ICPB.TO vs. TUHY.TO

Last updated Jul 25, 2026

ICPB.TO (IA Clarington Agile Core Plus Bond Fund Series ETF) and TUHY.TO (TD Active U.S. High Yield Bond ETF) are both exchange-traded funds - ICPB.TO is a Intermediate Core-Plus Bond fund actively managed by IA Clarington Investments Inc., while TUHY.TO is a High Yield Bonds fund actively managed by TD. Both are actively managed. Over the past 5 years, ICPB.TO returned 1.80%/yr vs 2.14%/yr for TUHY.TO. At a 0.12 correlation, their price movements are largely independent.

Performance

ICPB.TO vs. TUHY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in IA Clarington Agile Core Plus Bond Fund Series ETF (ICPB.TO) and TD Active U.S. High Yield Bond ETF (TUHY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICPB.TO achieves a 0.84% return, which is significantly higher than TUHY.TO's -0.24% return.

ICPB.TO

• 1D: 0.00%
• 1M: -0.69%
• 6M: 0.20%
• YTD: 0.84%
• 1Y: 3.00%
• 3Y*: 4.80%
• 5Y*: 1.80%
• 10Y*: —
• ALL TIME*: 2.76%

TUHY.TO

• 1D: 0.10%
• 1M: -0.10%
• 6M: -0.62%
• YTD: -0.24%
• 1Y: 2.43%
• 3Y*: 5.80%
• 5Y*: 2.14%
• 10Y*: —
• ALL TIME*: 2.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ICPB.TO IA Clarington Agile Core Plus Bond Fund Series ETF	CA$109.45K	CA$91.77K	CA$92.24K
TUHY.TO TD Active U.S. High Yield Bond ETF	CA$35.63K	CA$35.85K	CA$130.30K

ICPB.TO vs. TUHY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ICPB.TO IA Clarington Agile Core Plus Bond Fund Series ETF	0.84%	3.82%	5.85%	5.99%	-7.24%	2.38%	5.12%	0.57%
TUHY.TO TD Active U.S. High Yield Bond ETF	-0.24%	6.40%	5.72%	9.99%	-10.86%	4.57%	-0.23%	1.52%

Correlation

The correlation between ICPB.TO and TUHY.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Nov 19, 2019	0.12

The correlation between ICPB.TO and TUHY.TO shifts across timeframes, from 0.12 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ICPB.TO vs. TUHY.TO — Risk / Return Rank

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

ICPB.TO

ICPB.TO Risk / Return Rank: 34
ICPB.TO Sharpe Ratio Rank: 31
ICPB.TO Sortino Ratio Rank: 29
ICPB.TO Omega Ratio Rank: 28
ICPB.TO Calmar Ratio Rank: 39
ICPB.TO Martin Ratio Rank: 44

TUHY.TO

TUHY.TO Risk / Return Rank: 24
TUHY.TO Sharpe Ratio Rank: 22
TUHY.TO Sortino Ratio Rank: 20
TUHY.TO Omega Ratio Rank: 20
TUHY.TO Calmar Ratio Rank: 25
TUHY.TO Martin Ratio Rank: 32

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.

ICPB.TO vs. TUHY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IA Clarington Agile Core Plus Bond Fund Series ETF (ICPB.TO) and TD Active U.S. High Yield Bond ETF (TUHY.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.

	ICPB.TO	TUHY.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.76	0.49	+0.27
Sortino ratio: Return per unit of downside risk	1.09	0.71	+0.38
Omega ratio: Gain probability vs. loss probability	1.13	1.09	+0.04
Calmar ratio: Return relative to maximum drawdown	1.39	0.79	+0.60
Martin ratio: Return relative to average drawdown	4.91	3.04	+1.87

ICPB.TO vs. TUHY.TO - Sharpe Ratio Comparison

The current ICPB.TO Sharpe Ratio is 0.76, which is higher than the TUHY.TO Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of ICPB.TO and TUHY.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

ICPB.TO vs. TUHY.TO - Drawdown Comparison

The maximum ICPB.TO drawdown since its inception was -16.58%, smaller than the maximum TUHY.TO drawdown of -19.23%. Use the drawdown chart below to compare losses from any high point for ICPB.TO and TUHY.TO.

Drawdown Indicators

	ICPB.TO	TUHY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.58%	-19.23%	+2.65%
Max Drawdown (1Y) Largest decline over 1 year	-2.17%	-3.09%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-3.00%	-4.87%	+1.87%
Max Drawdown (5Y) Largest decline over 5 years	-10.41%	-14.79%	+4.38%
Current Drawdown Current decline from peak	-0.85%	-1.08%	+0.23%
Average Drawdown Average peak-to-trough decline	-2.43%	-3.86%	+1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.80%	-0.19%

Volatility

ICPB.TO vs. TUHY.TO - Volatility Comparison

The current volatility for IA Clarington Agile Core Plus Bond Fund Series ETF (ICPB.TO) is 1.00%, while TD Active U.S. High Yield Bond ETF (TUHY.TO) has a volatility of 1.38%. This indicates that ICPB.TO experiences smaller price fluctuations and is considered to be less risky than TUHY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICPB.TO	TUHY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	1.38%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	4.01%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.00%	5.00%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.31%	8.71%	-3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.13%	9.69%	-0.56%

Dividends

ICPB.TO vs. TUHY.TO - Dividend Comparison

ICPB.TO's dividend yield for the trailing twelve months is around 4.63%, less than TUHY.TO's 5.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ICPB.TO IA Clarington Agile Core Plus Bond Fund Series ETF	4.63%	4.19%	4.69%	4.25%	4.45%	3.03%	2.86%	2.82%	0.19%
TUHY.TO TD Active U.S. High Yield Bond ETF	5.79%	6.05%	6.64%	6.57%	4.90%	5.10%	4.22%	0.32%	0.00%

Frequently Asked Questions

Can I hold both ICPB.TO and TUHY.TO in my portfolio?

ICPB.TO and TUHY.TO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ICPB.TO and TUHY.TO?

ICPB.TO is categorized as Intermediate Core-Plus Bond, while TUHY.TO is High Yield Bonds. They also come from different issuers: IA Clarington Investments Inc. and TD.