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TBAL.TO vs. TCON.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TBAL.TO vs. TCON.TO

Last updated Jun 4, 2026

TBAL.TO (TD Balanced ETF Portfolio) and TCON.TO (TD Conservative ETF Portfolio) are both exchange-traded funds - TBAL.TO is a Global Allocation fund actively managed by TD, while TCON.TO is a Diversified Portfolio fund actively managed by TD. Both are actively managed. Over the past 5 years, TBAL.TO returned 9.39%/yr vs 5.86%/yr for TCON.TO. A 0.59 correlation means they provide meaningful diversification when combined.

Performance

TBAL.TO vs. TCON.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Balanced ETF Portfolio (TBAL.TO) and TD Conservative ETF Portfolio (TCON.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TBAL.TO achieves a 7.35% return, which is significantly higher than TCON.TO's 5.47% return.

TBAL.TO

1D
-0.40%
1M
3.94%
YTD
7.35%
6M
7.13%
1Y
18.59%
3Y*
15.06%
5Y*
9.39%
10Y*
—

TCON.TO

1D
-0.12%
1M
3.36%
YTD
5.47%
6M
5.16%
1Y
13.36%
3Y*
10.64%
5Y*
5.86%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

TBAL.TO vs. TCON.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
TBAL.TO
TD Balanced ETF Portfolio		7.35%13.83%16.01%15.85%-12.63%12.93%5.05%
TCON.TO
TD Conservative ETF Portfolio		5.47%10.47%9.68%11.95%-12.34%5.71%2.79%

Correlation

The correlation between TBAL.TO and TCON.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.90

Correlation (3Y)
Calculated over the trailing 3-year period

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.61

Correlation (All Time)
Calculated using the full available price history since Aug 26, 2020

0.59

Over the past year, TBAL.TO and TCON.TO have become more correlated (0.90) than their long-term average of 0.59, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

TD Balanced ETF Portfolio

TD Conservative ETF Portfolio

Often compared with TBAL.TO:
TBAL.TO vs. VBAL.TOTBAL.TO vs. TGRO.TOTBAL.TO vs. XBAL.TOTBAL.TO vs. TEQT.TOTBAL.TO vs. ZBAL.TOTBAL.TO vs. VDY.TOTBAL.TO vs. HDIV.TO
Often compared with TCON.TO:
TCON.TO vs. HBAL.TOTCON.TO vs. ZESG.TOTCON.TO vs. CSBG.NEOTCON.TO vs. PYF.TOTCON.TO vs. FCNSXTCON.TO vs. XTR.TOTCON.TO vs. CEQT.TO

Return for Risk

TBAL.TO vs. TCON.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TBAL.TO
TBAL.TO Risk / Return Rank: 7171
Overall Rank
TBAL.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
TBAL.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
TBAL.TO Omega Ratio Rank: 7575
Omega Ratio Rank
TBAL.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
TBAL.TO Martin Ratio Rank: 7171
Martin Ratio Rank
TCON.TO
TCON.TO Risk / Return Rank: 6363
Overall Rank
TCON.TO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
TCON.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
TCON.TO Omega Ratio Rank: 6969
Omega Ratio Rank
TCON.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
TCON.TO Martin Ratio Rank: 6363
Martin Ratio Rank
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.

TBAL.TO vs. TCON.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Balanced ETF Portfolio (TBAL.TO) and TD Conservative ETF Portfolio (TCON.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.

TBAL.TOTCON.TODifference
Sharpe ratioReturn per unit of total volatility
2.40
2.13

+0.27

Sortino ratioReturn per unit of downside risk
3.46
3.06

+0.41

Omega ratioGain probability vs. loss probability

1.45

1.41

+0.04

Calmar ratioReturn relative to maximum drawdown

3.12

2.65

+0.47

Martin ratioReturn relative to average drawdown

13.41

11.37

+2.04

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBAL.TO vs. TCON.TO - Sharpe Ratio Comparison

The current TBAL.TO Sharpe Ratio is 2.40, which is comparable to the TCON.TO Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of TBAL.TO and TCON.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.

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Sharpe Ratios by Period

TBAL.TOTCON.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.40

2.13

+0.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.04

0.76

+0.28

Sharpe Ratio (All Time)

Calculated using the full available price history

1.08

0.73

+0.34

Drawdowns

TBAL.TO vs. TCON.TO - Drawdown Comparison

The maximum TBAL.TO drawdown since its inception was -17.34%, which is greater than TCON.TO's maximum drawdown of -16.43%. Use the drawdown chart below to compare losses from any high point for TBAL.TO and TCON.TO.

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Drawdown Indicators

TBAL.TOTCON.TODifference

Max Drawdown

Largest peak-to-trough decline

-17.34%

-16.43%

-0.91%

Max Drawdown (1Y)

Largest decline over 1 year

-5.98%

-5.06%

-0.92%

Max Drawdown (3Y)

Largest decline over 3 years

-9.03%

-6.18%

-2.85%

Max Drawdown (5Y)

Largest decline over 5 years

-17.34%

-16.43%

-0.91%

Current Drawdown

Current decline from peak

-0.40%

-0.12%

-0.28%

Average Drawdown

Average peak-to-trough decline

-3.54%

-3.74%

+0.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.39%

1.18%

+0.21%

Volatility

TBAL.TO vs. TCON.TO - Volatility Comparison

TD Balanced ETF Portfolio (TBAL.TO) has a higher volatility of 2.90% compared to TD Conservative ETF Portfolio (TCON.TO) at 1.98%. This indicates that TBAL.TO's price experiences larger fluctuations and is considered to be riskier than TCON.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TBAL.TOTCON.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.90%

1.98%

+0.92%

Volatility (6M)

Calculated over the trailing 6-month period

6.46%

5.27%

+1.19%

Volatility (1Y)

Calculated over the trailing 1-year period

7.78%

6.30%

+1.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.08%

7.78%

+1.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.97%

7.56%

+1.41%

Dividends

TBAL.TO vs. TCON.TO - Dividend Comparison

TBAL.TO's dividend yield for the trailing twelve months is around 2.30%, less than TCON.TO's 2.62% yield.

PositionTTM202520242023202220212020
TBAL.TO
TD Balanced ETF Portfolio		2.30%2.56%2.54%2.65%2.65%1.64%0.88%
TCON.TO
TD Conservative ETF Portfolio		2.62%2.88%3.48%3.27%2.69%1.87%1.03%

Frequently Asked Questions

With a correlation of 0.90, TBAL.TO and TCON.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

TBAL.TO is categorized as Global Allocation, while TCON.TO is Diversified Portfolio.

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