEF
Information Technology
31.89%
Health Care
12.13%
Financials
11.61%
Industrials
11.55%
Communication Services
7.27%
Other
25.54%
XMU
Information Technology
30.32%
Health Care
12.68%
Financials
11.63%
Consumer Staples
9.95%
Utilities
7.61%
Other
27.80%
As of June 11, 2026
Top 10 Holdings
UDEF
APPLIED MATERIAL
2.21%
VERIZON COMMUNICATIONS
2.20%
JOHNSON&JOHNSON
2.13%
ANALOG DEVICES
2.02%
MICROSOFT-T
1.93%
APPLE
1.91%
VISA INCORPORATION
1.91%
MASTERCARD
1.91%
MCDONALD'S
1.90%
MERCK & CO INC
1.89%
XMU
CISCO-T
1.80%
NVIDIA
1.64%
EXXON
1.60%
MICROSOFT-T
1.56%
DUKE ENERGY
1.55%
SOUTHERN
1.53%
AMPHENOL
1.50%
CHUBB LTD
1.49%
VERIZON COMMUNICATIONS
1.49%
WASTE MANAGEMENT
1.47%
Diversification
UDEF
Total weight of top 10 holdings out of 167 total
20.00%
XMU
Total weight of top 10 holdings out of 170 total
15.64%
Characteristics
Compare
UDEF
XMU
| Provider | Manulife Investments | iShares |
| Management | Actively managed | Passively managed |
| Benchmark | - | MSCI USA Minimum Volatility Net Total Return Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.16% | 1.12% |
| Meets ESG criteria | No | No |
| Inception Date | November 10, 2021 | July 24, 2012 |
Frequently asked questions about UDEF and XMU
Which ETF has performed better year to date: UDEF or XMU?
As of June 11, 2026, UDEF has returned 8.54% year to date, while XMU has returned 4.04%. UDEF is ahead on YTD performance.
Which ETF is larger by assets under management: UDEF or XMU?
As of June 11, 2026, UDEF manages $2.88 M in assets, while XMU manages $330.27 M. XMU is the larger fund by AUM.
How are UDEF and XMU managed?
UDEF is actively managed by Manulife Investments. It does not track an index. XMU is passively managed by iShares. It tracks the MSCI USA Minimum Volatility Net Total Return Index - CAD benchmark.
What sectors do UDEF and XMU emphasize?
UDEF is most exposed to Information Technology, Health Care, and Financials. XMU is most exposed to Information Technology, Health Care, and Financials.
Which ETF is attracting more investor flows: UDEF or XMU?
Year to date, UDEF has seen +$1.39 M in net flows, compared with -$59.33 M for XMU. UDEF has attracted more net investor money so far.
How do the fees of UDEF and XMU compare?
UDEF has an expense ratio of 0.37%, while XMU has an expense ratio of 0.33%.
What are the top holdings of UDEF and XMU?
UDEF's largest holdings include APPLIED MATERIAL and VERIZON COMMUNICATIONS. XMU's top holdings include CISCO-T and NVIDIA.
Which ETF is more diversified: UDEF or XMU?
UDEF holds 163 securities, while XMU holds 165. On holdings count, XMU is the more diversified portfolio.
Recent articles about UDEF and XMU
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