CM vs. TD
CM (Canadian Imperial Bank of Commerce) and TD (The Toronto-Dominion Bank) are both stocks. Both operate in the Banks - Diversified industry within the Financial Services sector. Over the past 10 years, CM returned 18.55%/yr vs 15.53%/yr for TD. Their 0.74 correlation means they have sometimes moved together and sometimes differently.
Performance
CM vs. TD - Performance Comparison
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Returns By Period
In the year-to-date period, CM achieves a 32.80% return, which is significantly higher than TD's 30.24% return. Over the past 10 years, CM has outperformed TD with an annualized return of 18.55%, while TD has yielded a comparatively lower 15.53% annualized return.
CM
- 1D
- 0.24%
- 1M
- 4.08%
- 6M
- 30.24%
- YTD
- 32.80%
- 1Y
- 70.53%
- 3Y*
- 46.73%
- 5Y*
- 21.43%
- 10Y*
- 18.55%
- ALL TIME*
- 13.80%
TD
- 1D
- 0.13%
- 1M
- 1.19%
- 6M
- 30.15%
- YTD
- 30.24%
- 1Y
- 70.70%
- 3Y*
- 28.14%
- 5Y*
- 17.56%
- 10Y*
- 15.53%
- ALL TIME*
- 15.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $112.13M | $139.31M | $149.20M | |
| $282.42M | $388.32M | $277.26M |
CM vs. TD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CM Canadian Imperial Bank of Commerce | 32.80% | 49.02% | 37.83% | 27.23% | -25.71% | 42.29% | 9.25% | 19.22% | -19.75% | 26.58% |
TD The Toronto-Dominion Bank | 30.24% | 85.32% | -13.40% | 5.04% | -12.19% | 41.25% | 5.58% | 17.45% | -12.10% | 22.85% |
Correlation
The correlation between CM and TD is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.70 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 1997 | 0.74 |
The correlation between CM and TD shifts across timeframes, from 0.62 (3 years) to 0.74 (all time), reflecting how their relationship changes across market environments.
Fundamentals
CM:
$109.85B
TD:
$202.60B
CM:
CA$12.82
TD:
CA$10.70
CM:
12.96
TD:
15.70
CM:
1.60
TD:
0.57
CM:
2.06
TD:
2.08
CM:
1.94
TD:
1.83
CM:
CA$61.84B
TD:
CA$112.63B
CM:
CA$28.74B
TD:
CA$59.49B
CM:
CA$13.01B
TD:
CA$19.99B
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Return for Risk
CM vs. TD — Risk / Return Rank
CM
TD
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.
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.
| CM | TD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.65 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 6.65 | 9.37 | -2.72 |
| Martin ratioReturn relative to average drawdown | 26.12 | 35.40 | -9.28 |
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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.
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Drawdown Indicators
| CM | TD | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (3Y)Largest decline over 3 years | -17.35% | -19.19% | +1.84% |
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 DrawdownCurrent decline from peak | -2.22% | -3.91% | +1.69% |
Average DrawdownAverage peak-to-trough decline | -14.59% | -11.18% | -3.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.74% | 1.98% | +0.76% |
Volatility
CM vs. TD - Volatility Comparison
Canadian Imperial Bank of Commerce (CM) and The Toronto-Dominion Bank (TD) have volatilities of 6.74% and 7.00%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CM | TD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.74% | 7.00% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 16.61% | 13.61% | +3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.84% | 17.67% | +2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.50% | 19.86% | +1.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.64% | 21.74% | +0.90% |
Dividends
CM vs. TD - Dividend Comparison
CM's dividend yield for the trailing twelve months is around 2.54%, less than TD's 2.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CM Canadian Imperial Bank of Commerce | 2.54% | 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 | 2.58% | 3.17% | 5.65% | 4.80% | 4.24% | 3.27% | 4.10% | 3.89% | 4.08% | 3.03% | 3.58% | 5.11% |
Financials
CM vs. TD - Financials Comparison
This section allows you to compare key financial metrics between Canadian Imperial Bank of Commerce and The Toronto-Dominion Bank. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
CM vs. TD - Profitability Comparison
CM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Canadian Imperial Bank of Commerce reported a gross profit of 7.36B and revenue of 15.22B. Therefore, the gross margin over that period was 48.4%.
TD - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, The Toronto-Dominion Bank reported a gross profit of 14.90B and revenue of 27.02B. Therefore, the gross margin over that period was 55.2%.
CM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Canadian Imperial Bank of Commerce reported an operating income of 3.20B and revenue of 15.22B, resulting in an operating margin of 21.0%.
TD - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, The Toronto-Dominion Bank reported an operating income of 5.02B and revenue of 27.02B, resulting in an operating margin of 18.6%.
CM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Canadian Imperial Bank of Commerce reported a net income of 2.46B and revenue of 15.22B, resulting in a net margin of 16.1%.
TD - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, The Toronto-Dominion Bank reported a net income of 4.25B and revenue of 27.02B, resulting in a net margin of 15.7%.
Frequently Asked Questions
CM and TD 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.
TD has higher volatility (7.00%) compared to CM (6.74%). In terms of maximum drawdown, CM dropped -71.70% vs TD's -64.18%.
TD currently has the higher Sharpe Ratio (3.99 vs 3.62), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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