FREL vs. TCSH.TO

Last updated Jun 14, 2026

FREL (Fidelity MSCI Real Estate Index ETF) and TCSH.TO (TD Cash Management ETF) are both exchange-traded funds - FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index, while TCSH.TO is a Canadian Government Bonds fund actively managed by TD. FREL is passively managed, while TCSH.TO is actively managed. Over the past year, FREL returned 13.87% vs -0.05% for TCSH.TO. At a 0.08 correlation, their price movements are largely independent. FREL charges 0.08%/yr vs 0.16%/yr for TCSH.TO.

Performance

FREL vs. TCSH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Real Estate Index ETF (FREL) and TD Cash Management ETF (TCSH.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FREL is traded in USD, while TCSH.TO is traded in CAD. To make them comparable, the TCSH.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FREL achieves a 12.39% return, which is significantly higher than TCSH.TO's -1.06% return.

FREL

• 1D: 1.01%
• 1M: 3.49%
• YTD: 12.39%
• 6M: 12.21%
• 1Y: 13.87%
• 3Y*: 10.11%
• 5Y*: 2.49%
• 10Y*: 6.17%

TCSH.TO

• 1D: -0.16%
• 1M: -1.69%
• YTD: -1.06%
• 6M: -0.25%
• 1Y: -0.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FREL vs. TCSH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FREL Fidelity MSCI Real Estate Index ETF	12.39%	3.09%	9.36%
TCSH.TO TD Cash Management ETF	-1.06%	8.03%	-2.09%

Correlation

The correlation between FREL and TCSH.TO is 0.03, 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	0.03
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024	0.08

Return for Risk

FREL vs. TCSH.TO — Risk / Return Rank

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

FREL

FREL Risk / Return Rank: 31
FREL Sharpe Ratio Rank: 30
FREL Sortino Ratio Rank: 28
FREL Omega Ratio Rank: 28
FREL Calmar Ratio Rank: 35
FREL Martin Ratio Rank: 35

TCSH.TO

TCSH.TO Risk / Return Rank: 99
TCSH.TO Sharpe Ratio Rank: 99
TCSH.TO Sortino Ratio Rank: 99
TCSH.TO Omega Ratio Rank: 99
TCSH.TO Calmar Ratio Rank: 99
TCSH.TO 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.

FREL vs. TCSH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) 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.

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.

	FREL	TCSH.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.95	0.10	+0.86
Sortino ratio: Return per unit of downside risk	1.38	0.18	+1.21
Omega ratio: Gain probability vs. loss probability	1.17	1.02	+0.15
Calmar ratio: Return relative to maximum drawdown	1.53	0.14	+1.38
Martin ratio: Return relative to average drawdown	4.80	0.28	+4.52

FREL vs. TCSH.TO - Sharpe Ratio Comparison

The current FREL Sharpe Ratio is 0.95, which is higher than the TCSH.TO Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of FREL and TCSH.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.

Drawdowns

FREL vs. TCSH.TO - Drawdown Comparison

The maximum FREL drawdown since its inception was -42.61%, which is greater than TCSH.TO's maximum drawdown of -7.38%. Use the drawdown chart below to compare losses from any high point for FREL and TCSH.TO.

Drawdown Indicators

	FREL	TCSH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-42.61%	-7.38%	-35.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-2.89%	-5.56%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.61%	—	—
Current Drawdown Current decline from peak	0.00%	-2.57%	+2.57%
Average Drawdown Average peak-to-trough decline	-9.93%	-1.70%	-8.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	1.48%	+1.20%

Volatility

FREL vs. TCSH.TO - Volatility Comparison

Fidelity MSCI Real Estate Index ETF (FREL) has a higher volatility of 4.74% compared to TD Cash Management ETF (TCSH.TO) at 0.75%. This indicates that FREL's price experiences larger fluctuations and is considered to be riskier than TCSH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FREL	TCSH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	0.75%	+3.99%
Volatility (6M) Calculated over the trailing 6-month period	9.79%	3.20%	+6.59%
Volatility (1Y) Calculated over the trailing 1-year period	13.54%	4.38%	+9.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	5.37%	+13.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	5.37%	+15.33%

FREL vs. TCSH.TO - Expense Ratio Comparison

FREL has a 0.08% 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

FREL vs. TCSH.TO - Dividend Comparison

FREL's dividend yield for the trailing twelve months is around 3.20%, more than TCSH.TO's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FREL Fidelity MSCI Real Estate Index ETF	3.20%	3.59%	3.48%	3.73%	3.57%	2.34%	3.77%	3.32%	5.54%	3.27%	4.01%	3.80%
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

Can I hold both FREL and TCSH.TO in my portfolio?

FREL and TCSH.TO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FREL or TCSH.TO?

On fees, FREL is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FREL or TCSH.TO?

FREL is cheaper with a 0.08% expense ratio, compared with 0.16% for TCSH.TO.

What is the main difference between FREL and TCSH.TO?

FREL is categorized as REIT, while TCSH.TO is Canadian Government Bonds. They also come from different issuers: Fidelity and TD. Their fees differ too: 0.08% for FREL and 0.16% for TCSH.TO.