SPDW vs. TCSH.TO

Last updated Jun 14, 2026

SPDW (SPDR Portfolio World ex-US ETF) and TCSH.TO (TD Cash Management ETF) are both exchange-traded funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index, while TCSH.TO is a Canadian Government Bonds fund actively managed by TD. SPDW is passively managed, while TCSH.TO is actively managed. Over the past year, SPDW returned 31.27% vs -0.05% for TCSH.TO. At a 0.05 correlation, their price movements are largely independent. SPDW charges 0.04%/yr vs 0.16%/yr for TCSH.TO.

Performance

SPDW vs. TCSH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) and TD Cash Management ETF (TCSH.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPDW 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, SPDW achieves a 14.86% return, which is significantly higher than TCSH.TO's -1.06% return.

SPDW

• 1D: 0.29%
• 1M: 1.53%
• YTD: 14.86%
• 6M: 16.65%
• 1Y: 31.27%
• 3Y*: 19.01%
• 5Y*: 9.30%
• 10Y*: 10.64%

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)

SPDW vs. TCSH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPDW SPDR Portfolio World ex-US ETF	14.86%	34.75%	1.58%
TCSH.TO TD Cash Management ETF	-1.06%	8.03%	-2.09%

Correlation

The correlation between SPDW and TCSH.TO is 0.04, 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	0.04
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024	0.05

Return for Risk

SPDW vs. TCSH.TO — Risk / Return Rank

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

SPDW

SPDW Risk / Return Rank: 62
SPDW Sharpe Ratio Rank: 63
SPDW Sortino Ratio Rank: 62
SPDW Omega Ratio Rank: 63
SPDW Calmar Ratio Rank: 59
SPDW Martin Ratio Rank: 63

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.

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

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) 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.

	SPDW	TCSH.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.80	0.10	+1.71
Sortino ratio: Return per unit of downside risk	2.51	0.18	+2.33
Omega ratio: Gain probability vs. loss probability	1.33	1.02	+0.31
Calmar ratio: Return relative to maximum drawdown	2.58	0.14	+2.43
Martin ratio: Return relative to average drawdown	9.95	0.28	+9.67

SPDW vs. TCSH.TO - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.80, which is higher than the TCSH.TO Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of SPDW 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

SPDW vs. TCSH.TO - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, 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 SPDW and TCSH.TO.

Drawdown Indicators

	SPDW	TCSH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-7.38%	-52.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-2.89%	-8.66%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	—	—
Current Drawdown Current decline from peak	-0.99%	-2.57%	+1.58%
Average Drawdown Average peak-to-trough decline	-12.89%	-1.70%	-11.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	1.48%	+1.51%

Volatility

SPDW vs. TCSH.TO - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.86% compared to TD Cash Management ETF (TCSH.TO) at 0.75%. This indicates that SPDW'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

	SPDW	TCSH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	0.75%	+6.11%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	3.20%	+11.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.51%	4.38%	+12.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	5.37%	+11.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.31%	5.37%	+11.94%

SPDW vs. TCSH.TO - Expense Ratio Comparison

SPDW has a 0.04% 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

SPDW vs. TCSH.TO - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.87%, more than TCSH.TO's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPDW SPDR Portfolio World ex-US ETF	2.87%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%
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 SPDW and TCSH.TO in my portfolio?

SPDW and TCSH.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPDW or TCSH.TO?

On fees, SPDW is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPDW or TCSH.TO?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.16% for TCSH.TO.

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

SPDW is categorized as Foreign Large Cap Equities, while TCSH.TO is Canadian Government Bonds. They also come from different issuers: State Street and TD. Their fees differ too: 0.04% for SPDW and 0.16% for TCSH.TO.