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TCSH.TO vs. DXV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TCSH.TO vs. DXV.TO

Last updated Aug 4, 2026
Documentation

TCSH.TO (TD Cash Management ETF) and DXV.TO (Dynamic Active Ultra Short Term Bond ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past year, TCSH.TO returned 2.60% vs 3.18% for DXV.TO. Their -0.06 correlation means they have often moved in opposite directions in the past. TCSH.TO charges 0.16%/yr vs 0.28%/yr for DXV.TO.

Performance

TCSH.TO vs. DXV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Cash Management ETF (TCSH.TO) and Dynamic Active Ultra Short Term Bond ETF (DXV.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, TCSH.TO achieves a 1.27% return, which is significantly lower than DXV.TO's 1.65% return.

TCSH.TO

1D
0.00%
1M
0.19%
6M
1.18%
YTD
1.27%
1Y
2.60%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
3.53%

DXV.TO

1D
0.00%
1M
0.15%
6M
1.45%
YTD
1.65%
1Y
3.18%
3Y*
4.55%
5Y*
3.84%
10Y*
—
ALL TIME*
3.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DXV.TO

Dynamic Active Ultra Short Term Bond ETF
CA$409.99KCA$302.40KCA$346.12K

TCSH.TO

TD Cash Management ETF
CA$12.37MCA$10.17MCA$9.71M

TCSH.TO vs. DXV.TO - Yearly Performance Comparison

2026 (YTD)20252024
TCSH.TO
TD Cash Management ETF		1.27%3.09%4.22%
DXV.TO
Dynamic Active Ultra Short Term Bond ETF		1.65%4.04%4.44%

Correlation

The correlation between TCSH.TO and DXV.TO is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-0.06

Correlation (All Time)
Calculated using the full available price history since Feb 23, 2024

-0.06

Compare stocks, funds, or ETFs

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

TD Cash Management ETF

Dynamic Active Ultra Short Term Bond ETF

Often compared with TCSH.TO:
TCSH.TO vs. CASH.TOTCSH.TO vs. ZMMK.TOTCSH.TO vs. CBIL.TOTCSH.TO vs. PSA.TOTCSH.TO vs. ZST.TOTCSH.TO vs. MNY.TOTCSH.TO vs. ZCM.TO
Often compared with DXV.TO:
DXV.TO vs. ZST.TODXV.TO vs. PSA.TODXV.TO vs. PCOR.TODXV.TO vs. ZFH.TODXV.TO vs. ZCS.TODXV.TO vs. XSB.TODXV.TO vs. XSH.TO

Return for Risk

TCSH.TO vs. DXV.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
TCSH.TO
TCSH.TO Risk / Return Rank: 9999
Overall Rank
TCSH.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
TCSH.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
TCSH.TO Omega Ratio Rank: 9999
Omega Ratio Rank
TCSH.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
TCSH.TO Martin Ratio Rank: 9999
Martin Ratio Rank
DXV.TO
DXV.TO Risk / Return Rank: 8888
Overall Rank
DXV.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
DXV.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
DXV.TO Omega Ratio Rank: 8282
Omega Ratio Rank
DXV.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
DXV.TO Martin Ratio Rank: 9797
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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

This table presents a comparison of risk-adjusted performance metrics for TD Cash Management ETF (TCSH.TO) and Dynamic Active Ultra Short Term Bond ETF (DXV.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.

TCSH.TODXV.TODifference
Sharpe ratioReturn per unit of total volatility
6.02
1.93

+4.09

Sortino ratioReturn per unit of downside risk
11.29
2.94

+8.35

Omega ratioGain probability vs. loss probability

3.04

1.37

+1.67

Calmar ratioReturn relative to maximum drawdown

26.41

10.51

+15.90

Martin ratioReturn relative to average drawdown

109.51

33.81

+75.70

TCSH.TO vs. DXV.TO - Sharpe Ratio Comparison

The current TCSH.TO Sharpe Ratio is 6.02, which is higher than the DXV.TO Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of TCSH.TO and DXV.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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Drawdowns

TCSH.TO vs. DXV.TO - Drawdown Comparison

The maximum TCSH.TO drawdown since its inception was -0.54%, smaller than the maximum DXV.TO drawdown of -11.62%. Use the drawdown chart below to compare losses from any high point for TCSH.TO and DXV.TO.

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Drawdown Indicators

TCSH.TODXV.TODifference

Max Drawdown

Largest peak-to-trough decline

-0.54%

-11.62%

+11.08%

Max Drawdown (1Y)

Largest decline over 1 year

-0.10%

-0.30%

+0.20%

Max Drawdown (3Y)

Largest decline over 3 years

—

-0.66%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-2.71%

—

Current Drawdown

Current decline from peak

0.00%

-0.25%

+0.25%

Average Drawdown

Average peak-to-trough decline

-0.01%

-0.38%

+0.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.02%

0.09%

-0.07%

Volatility

TCSH.TO vs. DXV.TO - Volatility Comparison

The current volatility for TD Cash Management ETF (TCSH.TO) is 0.09%, while Dynamic Active Ultra Short Term Bond ETF (DXV.TO) has a volatility of 0.53%. This indicates that TCSH.TO experiences smaller price fluctuations and is considered to be less risky than DXV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TCSH.TODXV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.09%

0.53%

-0.44%

Volatility (6M)

Calculated over the trailing 6-month period

0.26%

1.26%

-1.00%

Volatility (1Y)

Calculated over the trailing 1-year period

0.44%

1.66%

-1.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.67%

2.99%

-2.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.67%

4.57%

-3.90%

TCSH.TO vs. DXV.TO - Expense Ratio Comparison

TCSH.TO has a 0.16% expense ratio, which is lower than DXV.TO's 0.28% expense ratio.

Dividends

TCSH.TO vs. DXV.TO - Dividend Comparison

TCSH.TO's dividend yield for the trailing twelve months is around 2.55%, less than DXV.TO's 3.08% yield.

PositionTTM20252024202320222021202020192018
DXV.TO
Dynamic Active Ultra Short Term Bond ETF		3.08%3.35%5.32%6.33%3.98%0.69%1.89%2.25%1.78%
TCSH.TO
TD Cash Management ETF		2.55%3.03%4.21%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

TCSH.TO and DXV.TO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, TCSH.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TCSH.TO is cheaper with a 0.16% expense ratio, compared with 0.28% for DXV.TO.

They also come from different issuers: TD and Dynamic. Their fees differ too: 0.16% for TCSH.TO and 0.28% for DXV.TO.

Portfolio Optimizer

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