HSAV.TO vs. TCSH.TO

Last updated Jun 4, 2026

HSAV.TO (Global X Cash Maximizer Corporate Class ETF) and TCSH.TO (TD Cash Management ETF) are both exchange-traded funds - HSAV.TO is a Bank Loan fund actively managed by Global X, while TCSH.TO is a Canadian Government Bonds fund actively managed by TD. Both are actively managed. Over the past year, HSAV.TO returned 2.70% vs 2.65% for TCSH.TO. At a 0.00 correlation, their price movements are largely independent. HSAV.TO charges 0.18%/yr vs 0.16%/yr for TCSH.TO.

Performance

HSAV.TO vs. TCSH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Cash Maximizer Corporate Class ETF (HSAV.TO) and TD Cash Management ETF (TCSH.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSAV.TO achieves a 1.04% return, which is significantly higher than TCSH.TO's 0.85% return.

HSAV.TO

• 1D: -0.03%
• 1M: 0.15%
• YTD: 1.04%
• 6M: 1.55%
• 1Y: 2.70%
• 3Y*: 3.71%
• 5Y*: 3.20%
• 10Y*: —

TCSH.TO

• 1D: 0.00%
• 1M: 0.23%
• YTD: 0.85%
• 6M: 1.17%
• 1Y: 2.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HSAV.TO vs. TCSH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HSAV.TO Global X Cash Maximizer Corporate Class ETF	1.04%	2.58%	3.53%
TCSH.TO TD Cash Management ETF	0.85%	3.09%	4.37%

Correlation

The correlation between HSAV.TO and TCSH.TO is 0.06, 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	0.06
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024	0.00

Return for Risk

HSAV.TO vs. TCSH.TO — Risk / Return Rank

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

HSAV.TO

HSAV.TO Risk / Return Rank: 66
HSAV.TO Sharpe Ratio Rank: 56
HSAV.TO Sortino Ratio Rank: 61
HSAV.TO Omega Ratio Rank: 59
HSAV.TO Calmar Ratio Rank: 84
HSAV.TO Martin Ratio Rank: 67

TCSH.TO

TCSH.TO Risk / Return Rank: 99
TCSH.TO Sharpe Ratio Rank: 98
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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X Cash Maximizer Corporate Class ETF (HSAV.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.

	HSAV.TO	TCSH.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.96	5.79	-3.84
Sortino ratio: Return per unit of downside risk	2.93	10.75	-7.81
Omega ratio: Gain probability vs. loss probability	1.37	2.87	-1.50
Calmar ratio: Return relative to maximum drawdown	4.58	26.63	-22.05
Martin ratio: Return relative to average drawdown	12.46	108.17	-95.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HSAV.TO vs. TCSH.TO - Sharpe Ratio Comparison

The current HSAV.TO Sharpe Ratio is 1.96, which is lower than the TCSH.TO Sharpe Ratio of 5.79. The chart below compares the historical Sharpe Ratios of HSAV.TO 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.

Sharpe Ratios by Period

	HSAV.TO	TCSH.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	5.79	-3.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.72	5.33	-3.61

Drawdowns

HSAV.TO vs. TCSH.TO - Drawdown Comparison

The maximum HSAV.TO drawdown since its inception was -2.18%, which is greater than TCSH.TO's maximum drawdown of -0.54%. Use the drawdown chart below to compare losses from any high point for HSAV.TO and TCSH.TO.

Drawdown Indicators

	HSAV.TO	TCSH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-2.18%	-0.54%	-1.64%
Max Drawdown (1Y) Largest decline over 1 year	-0.59%	-0.10%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-1.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-2.18%	—	—
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-0.19%	-0.01%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.02%	+0.20%

Volatility

HSAV.TO vs. TCSH.TO - Volatility Comparison

Global X Cash Maximizer Corporate Class ETF (HSAV.TO) has a higher volatility of 0.48% compared to TD Cash Management ETF (TCSH.TO) at 0.11%. This indicates that HSAV.TO'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

	HSAV.TO	TCSH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	0.11%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	1.05%	0.37%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	1.39%	0.46%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.77%	0.69%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.58%	0.69%	+0.89%

HSAV.TO vs. TCSH.TO - Expense Ratio Comparison

HSAV.TO has a 0.18% expense ratio, which is higher than TCSH.TO's 0.16% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HSAV.TO vs. TCSH.TO - Dividend Comparison

HSAV.TO has not paid dividends to shareholders, while TCSH.TO's dividend yield for the trailing twelve months is around 2.59%.

Position	TTM	2025	2024
HSAV.TO Global X Cash Maximizer Corporate Class ETF	0.00%	0.00%	0.00%
TCSH.TO TD Cash Management ETF	2.59%	3.03%	4.21%

Frequently Asked Questions

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

HSAV.TO and TCSH.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HSAV.TO or TCSH.TO?

On fees, TCSH.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HSAV.TO or TCSH.TO?

TCSH.TO is cheaper with a 0.16% expense ratio, compared with 0.18% for HSAV.TO.

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

HSAV.TO is categorized as Bank Loan, while TCSH.TO is Canadian Government Bonds. They also come from different issuers: Global X and TD. Their fees differ too: 0.18% for HSAV.TO and 0.16% for TCSH.TO.