TCLV.TO vs. PXC.TO

Last updated Jun 25, 2026

TCLV.TO (TD Q Canadian Low Volatility ETF) and PXC.TO (Invesco RAFI Canadian Index ETF) are both Canada Equities funds. TCLV.TO is actively managed, while PXC.TO is passively managed. Over the past 5 years, TCLV.TO returned 12.07%/yr vs 16.75%/yr for PXC.TO. At a 0.45 correlation, their price movements are largely independent.

Performance

TCLV.TO vs. PXC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Q Canadian Low Volatility ETF (TCLV.TO) and Invesco RAFI Canadian Index ETF (PXC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCLV.TO achieves a 8.20% return, which is significantly lower than PXC.TO's 17.12% return.

TCLV.TO

• 1D: 0.85%
• 1M: 2.74%
• YTD: 8.20%
• 6M: 8.54%
• 1Y: 17.16%
• 3Y*: 17.80%
• 5Y*: 12.07%
• 10Y*: —

PXC.TO

• 1D: -0.64%
• 1M: -0.22%
• YTD: 17.12%
• 6M: 12.82%
• 1Y: 36.76%
• 3Y*: 25.64%
• 5Y*: 16.75%
• 10Y*: 13.41%

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

TCLV.TO vs. PXC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TCLV.TO TD Q Canadian Low Volatility ETF	8.20%	24.55%	17.71%	2.95%	-0.91%	23.83%	7.27%
PXC.TO Invesco RAFI Canadian Index ETF	17.12%	26.50%	19.57%	9.28%	1.37%	34.11%	20.11%

Correlation

The correlation between TCLV.TO and PXC.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020	0.45

The correlation between TCLV.TO and PXC.TO shifts across timeframes, from 0.40 (1 year) to 0.52 (5 years), reflecting how their relationship changes across market environments.

TCLV.TO vs. PXC.TO - Sectors Allocation Comparison

Sectors	TCLV.TO	PXC.TO
Financial Services	28.3%	34.7%
Consumer Defensive	21.8%	2.9%
Utilities	18.3%	3.1%
Industrials	9.4%	7.2%
Energy	8.3%	26.6%
Communication Services	6.2%	2.7%
Consumer Cyclical	2.7%	6.6%
Technology	2.0%	2.2%
Basic Materials	1.9%	13.0%
Healthcare	-	0.2%
Real Estate	-	0.8%

Return for Risk

TCLV.TO vs. PXC.TO — Risk / Return Rank

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

TCLV.TO

TCLV.TO Risk / Return Rank: 78
TCLV.TO Sharpe Ratio Rank: 75
TCLV.TO Sortino Ratio Rank: 80
TCLV.TO Omega Ratio Rank: 75
TCLV.TO Calmar Ratio Rank: 78
TCLV.TO Martin Ratio Rank: 81

PXC.TO

PXC.TO Risk / Return Rank: 96
PXC.TO Sharpe Ratio Rank: 96
PXC.TO Sortino Ratio Rank: 95
PXC.TO Omega Ratio Rank: 96
PXC.TO Calmar Ratio Rank: 96
PXC.TO Martin Ratio Rank: 96

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.

TCLV.TO vs. PXC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Q Canadian Low Volatility ETF (TCLV.TO) and Invesco RAFI Canadian Index ETF (PXC.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.

	TCLV.TO	PXC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.11	3.55	-1.44
Sortino ratio: Return per unit of downside risk	3.16	4.65	-1.49
Omega ratio: Gain probability vs. loss probability	1.39	1.69	-0.31
Calmar ratio: Return relative to maximum drawdown	3.56	7.95	-4.39
Martin ratio: Return relative to average drawdown	14.33	31.61	-17.28

TCLV.TO vs. PXC.TO - Sharpe Ratio Comparison

The current TCLV.TO Sharpe Ratio is 2.11, which is lower than the PXC.TO Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of TCLV.TO and PXC.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

TCLV.TO vs. PXC.TO - Drawdown Comparison

The maximum TCLV.TO drawdown since its inception was -15.27%, smaller than the maximum PXC.TO drawdown of -41.78%. Use the drawdown chart below to compare losses from any high point for TCLV.TO and PXC.TO.

Drawdown Indicators

	TCLV.TO	PXC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.27%	-41.78%	+26.51%
Max Drawdown (1Y) Largest decline over 1 year	-4.84%	-4.64%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-9.29%	-10.99%	+1.70%
Max Drawdown (5Y) Largest decline over 5 years	-15.27%	-15.75%	+0.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.78%	—
Current Drawdown Current decline from peak	0.00%	-1.30%	+1.30%
Average Drawdown Average peak-to-trough decline	-3.04%	-5.05%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	1.17%	+0.03%

Volatility

TCLV.TO vs. PXC.TO - Volatility Comparison

The current volatility for TD Q Canadian Low Volatility ETF (TCLV.TO) is 2.37%, while Invesco RAFI Canadian Index ETF (PXC.TO) has a volatility of 3.14%. This indicates that TCLV.TO experiences smaller price fluctuations and is considered to be less risky than PXC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCLV.TO	PXC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	3.14%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	6.58%	8.56%	-1.98%
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	10.39%	-2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.67%	13.27%	-3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.78%	16.41%	-6.63%

Dividends

TCLV.TO vs. PXC.TO - Dividend Comparison

TCLV.TO's dividend yield for the trailing twelve months is around 1.79%, less than PXC.TO's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXC.TO Invesco RAFI Canadian Index ETF	2.27%	2.65%	3.17%	3.48%	3.42%	2.58%	3.10%	2.92%	2.86%	2.23%	2.57%	3.13%
TCLV.TO TD Q Canadian Low Volatility ETF	1.79%	1.88%	2.68%	3.15%	2.84%	2.64%	1.59%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCLV.TO and PXC.TO in my portfolio?

TCLV.TO and PXC.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between TCLV.TO and PXC.TO?

They also come from different issuers: TD and Invesco.