TCSH.TO vs. TQSM.TO

Last updated Apr 1, 2026

Compare and contrast key facts about TD Cash Management ETF (TCSH.TO) and TD Q U.S. Small-Mid-Cap Equity ETF (TQSM.TO).

TCSH.TO and TQSM.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TCSH.TO is an actively managed fund by TD. It was launched on Feb 15, 2024. TQSM.TO is an actively managed fund by TD. It was launched on Jan 7, 2025.

Performance

TCSH.TO vs. TQSM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Cash Management ETF (TCSH.TO) and TD Q U.S. Small-Mid-Cap Equity ETF (TQSM.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024
TCSH.TO TD Cash Management ETF	0.37%	3.09%	4.37%
TQSM.TO TD Q U.S. Small-Mid-Cap Equity ETF	2.32%	1.20%	16.34%

Returns By Period

In the year-to-date period, TCSH.TO achieves a 0.37% return, which is significantly lower than TQSM.TO's 2.32% return.

TCSH.TO

• 1D: -0.02%
• 1M: 0.12%
• YTD: 0.37%
• 6M: 1.22%
• 1Y: 2.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TQSM.TO

• 1D: 2.44%
• 1M: -1.64%
• YTD: 2.32%
• 6M: -0.49%
• 1Y: 10.60%
• 3Y*: 12.93%
• 5Y*: 10.64%
• 10Y*: —

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

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

TCSH.TO has a 0.16% expense ratio, which is lower than TQSM.TO's 0.40% expense ratio.

TQSM.TO

TD Q U.S. Small-Mid-Cap Equity ETF

TCSH.TO

TD Cash Management ETF

Return for Risk

TCSH.TO vs. TQSM.TO — 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: 99
TCSH.TO Sortino Ratio Rank: 99
TCSH.TO Omega Ratio Rank: 99
TCSH.TO Calmar Ratio Rank: 99
TCSH.TO Martin Ratio Rank: 99

TQSM.TO

TQSM.TO Risk / Return Rank: 31
TQSM.TO Sharpe Ratio Rank: 28
TQSM.TO Sortino Ratio Rank: 29
TQSM.TO Omega Ratio Rank: 29
TQSM.TO Calmar Ratio Rank: 34
TQSM.TO Martin Ratio Rank: 33

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. TQSM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Cash Management ETF (TCSH.TO) and TD Q U.S. Small-Mid-Cap Equity ETF (TQSM.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.

	TCSH.TO	TQSM.TO	Difference
Sharpe ratio Return per unit of total volatility	5.78	0.52	+5.26
Sortino ratio Return per unit of downside risk	10.76	0.86	+9.90
Omega ratio Gain probability vs. loss probability	2.86	1.12	+1.74
Calmar ratio Return relative to maximum drawdown	26.59	0.85	+25.74
Martin ratio Return relative to average drawdown	107.81	2.97	+104.83
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. TQSM.TO - Sharpe Ratio Comparison

The current TCSH.TO Sharpe Ratio is 5.78, which is higher than the TQSM.TO Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of TCSH.TO and TQSM.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.

Sharpe Ratios by Period

	TCSH.TO	TQSM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.78	0.52	+5.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.30	0.54	+4.76

Correlation

The correlation between TCSH.TO and TQSM.TO is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TCSH.TO vs. TQSM.TO - Dividend Comparison

TCSH.TO's dividend yield for the trailing twelve months is around 2.74%, more than TQSM.TO's 0.86% yield.

	TTM	2025	2024	2023	2022	2021	2020
TCSH.TO TD Cash Management ETF	2.74%	3.03%	4.21%	0.00%	0.00%	0.00%	0.00%
TQSM.TO TD Q U.S. Small-Mid-Cap Equity ETF	0.86%	0.90%	0.89%	0.85%	1.34%	0.78%	1.10%

Drawdowns

TCSH.TO vs. TQSM.TO - Drawdown Comparison

The maximum TCSH.TO drawdown since its inception was -0.54%, smaller than the maximum TQSM.TO drawdown of -33.03%. Use the drawdown chart below to compare losses from any high point for TCSH.TO and TQSM.TO.

Drawdown Indicators

	TCSH.TO	TQSM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.54%	-33.03%	+32.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-13.51%	+13.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.78%	—
Current Drawdown Current decline from peak	-0.02%	-4.29%	+4.27%
Average Drawdown Average peak-to-trough decline	-0.01%	-5.64%	+5.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	3.85%	-3.83%

Volatility

TCSH.TO vs. TQSM.TO - Volatility Comparison

The current volatility for TD Cash Management ETF (TCSH.TO) is 0.13%, while TD Q U.S. Small-Mid-Cap Equity ETF (TQSM.TO) has a volatility of 5.58%. This indicates that TCSH.TO experiences smaller price fluctuations and is considered to be less risky than TQSM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCSH.TO	TQSM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	5.58%	-5.45%
Volatility (6M) Calculated over the trailing 6-month period	0.37%	11.41%	-11.04%
Volatility (1Y) Calculated over the trailing 1-year period	0.46%	20.50%	-20.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.71%	15.98%	-15.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.71%	18.30%	-17.59%