MCAD.TO vs. TNSHX

Last updated Apr 2, 2026

Compare and contrast key facts about Evolve Premium Cash Management ETF (MCAD.TO) and TIAA-CREF Short-Term Bond Index Fund (TNSHX).

MCAD.TO is an actively managed fund by Evolve. It was launched on May 26, 2023. TNSHX is managed by TIAA Investments. It was launched on Aug 7, 2015.

Performance

MCAD.TO vs. TNSHX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Premium Cash Management ETF (MCAD.TO) and TIAA-CREF Short-Term Bond Index Fund (TNSHX). The values are adjusted to include any dividend payments, if applicable.

MCAD.TO vs. TNSHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MCAD.TO Evolve Premium Cash Management ETF	0.57%	2.85%	4.88%	2.30%
TNSHX TIAA-CREF Short-Term Bond Index Fund	1.34%	0.48%	12.97%	2.33%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, MCAD.TO achieves a 0.57% return, which is significantly lower than TNSHX's 1.34% return.

MCAD.TO

• 1D: 0.01%
• 1M: 0.19%
• YTD: 0.57%
• 6M: 1.20%
• 1Y: 2.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TNSHX

• 1D: -0.06%
• 1M: 1.14%
• YTD: 1.34%
• 6M: 0.82%
• 1Y: 0.76%
• 3Y*: 4.90%
• 5Y*: 3.85%
• 10Y*: 2.47%

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

MCAD.TO vs. TNSHX - Expense Ratio Comparison

MCAD.TO has a 0.20% expense ratio, which is higher than TNSHX's 0.09% 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%.

MCAD.TO

Evolve Premium Cash Management ETF

TNSHX

TIAA-CREF Short-Term Bond Index Fund

Return for Risk

MCAD.TO vs. TNSHX — Risk / Return Rank

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

MCAD.TO

MCAD.TO Risk / Return Rank: 100
MCAD.TO Sharpe Ratio Rank: 100
MCAD.TO Sortino Ratio Rank: 100
MCAD.TO Omega Ratio Rank: 100
MCAD.TO Calmar Ratio Rank: 100
MCAD.TO Martin Ratio Rank: 100

TNSHX

TNSHX Risk / Return Rank: 93
TNSHX Sharpe Ratio Rank: 87
TNSHX Sortino Ratio Rank: 95
TNSHX Omega Ratio Rank: 92
TNSHX Calmar Ratio Rank: 96
TNSHX Martin Ratio Rank: 94

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.

MCAD.TO vs. TNSHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve Premium Cash Management ETF (MCAD.TO) and TIAA-CREF Short-Term Bond Index Fund (TNSHX). 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.

	MCAD.TO	TNSHX	Difference
Sharpe ratio Return per unit of total volatility	6.90	0.03	+6.86
Sortino ratio Return per unit of downside risk	10.78	0.08	+10.71
Omega ratio Gain probability vs. loss probability	5.69	1.01	+4.68
Calmar ratio Return relative to maximum drawdown	16.27	0.26	+16.01
Martin ratio Return relative to average drawdown	93.39	0.50	+92.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MCAD.TO vs. TNSHX - Sharpe Ratio Comparison

The current MCAD.TO Sharpe Ratio is 6.90, which is higher than the TNSHX Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of MCAD.TO and TNSHX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MCAD.TO	TNSHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.90	0.03	+6.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.60	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.85	0.26	+5.59

Correlation

The correlation between MCAD.TO and TNSHX is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MCAD.TO vs. TNSHX - Dividend Comparison

MCAD.TO's dividend yield for the trailing twelve months is around 2.57%, less than TNSHX's 3.82% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MCAD.TO Evolve Premium Cash Management ETF	2.57%	2.83%	4.78%	2.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TNSHX TIAA-CREF Short-Term Bond Index Fund	3.82%	4.22%	3.94%	2.68%	1.00%	1.03%	1.81%	2.45%	1.80%	1.31%	0.98%

Drawdowns

MCAD.TO vs. TNSHX - Drawdown Comparison

The maximum MCAD.TO drawdown since its inception was -0.43%, smaller than the maximum TNSHX drawdown of -15.34%. Use the drawdown chart below to compare losses from any high point for MCAD.TO and TNSHX.

Drawdown Indicators

	MCAD.TO	TNSHX	Difference
Max Drawdown Largest peak-to-trough decline	-0.43%	-5.99%	+5.56%
Max Drawdown (1Y) Largest decline over 1 year	-0.16%	-1.13%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.99%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-5.99%	—
Current Drawdown Current decline from peak	0.00%	-0.82%	+0.82%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.90%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.31%	-0.28%

Volatility

MCAD.TO vs. TNSHX - Volatility Comparison

The current volatility for Evolve Premium Cash Management ETF (MCAD.TO) is 0.04%, while TIAA-CREF Short-Term Bond Index Fund (TNSHX) has a volatility of 1.47%. This indicates that MCAD.TO experiences smaller price fluctuations and is considered to be less risky than TNSHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCAD.TO	TNSHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.04%	1.47%	-1.43%
Volatility (6M) Calculated over the trailing 6-month period	0.28%	3.63%	-3.35%
Volatility (1Y) Calculated over the trailing 1-year period	0.38%	5.48%	-5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.77%	6.43%	-5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.77%	6.87%	-6.10%