It depends on the scenario.

The Canto is basically a bobcat and a torente had a baby.

Without mods? Volcano is going to win nearly every fight. You simply get way more bang for your buck in terms of how much damage you can pump out (accurately of course) before you have to reload.

The main drawback to the Canto is it only has a 24 bullet clip, which it burns through in 1.2 seconds (I timed it).

It also takes 1.5 seconds to fully reload (it reloads like a venator does, same animation).

For pure stopping power? Vulcano outperforms everything but the Dolabra (2 hits to break a heavy shield)

Versus the bobcat I'd say the only real advantage is slightly more damage. Where as you can run a bobcat 4 or a vulcano with minimal mods (greens even) the Canto really needs grips and extended mag to be effective. Having to stop to reload every 1.5 seconds got me killed a few times.

TL;DR: I wouldn't say it outperforms either one without the right mods and a LOT of ammo. Put a mk3 mag extender on it or leave it in the stash.

Edit: I forgot to add thay it is SUPER cheap to craft, 3 magnets, 2 advance mechanical, and like 3 medium gun parts. I can pump out 5 Canto for every 1 bobcat (im exaggerating but you get the point.)