TCSH.TO vs. BNDW

Last updated Jun 4, 2026

TCSH.TO (TD Cash Management ETF) and BNDW (Vanguard Total World Bond ETF) are both exchange-traded funds - TCSH.TO is a Canadian Government Bonds fund actively managed by TD, while BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index. TCSH.TO is actively managed, while BNDW is passively managed. Over the past year, TCSH.TO returned 2.65% vs 4.84% for BNDW. At a 0.07 correlation, their price movements are largely independent. TCSH.TO charges 0.16%/yr vs 0.05%/yr for BNDW.

Performance

TCSH.TO vs. BNDW - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Cash Management ETF (TCSH.TO) and Vanguard Total World Bond ETF (BNDW). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TCSH.TO is traded in CAD, while BNDW is traded in USD. To make them comparable, the BNDW values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, TCSH.TO achieves a 0.85% return, which is significantly lower than BNDW's 1.70% return.

TCSH.TO

• 1D: 0.00%
• 1M: 0.23%
• YTD: 0.85%
• 6M: 1.17%
• 1Y: 2.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDW

• 1D: 0.15%
• 1M: 2.45%
• YTD: 1.70%
• 6M: -0.21%
• 1Y: 4.84%
• 3Y*: 5.20%
• 5Y*: 3.09%
• 10Y*: —

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

TCSH.TO vs. BNDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TCSH.TO TD Cash Management ETF	0.85%	3.09%	4.37%
BNDW Vanguard Total World Bond ETF	1.70%	0.20%	11.15%

Correlation

The correlation between TCSH.TO and BNDW is -0.02, 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	-0.02
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024	0.07

Return for Risk

TCSH.TO vs. BNDW — Risk / Return Rank

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

TCSH.TO

TCSH.TO Risk / Return Rank: 99
TCSH.TO Sharpe Ratio Rank: 98
TCSH.TO Sortino Ratio Rank: 99
TCSH.TO Omega Ratio Rank: 99
TCSH.TO Calmar Ratio Rank: 99
TCSH.TO Martin Ratio Rank: 99

BNDW

BNDW Risk / Return Rank: 27
BNDW Sharpe Ratio Rank: 28
BNDW Sortino Ratio Rank: 27
BNDW Omega Ratio Rank: 26
BNDW Calmar Ratio Rank: 27
BNDW Martin Ratio Rank: 26

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.

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

This table presents a comparison of risk-adjusted performance metrics for TD Cash Management ETF (TCSH.TO) and Vanguard Total World Bond ETF (BNDW). 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.

	TCSH.TO	BNDW	Difference
Sharpe ratio: Return per unit of total volatility	5.79	0.93	+4.86
Sortino ratio: Return per unit of downside risk	10.75	1.32	+9.43
Omega ratio: Gain probability vs. loss probability	2.87	1.16	+1.71
Calmar ratio: Return relative to maximum drawdown	26.63	1.14	+25.50
Martin ratio: Return relative to average drawdown	108.17	2.47	+105.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCSH.TO vs. BNDW - Sharpe Ratio Comparison

The current TCSH.TO Sharpe Ratio is 5.79, which is higher than the BNDW Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of TCSH.TO and BNDW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TCSH.TO	BNDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.79	0.93	+4.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.33	0.35	+4.98

Drawdowns

TCSH.TO vs. BNDW - Drawdown Comparison

The maximum TCSH.TO drawdown since its inception was -0.54%, smaller than the maximum BNDW drawdown of -19.25%. Use the drawdown chart below to compare losses from any high point for TCSH.TO and BNDW.

Drawdown Indicators

	TCSH.TO	BNDW	Difference
Max Drawdown Largest peak-to-trough decline	-0.54%	-19.25%	+18.71%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-4.27%	+4.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.91%	—
Current Drawdown Current decline from peak	0.00%	-1.44%	+1.44%
Average Drawdown Average peak-to-trough decline	-0.01%	-7.40%	+7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	1.97%	-1.95%

Volatility

TCSH.TO vs. BNDW - Volatility Comparison

The current volatility for TD Cash Management ETF (TCSH.TO) is 0.11%, while Vanguard Total World Bond ETF (BNDW) has a volatility of 1.37%. This indicates that TCSH.TO experiences smaller price fluctuations and is considered to be less risky than BNDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCSH.TO	BNDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	1.37%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	0.37%	4.09%	-3.72%
Volatility (1Y) Calculated over the trailing 1-year period	0.46%	5.22%	-4.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.69%	7.39%	-6.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.69%	7.44%	-6.75%

TCSH.TO vs. BNDW - Expense Ratio Comparison

TCSH.TO has a 0.16% expense ratio, which is higher than BNDW's 0.05% 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

TCSH.TO vs. BNDW - Dividend Comparison

TCSH.TO's dividend yield for the trailing twelve months is around 2.59%, less than BNDW's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BNDW Vanguard Total World Bond ETF	4.21%	4.12%	3.90%	3.73%	2.02%	2.58%	1.56%	3.05%	1.66%
TCSH.TO TD Cash Management ETF	2.59%	3.03%	4.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCSH.TO and BNDW in my portfolio?

TCSH.TO and BNDW have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TCSH.TO or BNDW?

On fees, BNDW is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TCSH.TO or BNDW?

BNDW is cheaper with a 0.05% expense ratio, compared with 0.16% for TCSH.TO.

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

TCSH.TO is categorized as Canadian Government Bonds, while BNDW is Global Bonds. They also come from different issuers: TD and Vanguard. Their fees differ too: 0.16% for TCSH.TO and 0.05% for BNDW.