SPYM vs. TCSH.TO

Last updated Jun 14, 2026

SPYM (State Street SPDR Portfolio S&P 500 ETF) and TCSH.TO (TD Cash Management ETF) are both exchange-traded funds - SPYM is a S&P 500 fund tracking the S&P 500 Index, while TCSH.TO is a Canadian Government Bonds fund actively managed by TD. SPYM is passively managed, while TCSH.TO is actively managed. Over the past year, SPYM returned 25.76% vs -0.05% for TCSH.TO. At a 0.07 correlation, their price movements are largely independent. SPYM charges 0.02%/yr vs 0.16%/yr for TCSH.TO.

Performance

SPYM vs. TCSH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 ETF (SPYM) and TD Cash Management ETF (TCSH.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPYM 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, SPYM achieves a 9.10% return, which is significantly higher than TCSH.TO's -1.06% return.

SPYM

• 1D: 0.53%
• 1M: -0.85%
• YTD: 9.10%
• 6M: 9.42%
• 1Y: 25.76%
• 3Y*: 20.95%
• 5Y*: 13.43%
• 10Y*: 15.52%

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)

SPYM vs. TCSH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYM State Street SPDR Portfolio S&P 500 ETF	9.10%	17.79%	17.08%
TCSH.TO TD Cash Management ETF	-1.06%	8.03%	-2.09%

Correlation

The correlation between SPYM and TCSH.TO is 0.05, 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	0.05
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024	0.07

Return for Risk

SPYM vs. TCSH.TO — Risk / Return Rank

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

SPYM

SPYM Risk / Return Rank: 70
SPYM Sharpe Ratio Rank: 72
SPYM Sortino Ratio Rank: 69
SPYM Omega Ratio Rank: 72
SPYM Calmar Ratio Rank: 63
SPYM Martin Ratio Rank: 76

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.

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

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 ETF (SPYM) 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.

	SPYM	TCSH.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.00	0.10	+1.90
Sortino ratio: Return per unit of downside risk	2.70	0.18	+2.53
Omega ratio: Gain probability vs. loss probability	1.36	1.02	+0.34
Calmar ratio: Return relative to maximum drawdown	2.75	0.14	+2.60
Martin ratio: Return relative to average drawdown	12.42	0.28	+12.14

SPYM vs. TCSH.TO - Sharpe Ratio Comparison

The current SPYM Sharpe Ratio is 2.00, which is higher than the TCSH.TO Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of SPYM 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

SPYM vs. TCSH.TO - Drawdown Comparison

The maximum SPYM drawdown since its inception was -54.46%, 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 SPYM and TCSH.TO.

Drawdown Indicators

	SPYM	TCSH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-54.46%	-7.38%	-47.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-2.89%	-6.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	—	—
Current Drawdown Current decline from peak	-2.35%	-2.57%	+0.22%
Average Drawdown Average peak-to-trough decline	-7.15%	-1.70%	-5.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.48%	+0.49%

Volatility

SPYM vs. TCSH.TO - Volatility Comparison

State Street SPDR Portfolio S&P 500 ETF (SPYM) has a higher volatility of 4.33% compared to TD Cash Management ETF (TCSH.TO) at 0.75%. This indicates that SPYM'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

	SPYM	TCSH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	0.75%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	3.20%	+6.38%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	4.38%	+7.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	5.37%	+11.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	5.37%	+12.66%

SPYM vs. TCSH.TO - Expense Ratio Comparison

SPYM has a 0.02% 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

SPYM vs. TCSH.TO - Dividend Comparison

SPYM's dividend yield for the trailing twelve months is around 1.29%, less than TCSH.TO's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYM State Street SPDR Portfolio S&P 500 ETF	1.29%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%
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 SPYM and TCSH.TO in my portfolio?

SPYM and TCSH.TO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYM or TCSH.TO?

On fees, SPYM is cheaper at 0.02% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYM or TCSH.TO?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.16% for TCSH.TO.

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

SPYM is categorized as S&P 500, while TCSH.TO is Canadian Government Bonds. They also come from different issuers: State Street and TD. Their fees differ too: 0.02% for SPYM and 0.16% for TCSH.TO.