CMR.TO vs. TCSH.TO
CMR.TO (iShares Premium Money Market ETF) and TCSH.TO (TD Cash Management ETF) are both exchange-traded funds - CMR.TO is a Money Market fund actively managed by iShares, while TCSH.TO is a Canadian Government Bonds fund actively managed by TD. Both are actively managed. Over the past year, CMR.TO returned 2.37% vs 2.65% for TCSH.TO. At a 0.08 correlation, their price movements are largely independent. CMR.TO charges 0.14%/yr vs 0.16%/yr for TCSH.TO.
Performance
CMR.TO vs. TCSH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CMR.TO achieves a 0.97% return, which is significantly higher than TCSH.TO's 0.85% return.
CMR.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.97%
- 6M
- 1.05%
- 1Y
- 2.37%
- 3Y*
- 3.73%
- 5Y*
- 2.94%
- 10Y*
- 1.89%
TCSH.TO
- 1D
- 0.00%
- 1M
- 0.23%
- YTD
- 0.85%
- 6M
- 1.17%
- 1Y
- 2.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMR.TO vs. TCSH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 0.97% | 2.68% | 3.92% |
TCSH.TO TD Cash Management ETF | 0.85% | 3.09% | 4.37% |
Correlation
The correlation between CMR.TO and TCSH.TO is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024 | 0.08 |
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Return for Risk
CMR.TO vs. TCSH.TO — Risk / Return Rank
CMR.TO
TCSH.TO
CMR.TO vs. TCSH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Premium Money Market ETF (CMR.TO) and TD Cash Management ETF (TCSH.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.
| CMR.TO | TCSH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.81 | ||
| Sortino ratioReturn per unit of downside risk | +10.38 | ||
| Omega ratioGain probability vs. loss probability | 9.57 | 2.87 | +6.70 |
| Calmar ratioReturn relative to maximum drawdown | 25.44 | 26.63 | -1.20 |
| Martin ratioReturn relative to average drawdown | 187.33 | 108.17 | +79.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMR.TO | TCSH.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 10.61 | 5.79 | +4.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 10.67 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 7.02 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.84 | 5.33 | -1.49 |
Drawdowns
CMR.TO vs. TCSH.TO - Drawdown Comparison
The maximum CMR.TO drawdown since its inception was -0.52%, roughly equal to the maximum TCSH.TO drawdown of -0.54%. Use the drawdown chart below to compare losses from any high point for CMR.TO and TCSH.TO.
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Drawdown Indicators
| CMR.TO | TCSH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.52% | -0.54% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -0.09% | -0.10% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.09% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -0.14% | — | — |
Current DrawdownCurrent decline from peak | -0.02% | 0.00% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -0.01% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.02% | -0.01% |
Volatility
CMR.TO vs. TCSH.TO - Volatility Comparison
The current volatility for iShares Premium Money Market ETF (CMR.TO) is 0.05%, while TD Cash Management ETF (TCSH.TO) has a volatility of 0.11%. This indicates that CMR.TO experiences smaller price fluctuations and is considered to be less risky than TCSH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMR.TO | TCSH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.11% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.18% | 0.37% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.22% | 0.46% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.28% | 0.69% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.27% | 0.69% | -0.42% |
CMR.TO vs. TCSH.TO - Expense Ratio Comparison
CMR.TO has a 0.14% expense ratio, which is lower than TCSH.TO's 0.16% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CMR.TO vs. TCSH.TO - Dividend Comparison
CMR.TO's dividend yield for the trailing twelve months is around 2.48%, less than TCSH.TO's 2.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.48% | 2.81% | 4.56% | 4.64% | 1.62% | 0.00% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
TCSH.TO TD Cash Management ETF | 2.59% | 3.03% | 4.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CMR.TO and TCSH.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMR.TO is cheaper with a 0.14% expense ratio, compared with 0.16% for TCSH.TO.
CMR.TO is categorized as Money Market, while TCSH.TO is Canadian Government Bonds. They also come from different issuers: iShares and TD. Their fees differ too: 0.14% for CMR.TO and 0.16% for TCSH.TO.
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