TCLB.TO vs. VGV.TO

Last updated Jun 26, 2026

TCLB.TO (TD Canadian Long Term Federal Bond ETF) and VGV.TO (Vanguard Canadian Government Bond Index ETF) are both Canadian Government Bonds funds - TCLB.TO tracks the FTSE Canada Long Term Federal Bond Index while VGV.TO tracks the Bloomberg Global Aggregate Canadian Government Float Adjusted Bond Index. Both are passively managed. Over the past year, TCLB.TO returned 1.98% vs 3.61% for VGV.TO. Their correlation of 0.81 suggests significant overlap in exposure. TCLB.TO charges 0.23%/yr vs 0.17%/yr for VGV.TO.

Performance

TCLB.TO vs. VGV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Canadian Long Term Federal Bond ETF (TCLB.TO) and Vanguard Canadian Government Bond Index ETF (VGV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCLB.TO achieves a 3.09% return, which is significantly higher than VGV.TO's 2.10% return.

TCLB.TO

• 1D: 0.83%
• 1M: 1.43%
• YTD: 3.09%
• 6M: 2.75%
• 1Y: 1.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VGV.TO

• 1D: -0.13%
• 1M: 0.97%
• YTD: 2.10%
• 6M: 1.97%
• 1Y: 3.61%
• 3Y*: 3.76%
• 5Y*: 0.08%
• 10Y*: —

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

TCLB.TO vs. VGV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TCLB.TO TD Canadian Long Term Federal Bond ETF	3.09%	-3.46%	-1.09%	0.36%
VGV.TO Vanguard Canadian Government Bond Index ETF	2.10%	1.90%	3.24%	-0.45%

Correlation

The correlation between TCLB.TO and VGV.TO is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023	0.81

The correlation between TCLB.TO and VGV.TO has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

Return for Risk

TCLB.TO vs. VGV.TO — Risk / Return Rank

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

TCLB.TO

TCLB.TO Risk / Return Rank: 11
TCLB.TO Sharpe Ratio Rank: 12
TCLB.TO Sortino Ratio Rank: 10
TCLB.TO Omega Ratio Rank: 10
TCLB.TO Calmar Ratio Rank: 13
TCLB.TO Martin Ratio Rank: 12

VGV.TO

VGV.TO Risk / Return Rank: 22
VGV.TO Sharpe Ratio Rank: 21
VGV.TO Sortino Ratio Rank: 19
VGV.TO Omega Ratio Rank: 19
VGV.TO Calmar Ratio Rank: 27
VGV.TO Martin Ratio Rank: 22

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.

TCLB.TO vs. VGV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Canadian Long Term Federal Bond ETF (TCLB.TO) and Vanguard Canadian Government Bond Index ETF (VGV.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.

	TCLB.TO	VGV.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.22	0.72	-0.50
Sortino ratio: Return per unit of downside risk	0.35	1.01	-0.66
Omega ratio: Gain probability vs. loss probability	1.05	1.13	-0.08
Calmar ratio: Return relative to maximum drawdown	0.36	1.24	-0.88
Martin ratio: Return relative to average drawdown	0.63	2.68	-2.05

TCLB.TO vs. VGV.TO - Sharpe Ratio Comparison

The current TCLB.TO Sharpe Ratio is 0.22, which is lower than the VGV.TO Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of TCLB.TO and VGV.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

TCLB.TO vs. VGV.TO - Drawdown Comparison

The maximum TCLB.TO drawdown since its inception was -10.64%, smaller than the maximum VGV.TO drawdown of -20.77%. Use the drawdown chart below to compare losses from any high point for TCLB.TO and VGV.TO.

Drawdown Indicators

	TCLB.TO	VGV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.64%	-20.77%	+10.13%
Max Drawdown (1Y) Largest decline over 1 year	-5.57%	-2.93%	-2.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.94%	—
Current Drawdown Current decline from peak	-5.12%	-6.04%	+0.92%
Average Drawdown Average peak-to-trough decline	-5.31%	-7.27%	+1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	1.35%	+1.79%

Volatility

TCLB.TO vs. VGV.TO - Volatility Comparison

TD Canadian Long Term Federal Bond ETF (TCLB.TO) has a higher volatility of 2.12% compared to Vanguard Canadian Government Bond Index ETF (VGV.TO) at 1.33%. This indicates that TCLB.TO's price experiences larger fluctuations and is considered to be riskier than VGV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCLB.TO	VGV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	1.33%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	6.32%	3.82%	+2.50%
Volatility (1Y) Calculated over the trailing 1-year period	9.02%	5.03%	+3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.84%	7.01%	+3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.84%	7.01%	+3.83%

TCLB.TO vs. VGV.TO - Expense Ratio Comparison

TCLB.TO has a 0.23% expense ratio, which is higher than VGV.TO's 0.17% 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%.

Dividends

TCLB.TO vs. VGV.TO - Dividend Comparison

TCLB.TO's dividend yield for the trailing twelve months is around 3.23%, more than VGV.TO's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCLB.TO TD Canadian Long Term Federal Bond ETF	3.23%	3.25%	2.94%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VGV.TO Vanguard Canadian Government Bond Index ETF	3.09%	3.04%	2.97%	2.78%	2.63%	2.35%	2.28%	2.36%	2.52%	2.26%

Frequently Asked Questions

Can I hold both TCLB.TO and VGV.TO in my portfolio?

TCLB.TO and VGV.TO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TCLB.TO or VGV.TO?

On fees, VGV.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TCLB.TO or VGV.TO?

VGV.TO is cheaper with a 0.17% expense ratio, compared with 0.23% for TCLB.TO.

What is the main difference between TCLB.TO and VGV.TO?

TCLB.TO tracks FTSE Canada Long Term Federal Bond Index, while VGV.TO tracks Bloomberg Global Aggregate Canadian Government Float Adjusted Bond Index. They also come from different issuers: TD and Vanguard. Their fees differ too: 0.23% for TCLB.TO and 0.17% for VGV.TO.