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

TCON.TO vs. HBAL.TO

Last updated Apr 1, 2026

Compare and contrast key facts about TD Conservative ETF Portfolio (TCON.TO) and Global X Balanced Asset Allocation ETF (HBAL.TO).

TCON.TO and HBAL.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TCON.TO is an actively managed fund by TD. It was launched on Aug 11, 2020. HBAL.TO is an actively managed fund by Global X. It was launched on Aug 1, 2018.

Performance

TCON.TO vs. HBAL.TO - Performance Comparison

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

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

2026 (YTD)202520242023202220212020
TCON.TO
TD Conservative ETF Portfolio		0.57%10.47%9.68%11.95%-12.34%5.71%2.79%
HBAL.TO
Global X Balanced Asset Allocation ETF		-1.33%13.57%16.65%15.57%-17.70%14.70%6.33%

Returns By Period

In the year-to-date period, TCON.TO achieves a 0.57% return, which is significantly higher than HBAL.TO's -1.33% return.

TCON.TO

1D
1.59%
1M
-2.82%
YTD
0.57%
6M
1.96%
1Y
9.20%
3Y*
9.03%
5Y*
5.01%
10Y*
—

HBAL.TO

1D
0.94%
1M
-4.40%
YTD
-1.33%
6M
0.70%
1Y
10.97%
3Y*
12.18%
5Y*
6.75%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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

TD Conservative ETF Portfolio

Global X Balanced Asset Allocation ETF

Often compared with TCON.TO:
TCON.TO vs. PYF.TOTCON.TO vs. ZESG.TOTCON.TO vs. CSBG.NEOTCON.TO vs. MIX.TOTCON.TO vs. XTR.TOTCON.TO vs. CEQT.TOTCON.TO vs. FBAL.NEO
Often compared with HBAL.TO:
HBAL.TO vs. ZBAL.TOHBAL.TO vs. CSBG.NEOHBAL.TO vs. MIX.TOHBAL.TO vs. PYF.TOHBAL.TO vs. ZESG.TOHBAL.TO vs. FBAL.NEOHBAL.TO vs. CHPS.TO

TCON.TO vs. HBAL.TO - Expense Ratio Comparison

HBAL.TO
Global X Balanced Asset Allocation ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TCON.TO
TCON.TO Risk / Return Rank: 6969
Overall Rank
TCON.TO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
TCON.TO Sortino Ratio Rank: 6868
Sortino Ratio Rank
TCON.TO Omega Ratio Rank: 6666
Omega Ratio Rank
TCON.TO Calmar Ratio Rank: 7272
Calmar Ratio Rank
TCON.TO Martin Ratio Rank: 6868
Martin Ratio Rank
HBAL.TO
HBAL.TO Risk / Return Rank: 6363
Overall Rank
HBAL.TO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
HBAL.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
HBAL.TO Omega Ratio Rank: 6565
Omega Ratio Rank
HBAL.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
HBAL.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.

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

This table presents a comparison of risk-adjusted performance metrics for TD Conservative ETF Portfolio (TCON.TO) and Global X Balanced Asset Allocation ETF (HBAL.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.

TCON.TOHBAL.TODifference

Sharpe ratio

Return per unit of total volatility

1.26

1.15

+0.11

Sortino ratio

Return per unit of downside risk

1.74

1.60

+0.14

Omega ratio

Gain probability vs. loss probability

1.25

1.24

+0.01

Calmar ratio

Return relative to maximum drawdown

1.89

1.57

+0.32

Martin ratio

Return relative to average drawdown

7.10

6.41

+0.69

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

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

The current TCON.TO Sharpe Ratio is 1.26, which is comparable to the HBAL.TO Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of TCON.TO and HBAL.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

TCON.TOHBAL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.26

1.15

+0.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.65

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.68

-0.05

Correlation

The correlation between TCON.TO and HBAL.TO is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TCON.TO vs. HBAL.TO - Dividend Comparison

TCON.TO's dividend yield for the trailing twelve months is around 2.80%, more than HBAL.TO's 2.24% yield.

TTM2025202420232022202120202019
TCON.TO
TD Conservative ETF Portfolio		2.80%2.88%3.48%3.27%2.69%1.87%1.03%0.00%
HBAL.TO
Global X Balanced Asset Allocation ETF		2.24%2.41%2.28%1.08%0.02%0.06%0.04%0.19%

Drawdowns

TCON.TO vs. HBAL.TO - Drawdown Comparison

The maximum TCON.TO drawdown since its inception was -16.43%, smaller than the maximum HBAL.TO drawdown of -22.49%. Use the drawdown chart below to compare losses from any high point for TCON.TO and HBAL.TO.

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Drawdown Indicators

TCON.TOHBAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.43%

-22.49%

+6.06%

Max Drawdown (1Y)

Largest decline over 1 year

-5.23%

-7.26%

+2.03%

Max Drawdown (5Y)

Largest decline over 5 years

-16.43%

-22.11%

+5.68%

Current Drawdown

Current decline from peak

-2.99%

-4.80%

+1.81%

Average Drawdown

Average peak-to-trough decline

-3.83%

-4.61%

+0.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.39%

1.78%

-0.39%

Volatility

TCON.TO vs. HBAL.TO - Volatility Comparison

The current volatility for TD Conservative ETF Portfolio (TCON.TO) is 3.57%, while Global X Balanced Asset Allocation ETF (HBAL.TO) has a volatility of 3.85%. This indicates that TCON.TO experiences smaller price fluctuations and is considered to be less risky than HBAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TCON.TOHBAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.57%

3.85%

-0.28%

Volatility (6M)

Calculated over the trailing 6-month period

5.05%

6.04%

-0.99%

Volatility (1Y)

Calculated over the trailing 1-year period

7.34%

9.58%

-2.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.74%

10.46%

-2.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.57%

12.18%

-4.61%