TCSH.TO vs. VVSG.TO
TCSH.TO (TD Cash Management ETF) and VVSG.TO (Vanguard Canadian Ultra-Short Government Bond Index ETF) are both Canadian Government Bonds funds. TCSH.TO is actively managed, while VVSG.TO is passively managed. Over the past year, TCSH.TO returned 2.65% vs 2.30% for VVSG.TO. At a 0.12 correlation, their price movements are largely independent. TCSH.TO charges 0.16%/yr vs 0.12%/yr for VVSG.TO.
Performance
TCSH.TO vs. VVSG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TCSH.TO achieves a 0.85% return, which is significantly lower than VVSG.TO's 0.91% return.
TCSH.TO
- 1D
- 0.00%
- 1M
- 0.23%
- YTD
- 0.85%
- 6M
- 1.17%
- 1Y
- 2.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VVSG.TO
- 1D
- 0.00%
- 1M
- 0.25%
- YTD
- 0.91%
- 6M
- 0.95%
- 1Y
- 2.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TCSH.TO vs. VVSG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TCSH.TO TD Cash Management ETF | 0.85% | 3.09% | 1.42% |
VVSG.TO Vanguard Canadian Ultra-Short Government Bond Index ETF | 0.91% | 2.69% | 1.20% |
Correlation
The correlation between TCSH.TO and VVSG.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024 | 0.12 |
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Return for Risk
TCSH.TO vs. VVSG.TO — Risk / Return Rank
TCSH.TO
VVSG.TO
TCSH.TO vs. VVSG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD Cash Management ETF (TCSH.TO) and Vanguard Canadian Ultra-Short Government Bond Index ETF (VVSG.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 | VVSG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 2.87 | 3.53 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | 26.63 | 16.62 | +10.02 |
| Martin ratioReturn relative to average drawdown | 108.17 | 141.27 | -33.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TCSH.TO | VVSG.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.79 | 6.32 | -0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 5.33 | 7.56 | -2.23 |
Drawdowns
TCSH.TO vs. VVSG.TO - Drawdown Comparison
The maximum TCSH.TO drawdown since its inception was -0.54%, which is greater than VVSG.TO's maximum drawdown of -0.14%. Use the drawdown chart below to compare losses from any high point for TCSH.TO and VVSG.TO.
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Drawdown Indicators
| TCSH.TO | VVSG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.54% | -0.14% | -0.40% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -0.14% | +0.04% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -0.01% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.02% | 0.00% |
Volatility
TCSH.TO vs. VVSG.TO - Volatility Comparison
TD Cash Management ETF (TCSH.TO) has a higher volatility of 0.11% compared to Vanguard Canadian Ultra-Short Government Bond Index ETF (VVSG.TO) at 0.07%. This indicates that TCSH.TO's price experiences larger fluctuations and is considered to be riskier than VVSG.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.TO | VVSG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.11% | 0.07% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.37% | 0.21% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.46% | 0.36% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.69% | 0.37% | +0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.69% | 0.37% | +0.32% |
TCSH.TO vs. VVSG.TO - Expense Ratio Comparison
TCSH.TO has a 0.16% expense ratio, which is higher than VVSG.TO's 0.12% 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. VVSG.TO - Dividend Comparison
TCSH.TO's dividend yield for the trailing twelve months is around 2.59%, more than VVSG.TO's 2.41% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
TCSH.TO TD Cash Management ETF | 2.59% | 3.03% | 4.21% |
VVSG.TO Vanguard Canadian Ultra-Short Government Bond Index ETF | 2.41% | 2.50% | 0.73% |
Frequently Asked Questions
TCSH.TO and VVSG.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VVSG.TO is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VVSG.TO is cheaper with a 0.12% expense ratio, compared with 0.16% for TCSH.TO.
They also come from different issuers: TD and Vanguard. Their fees differ too: 0.16% for TCSH.TO and 0.12% for VVSG.TO.
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