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Compare iShares Edge MSCI Min Vol Canada Index ETF (XMV) vs Manulife Smart Defensive Equity ETF (CDEF) to find the best fit for your portfolio. XMV provides Finance, Energy, and Consumer Non-Cyclicals exposures, while CDEF is primarily weighted in Finance, Energy, and Non-Energy Materials. When evaluating costs, XMV features a management fee (MER) of 0.3%, compared to 0.25% for CDEF. Performance-wise, XMV has returned 13.9% year-to-date with -$16 M in net flows, whereas CDEF is at 13.88% with +$0 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
XMV
CDEF
| AuM | $401.39 M | $3.76 M |
| Management Fees | 0.30% | 0.25% |
| Exp. ratio | 0.34% | 0.28% |
| Tracking Difference | -0.44% | - |
Historical performance and flows
As of September 3, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XMV | -0.10% | +5.69% | +13.90% | +20.90% | +76.40% |
CDEF | -0.48% | +4.81% | +13.88% | +19.48% | +72.84% | |
| Flows | XMV | +$3 M | -$27 M | -$16 M | +$2 M | +$82 M |
CDEF | -$4 M | +$0 M | +$0 M | -$2 M | +$1 M |
XMV vs CDEF exposure
Countries
XMV
Canada
95.00%
CDEF
Canada
97.57%
Sectors
XMV
Finance
37.09%
Energy
14.44%
Consumer Non-Cyclicals
9.63%
Industrials
8.22%
Non-Energy Materials
7.54%
Utilities
7.31%
Other
15.78%
CDEF
Finance
34.19%
Energy
16.59%
Non-Energy Materials
9.95%
Industrials
8.79%
Consumer Non-Cyclicals
7.42%
Other
23.05%
As of September 3, 2026
Top 10 Holdings
XMV
Bank of Montreal
3.34%
Royal Bank of Canada
3.30%
The Bank of Nova Scotia
3.28%
Canadian National Railway Co.
3.23%
The Toronto-Dominion Bank
3.20%
Great-West Lifeco, Inc.
3.19%
Canadian Imperial Bank of Commerce
3.03%
Fortis, Inc.
2.94%
National Bank of Canada
2.91%
Canadian Pacific Kansas City Ltd.
2.83%
CDEF
Sun Life Financial, Inc.
3.84%
Great-West Lifeco, Inc.
3.05%
Royal Bank of Canada
2.85%
Bank of Montreal
2.85%
The Bank of Nova Scotia
2.76%
The Toronto-Dominion Bank
2.74%
Alimentation Couche-Tard, Inc.
2.70%
Cenovus Energy, Inc.
2.67%
Canadian National Railway Co.
2.67%
National Bank of Canada
2.63%
Diversification
XMV
Total weight of top 10 holdings out of 72 total
31.24%
CDEF
Total weight of top 10 holdings out of 65 total
28.76%
Characteristics
Compare
XMV
CDEF
| Provider | iShares | Manulife Investments |
| Management | Passively managed | Actively managed |
| Benchmark | MSCI Canada Minimum Volatility Total Return Index - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.03% | 1.03% |
| Meets ESG criteria | No | No |
| Inception Date | July 24, 2012 | November 10, 2021 |
Frequently asked questions about XMV and CDEF
Which ETF has performed better year to date: XMV or CDEF?
As of September 3, 2026, XMV has returned 13.90% year to date, while CDEF has returned 13.88%. XMV is ahead on YTD performance.
Which ETF is larger by assets under management: XMV or CDEF?
As of September 3, 2026, XMV manages $401.39 M in assets, while CDEF manages $3.76 M. XMV is the larger fund by AUM.
How are XMV and CDEF managed?
XMV is passively managed by iShares. It tracks the MSCI Canada Minimum Volatility Total Return Index - CAD benchmark. CDEF is actively managed by Manulife Investments. It does not track an index.
What sectors do XMV and CDEF emphasize?
XMV is most exposed to Finance, Energy, and Consumer Non-Cyclicals. CDEF is most exposed to Finance, Energy, and Non-Energy Materials.
Which ETF is attracting more investor flows: XMV or CDEF?
Year to date, XMV has seen -$16.08 M in net flows, compared with +$0.01 M for CDEF. CDEF has attracted more net investor money so far.
How do the fees of XMV and CDEF compare?
XMV has an expense ratio of 0.34%, while CDEF has an expense ratio of 0.28%.
What are the top holdings of XMV and CDEF?
XMV's largest holdings include Bank of Montreal, Royal Bank of Canada, and The Bank of Nova Scotia. CDEF's top holdings include Sun Life Financial, Inc., Great-West Lifeco, Inc., and Royal Bank of Canada.
Which ETF is more diversified: XMV or CDEF?
XMV holds 72 securities, while CDEF holds 65. On holdings count, XMV is the more diversified portfolio.
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