TCSH.TO vs. PFL.TO
TCSH.TO (TD Cash Management ETF) and PFL.TO (Invesco Canadian Government Floating Rate Index ETF) are both exchange-traded funds - TCSH.TO is a Ultrashort Bond fund actively managed by TD, while PFL.TO is a Canadian Government Bonds fund tracking the FTSE Canada Government Floating Rate Note Index. TCSH.TO is actively managed, while PFL.TO is passively managed. Over the past year, TCSH.TO returned 2.64% vs 2.67% for PFL.TO. At a 0.00 correlation, their price movements are largely independent.
Performance
TCSH.TO vs. PFL.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TCSH.TO achieves a 1.14% return, which is significantly lower than PFL.TO's 1.26% return.
TCSH.TO
- 1D
- 0.01%
- 1M
- 0.19%
- 6M
- 1.20%
- YTD
- 1.14%
- 1Y
- 2.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PFL.TO
- 1D
- 0.00%
- 1M
- 0.30%
- 6M
- 1.21%
- YTD
- 1.26%
- 1Y
- 2.67%
- 3Y*
- 3.72%
- 5Y*
- 3.13%
- 10Y*
- 2.15%
TCSH.TO vs. PFL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TCSH.TO TD Cash Management ETF | 1.14% | 3.09% | 4.22% |
PFL.TO Invesco Canadian Government Floating Rate Index ETF | 1.26% | 3.00% | 3.87% |
Correlation
The correlation between TCSH.TO and PFL.TO is -0.09, 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 | -0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024 | 0.00 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TCSH.TO vs. PFL.TO — Risk / Return Rank
TCSH.TO
PFL.TO
TCSH.TO vs. PFL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD Cash Management ETF (TCSH.TO) and Invesco Canadian Government Floating Rate Index ETF (PFL.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.TO | PFL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.73 | ||
| Sortino ratioReturn per unit of downside risk | +5.63 | ||
| Omega ratioGain probability vs. loss probability | 3.00 | 1.77 | +1.24 |
| Calmar ratioReturn relative to maximum drawdown | 26.51 | 17.43 | +9.08 |
| Martin ratioReturn relative to average drawdown | 110.39 | 56.45 | +53.94 |
Loading charts...
Drawdowns
TCSH.TO vs. PFL.TO - Drawdown Comparison
The maximum TCSH.TO drawdown since its inception was -0.54%, smaller than the maximum PFL.TO drawdown of -2.07%. Use the drawdown chart below to compare losses from any high point for TCSH.TO and PFL.TO.
Loading charts...
Drawdown Indicators
| TCSH.TO | PFL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.54% | -2.07% | +1.53% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -0.15% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -2.07% | — |
Current DrawdownCurrent decline from peak | -0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -0.08% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.05% | -0.03% |
Volatility
TCSH.TO vs. PFL.TO - Volatility Comparison
The current volatility for TD Cash Management ETF (TCSH.TO) is 0.08%, while Invesco Canadian Government Floating Rate Index ETF (PFL.TO) has a volatility of 0.26%. This indicates that TCSH.TO experiences smaller price fluctuations and is considered to be less risky than PFL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TCSH.TO | PFL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 0.26% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 0.26% | 0.56% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.44% | 0.82% | -0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.68% | 0.97% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.68% | 1.33% | -0.65% |
Dividends
TCSH.TO vs. PFL.TO - Dividend Comparison
TCSH.TO's dividend yield for the trailing twelve months is around 2.60%, less than PFL.TO's 2.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFL.TO Invesco Canadian Government Floating Rate Index ETF | 2.63% | 2.95% | 5.23% | 5.13% | 2.22% | 0.36% | 1.21% | 2.10% | 1.59% | 0.95% | 0.81% | 0.95% |
TCSH.TO TD Cash Management ETF | 2.60% | 3.03% | 4.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TCSH.TO and PFL.TO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TCSH.TO is categorized as Ultrashort Bond, while PFL.TO is Canadian Government Bonds. They also come from different issuers: TD and Invesco.
Find the right allocation for TCSH.TO and PFL.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer