PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
CEW.TO vs. TQCD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CEW.TO vs. TQCD.TO

Last updated Jun 4, 2026

CEW.TO (iShares Equal Weight Banc & Lifeco ETF) and TQCD.TO (TD Q Canadian Dividend ETF) are both exchange-traded funds - CEW.TO is a Financials Equities fund tracking the Morningstar Gbl Fin Svc GR CAD, while TQCD.TO is a Canada Equities fund actively managed by TD. CEW.TO is passively managed, while TQCD.TO is actively managed. Over the past 5 years, CEW.TO returned 17.56%/yr vs 17.84%/yr for TQCD.TO. A 0.73 correlation means they provide meaningful diversification when combined. CEW.TO charges 0.61%/yr vs 0.39%/yr for TQCD.TO.

Performance

CEW.TO vs. TQCD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Equal Weight Banc & Lifeco ETF (CEW.TO) and TD Q Canadian Dividend ETF (TQCD.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, CEW.TO achieves a 15.99% return, which is significantly higher than TQCD.TO's 14.98% return.

CEW.TO

1D
-0.28%
1M
4.69%
YTD
15.99%
6M
18.59%
1Y
44.58%
3Y*
29.74%
5Y*
17.56%
10Y*
15.05%

TQCD.TO

1D
-0.42%
1M
3.98%
YTD
14.98%
6M
17.36%
1Y
37.82%
3Y*
26.50%
5Y*
17.84%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

CEW.TO vs. TQCD.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
CEW.TO
iShares Equal Weight Banc & Lifeco ETF		15.99%32.58%29.48%17.04%-6.85%29.26%-0.63%-1.52%
TQCD.TO
TD Q Canadian Dividend ETF		14.98%33.11%22.27%12.29%1.68%26.29%-13.24%3.12%

Correlation

The correlation between CEW.TO and TQCD.TO is 0.65, 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

0.65

Correlation (3Y)
Calculated over the trailing 3-year period

0.73

Correlation (5Y)
Calculated over the trailing 5-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Nov 28, 2019

0.73

The correlation between CEW.TO and TQCD.TO has been stable across timeframes, ranging from 0.65 to 0.75 - a consistent structural relationship.

CEW.TO vs. TQCD.TO - Sectors Allocation Comparison

Sectors
CEW.TO
TQCD.TO

Financial Services

100.0%
35.4%

Basic Materials

-

15.1%

Communication Services

-

3.4%

Consumer Cyclical

-

2.6%

Consumer Defensive

-

2.0%

Energy

-

21.1%

Healthcare

-

0.3%

Industrials

-

10.2%

Real Estate

-

3.8%

Technology

-

1.1%

Utilities

-

5.1%

Financial Services

CEW.TO
100.0%
TQCD.TO
35.4%

Basic Materials

CEW.TO

-

TQCD.TO
15.1%

Communication Services

CEW.TO

-

TQCD.TO
3.4%

Consumer Cyclical

CEW.TO

-

TQCD.TO
2.6%

Consumer Defensive

CEW.TO

-

TQCD.TO
2.0%

Energy

CEW.TO

-

TQCD.TO
21.1%

Healthcare

CEW.TO

-

TQCD.TO
0.3%

Industrials

CEW.TO

-

TQCD.TO
10.2%

Real Estate

CEW.TO

-

TQCD.TO
3.8%

Technology

CEW.TO

-

TQCD.TO
1.1%

Utilities

CEW.TO

-

TQCD.TO
5.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Equal Weight Banc & Lifeco ETF

TD Q Canadian Dividend ETF

Often compared with CEW.TO:
CEW.TO vs. XFN.TOCEW.TO vs. BMOCEW.TO vs. XDIV.TOCEW.TO vs. TEC.TOCEW.TO vs. VFV.TOCEW.TO vs. RY.TOCEW.TO vs. SPY
Often compared with TQCD.TO:
TQCD.TO vs. VDY.TOTQCD.TO vs. XDIV.TOTQCD.TO vs. TTP.TOTQCD.TO vs. TQGD.TOTQCD.TO vs. TEC.TOTQCD.TO vs. TBNK.TOTQCD.TO vs. XEI.TO

Return for Risk

CEW.TO vs. TQCD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CEW.TO
CEW.TO Risk / Return Rank: 9494
Overall Rank
CEW.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
CEW.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
CEW.TO Omega Ratio Rank: 9494
Omega Ratio Rank
CEW.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
CEW.TO Martin Ratio Rank: 9292
Martin Ratio Rank
TQCD.TO
TQCD.TO Risk / Return Rank: 9393
Overall Rank
TQCD.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
TQCD.TO Sortino Ratio Rank: 9494
Sortino Ratio Rank
TQCD.TO Omega Ratio Rank: 9494
Omega Ratio Rank
TQCD.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
TQCD.TO Martin Ratio Rank: 9393
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CEW.TO vs. TQCD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Equal Weight Banc & Lifeco ETF (CEW.TO) and TD Q Canadian Dividend ETF (TQCD.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.

CEW.TOTQCD.TODifference
Sharpe ratioReturn per unit of total volatility
3.86
3.83

+0.03

Sortino ratioReturn per unit of downside risk
5.25
5.01

+0.24

Omega ratioGain probability vs. loss probability

1.71

1.71

0.00

Calmar ratioReturn relative to maximum drawdown

6.29

5.22

+1.06

Martin ratioReturn relative to average drawdown

23.14

25.92

-2.78

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEW.TO vs. TQCD.TO - Sharpe Ratio Comparison

The current CEW.TO Sharpe Ratio is 3.86, which is comparable to the TQCD.TO Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of CEW.TO and TQCD.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

CEW.TOTQCD.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.86

3.83

+0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.31

1.46

-0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.89

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

0.75

-0.16

Drawdowns

CEW.TO vs. TQCD.TO - Drawdown Comparison

The maximum CEW.TO drawdown since its inception was -53.58%, which is greater than TQCD.TO's maximum drawdown of -46.47%. Use the drawdown chart below to compare losses from any high point for CEW.TO and TQCD.TO.

Loading charts...

Drawdown Indicators

CEW.TOTQCD.TODifference

Max Drawdown

Largest peak-to-trough decline

-53.58%

-46.47%

-7.11%

Max Drawdown (1Y)

Largest decline over 1 year

-7.13%

-7.27%

+0.14%

Max Drawdown (3Y)

Largest decline over 3 years

-12.74%

-12.42%

-0.32%

Max Drawdown (5Y)

Largest decline over 5 years

-22.46%

-15.65%

-6.81%

Max Drawdown (10Y)

Largest decline over 10 years

-43.66%

—

—

Current Drawdown

Current decline from peak

-1.50%

-0.42%

-1.08%

Average Drawdown

Average peak-to-trough decline

-7.02%

-5.99%

-1.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

1.46%

+0.47%

Volatility

CEW.TO vs. TQCD.TO - Volatility Comparison

iShares Equal Weight Banc & Lifeco ETF (CEW.TO) has a higher volatility of 3.65% compared to TD Q Canadian Dividend ETF (TQCD.TO) at 2.86%. This indicates that CEW.TO's price experiences larger fluctuations and is considered to be riskier than TQCD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

CEW.TOTQCD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.65%

2.86%

+0.79%

Volatility (6M)

Calculated over the trailing 6-month period

10.12%

7.99%

+2.13%

Volatility (1Y)

Calculated over the trailing 1-year period

11.61%

9.92%

+1.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.49%

12.33%

+1.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.00%

19.43%

-2.43%

CEW.TO vs. TQCD.TO - Expense Ratio Comparison

CEW.TO has a 0.61% expense ratio, which is higher than TQCD.TO's 0.39% expense ratio.

Dividends

CEW.TO vs. TQCD.TO - Dividend Comparison

CEW.TO's dividend yield for the trailing twelve months is around 2.42%, less than TQCD.TO's 2.77% yield.

PositionTTM20252024202320222021202020192018201720162015
CEW.TO
iShares Equal Weight Banc & Lifeco ETF		2.42%2.75%3.32%3.87%3.84%2.93%3.61%3.20%2.95%2.47%2.54%2.74%
TQCD.TO
TD Q Canadian Dividend ETF		2.77%2.95%3.47%3.73%4.03%4.09%6.20%0.39%0.00%0.00%0.00%0.00%

Frequently Asked Questions

CEW.TO and TQCD.TO have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, TQCD.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TQCD.TO is cheaper with a 0.39% expense ratio, compared with 0.61% for CEW.TO.

CEW.TO is categorized as Financials Equities, while TQCD.TO is Canada Equities. They also come from different issuers: iShares and TD. Their fees differ too: 0.61% for CEW.TO and 0.39% for TQCD.TO.

Portfolio Optimizer

Find the right allocation for CEW.TO and TQCD.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer