BMAX.TO vs. TCON.TO
BMAX.TO (Brompton Enhanced Multi-Asset Income ETF) and TCON.TO (TD Conservative ETF Portfolio) are both Diversified Portfolio funds. Both are actively managed. Over the past 3 years, BMAX.TO returned 17.46%/yr vs 10.51%/yr for TCON.TO. At a 0.43 correlation, their price movements are largely independent. BMAX.TO charges 1.20%/yr vs 0.17%/yr for TCON.TO.
Performance
BMAX.TO vs. TCON.TO - Performance Comparison
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Returns By Period
In the year-to-date period, BMAX.TO achieves a 9.61% return, which is significantly higher than TCON.TO's 5.38% return.
BMAX.TO
- 1D
- -0.26%
- 1M
- -0.63%
- 6M
- 7.54%
- YTD
- 9.61%
- 1Y
- 17.55%
- 3Y*
- 17.46%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.30%
TCON.TO
- 1D
- 0.41%
- 1M
- -0.49%
- 6M
- 3.76%
- YTD
- 5.38%
- 1Y
- 11.98%
- 3Y*
- 10.51%
- 5Y*
- 5.14%
- 10Y*
- —
- ALL TIME*
- 5.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$187.21K | CA$217.93K | CA$209.61K | |
| CA$174.44K | CA$191.95K | CA$217.55K |
BMAX.TO vs. TCON.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BMAX.TO Brompton Enhanced Multi-Asset Income ETF | 9.61% | 17.88% | 19.43% | 11.56% | 5.83% |
TCON.TO TD Conservative ETF Portfolio | 5.38% | 10.47% | 9.68% | 11.95% | 3.27% |
Correlation
The correlation between BMAX.TO and TCON.TO is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2022 | 0.43 |
Over the past year, BMAX.TO and TCON.TO have become more correlated (0.73) than their long-term average of 0.43, meaning their price movements have been converging.
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Return for Risk
BMAX.TO vs. TCON.TO — Risk / Return Rank
BMAX.TO
TCON.TO
BMAX.TO vs. TCON.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Brompton Enhanced Multi-Asset Income ETF (BMAX.TO) and TD Conservative ETF Portfolio (TCON.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BMAX.TO | TCON.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.34 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 2.37 | -0.49 |
| Martin ratioReturn relative to average drawdown | 7.94 | 9.90 | -1.97 |
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Drawdowns
BMAX.TO vs. TCON.TO - Drawdown Comparison
The maximum BMAX.TO drawdown since its inception was -15.42%, smaller than the maximum TCON.TO drawdown of -16.43%. Use the drawdown chart below to compare losses from any high point for BMAX.TO and TCON.TO.
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Drawdown Indicators
| BMAX.TO | TCON.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.42% | -16.43% | +1.01% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -5.06% | -4.29% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -6.18% | -9.24% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.43% | — |
Current DrawdownCurrent decline from peak | -3.32% | -1.31% | -2.01% |
Average DrawdownAverage peak-to-trough decline | -1.88% | -3.66% | +1.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 1.21% | +1.01% |
Volatility
BMAX.TO vs. TCON.TO - Volatility Comparison
Brompton Enhanced Multi-Asset Income ETF (BMAX.TO) has a higher volatility of 3.91% compared to TD Conservative ETF Portfolio (TCON.TO) at 1.66%. This indicates that BMAX.TO's price experiences larger fluctuations and is considered to be riskier than TCON.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BMAX.TO | TCON.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.91% | 1.66% | +2.25% |
Volatility (6M)Calculated over the trailing 6-month period | 9.75% | 5.55% | +4.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.58% | 6.64% | +4.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.16% | 7.82% | +5.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.16% | 7.54% | +5.62% |
BMAX.TO vs. TCON.TO - Expense Ratio Comparison
BMAX.TO has a 1.20% expense ratio, which is higher than TCON.TO's 0.17% expense ratio.
Dividends
BMAX.TO vs. TCON.TO - Dividend Comparison
BMAX.TO's dividend yield for the trailing twelve months is around 9.70%, more than TCON.TO's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BMAX.TO Brompton Enhanced Multi-Asset Income ETF | 9.70% | 9.70% | 9.65% | 9.55% | 2.41% | 0.00% | 0.00% |
TCON.TO TD Conservative ETF Portfolio | 2.60% | 2.88% | 3.48% | 3.27% | 2.69% | 1.96% | 1.03% |
Frequently Asked Questions
BMAX.TO and TCON.TO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TCON.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TCON.TO is cheaper with a 0.17% expense ratio, compared with 1.20% for BMAX.TO.
They also come from different issuers: Brompton Funds Limited and TD. Their fees differ too: 1.20% for BMAX.TO and 0.17% for TCON.TO.
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