CM vs. TD

Last updated Apr 1, 2026

Compare and contrast key facts about Canadian Imperial Bank of Commerce (CM) and The Toronto-Dominion Bank (TD).

Performance

CM vs. TD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canadian Imperial Bank of Commerce (CM) and The Toronto-Dominion Bank (TD). The values are adjusted to include any dividend payments, if applicable.

CM vs. TD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CM Canadian Imperial Bank of Commerce	5.43%	49.02%	37.83%	27.23%	-25.71%	42.29%	9.25%	19.22%	-19.75%	26.58%
TD The Toronto-Dominion Bank	-0.12%	85.32%	-13.40%	5.04%	-12.19%	41.25%	5.58%	17.45%	-12.10%	22.85%

Fundamentals

Market Cap CM : $64.77B TD : $115.37B
EPS CM : $10.70 TD : $13.59
PE Ratio CM : 8.85 TD : 6.87
PEG Ratio CM : 1.09 TD : 0.25
PS Ratio CM : 1.34 TD : 1.31
PB Ratio CM : 1.12 TD : 1.01
Total Revenue (TTM) CM : $61.67B TD : $114.07B
Gross Profit (TTM) CM : $27.76B TD : $58.26B
EBITDA (TTM) CM : $12.73B TD : $27.61B

Returns By Period

In the year-to-date period, CM achieves a 5.43% return, which is significantly higher than TD's -0.12% return. Over the past 10 years, CM has outperformed TD with an annualized return of 15.94%, while TD has yielded a comparatively lower 12.67% annualized return.

CM

• 1D: 3.21%
• 1M: -5.38%
• YTD: 5.43%
• 6M: 20.59%
• 1Y: 74.37%
• 3Y*: 37.30%
• 5Y*: 20.04%
• 10Y*: 15.94%

TD

• 1D: 1.92%
• 1M: -4.16%
• YTD: -0.12%
• 6M: 18.79%
• 1Y: 62.21%
• 3Y*: 21.66%
• 5Y*: 12.14%
• 10Y*: 12.67%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

CM vs. TD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CM

CM Risk / Return Rank: 98
CM Sharpe Ratio Rank: 99
CM Sortino Ratio Rank: 99
CM Omega Ratio Rank: 98
CM Calmar Ratio Rank: 97
CM Martin Ratio Rank: 99

TD

TD Risk / Return Rank: 98
TD Sharpe Ratio Rank: 98
TD Sortino Ratio Rank: 98
TD Omega Ratio Rank: 97
TD Calmar Ratio Rank: 98
TD Martin Ratio Rank: 99

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.

CM vs. TD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Imperial Bank of Commerce (CM) and The Toronto-Dominion Bank (TD). 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.

	CM	TD	Difference
Sharpe ratio Return per unit of total volatility	4.09	3.71	+0.38
Sortino ratio Return per unit of downside risk	5.12	4.70	+0.41
Omega ratio Gain probability vs. loss probability	1.70	1.63	+0.08
Calmar ratio Return relative to maximum drawdown	6.93	8.17	-1.23
Martin ratio Return relative to average drawdown	30.75	30.44	+0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CM vs. TD - Sharpe Ratio Comparison

The current CM Sharpe Ratio is 4.09, which is comparable to the TD Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of CM and TD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CM	TD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.09	3.71	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.62	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.59	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.58	-0.09

Correlation

The correlation between CM and TD is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CM vs. TD - Dividend Comparison

CM's dividend yield for the trailing twelve months is around 3.13%, less than TD's 3.26% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CM Canadian Imperial Bank of Commerce	3.13%	3.17%	4.21%	5.88%	7.77%	4.08%	5.06%	6.47%	5.48%	5.28%	5.93%	6.71%
TD The Toronto-Dominion Bank	3.26%	3.17%	5.65%	4.80%	4.24%	3.27%	4.10%	3.89%	4.08%	3.03%	3.58%	5.11%

Drawdowns

CM vs. TD - Drawdown Comparison

The maximum CM drawdown since its inception was -71.70%, which is greater than TD's maximum drawdown of -64.18%. Use the drawdown chart below to compare losses from any high point for CM and TD.

Drawdown Indicators

	CM	TD	Difference
Max Drawdown Largest peak-to-trough decline	-71.70%	-64.18%	-7.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-7.50%	-3.29%
Max Drawdown (5Y) Largest decline over 5 years	-40.61%	-30.93%	-9.68%
Max Drawdown (10Y) Largest decline over 10 years	-47.82%	-41.98%	-5.84%
Current Drawdown Current decline from peak	-7.92%	-5.54%	-2.38%
Average Drawdown Average peak-to-trough decline	-14.74%	-11.30%	-3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.01%	+0.42%

Volatility

CM vs. TD - Volatility Comparison

Canadian Imperial Bank of Commerce (CM) has a higher volatility of 7.43% compared to The Toronto-Dominion Bank (TD) at 6.04%. This indicates that CM's price experiences larger fluctuations and is considered to be riskier than TD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CM	TD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.43%	6.04%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	14.33%	12.00%	+2.33%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	16.87%	+1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.07%	19.66%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.51%	21.66%	+0.85%

Financials

CM vs. TD - Profitability Comparison

The chart below illustrates the profitability comparison between Canadian Imperial Bank of Commerce and The Toronto-Dominion Bank over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Canadian Imperial Bank of Commerce reported a gross profit of 7.77B and revenue of 15.84B. Therefore, the gross margin over that period was 49.0%.

TD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, The Toronto-Dominion Bank reported a gross profit of 15.17B and revenue of 28.14B. Therefore, the gross margin over that period was 53.9%.

CM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Canadian Imperial Bank of Commerce reported an operating income of 3.51B and revenue of 15.84B, resulting in an operating margin of 22.1%.

TD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, The Toronto-Dominion Bank reported an operating income of 5.18B and revenue of 28.14B, resulting in an operating margin of 18.4%.

CM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Canadian Imperial Bank of Commerce reported a net income of 3.10B and revenue of 15.84B, resulting in a net margin of 19.6%.

TD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, The Toronto-Dominion Bank reported a net income of 4.05B and revenue of 28.14B, resulting in a net margin of 14.4%.