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

TCSH.TO vs. XLB.TO

Last updated Jun 4, 2026

TCSH.TO (TD Cash Management ETF) and XLB.TO (iShares Core Canadian Long Term Bond Index ETF) are both Canadian Government Bonds funds. TCSH.TO is actively managed, while XLB.TO is passively managed. Over the past year, TCSH.TO returned 2.65% vs 2.84% for XLB.TO. At a 0.12 correlation, their price movements are largely independent. TCSH.TO charges 0.16%/yr vs 0.20%/yr for XLB.TO.

Performance

TCSH.TO vs. XLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Cash Management ETF (TCSH.TO) and iShares Core Canadian Long Term Bond Index ETF (XLB.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 0.85% return, which is significantly lower than XLB.TO's 2.77% return.

TCSH.TO

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

XLB.TO

1D
-0.11%
1M
3.02%
YTD
2.77%
6M
0.93%
1Y
2.84%
3Y*
8.16%
5Y*
4.63%
10Y*
4.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
TCSH.TO
TD Cash Management ETF		0.85%3.09%4.37%
XLB.TO
iShares Core Canadian Long Term Bond Index ETF		2.77%-0.76%14.66%

Correlation

The correlation between TCSH.TO and XLB.TO is 0.08, 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

0.08

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

0.12

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

iShares Core Canadian Long Term Bond Index 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. ZCM.TOTCSH.TO vs. MNY.TO
Often compared with XLB.TO:
XLB.TO vs. XBB.TOXLB.TO vs. XSB.TOXLB.TO vs. TLTXLB.TO vs. XTLT.TOXLB.TO vs. XCB.TOXLB.TO vs. ZFL.TOXLB.TO vs. XHB.TO

Return for Risk

TCSH.TO vs. XLB.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: 9999
Overall Rank
TCSH.TO Sharpe Ratio Rank: 9898
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
XLB.TO
XLB.TO Risk / Return Rank: 1414
Overall Rank
XLB.TO Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
XLB.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
XLB.TO Omega Ratio Rank: 1212
Omega Ratio Rank
XLB.TO Calmar Ratio Rank: 1616
Calmar Ratio Rank
XLB.TO Martin Ratio Rank: 1414
Martin Ratio Rank
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. XLB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Cash Management ETF (TCSH.TO) and iShares Core Canadian Long Term Bond Index ETF (XLB.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.TOXLB.TODifference
Sharpe ratioReturn per unit of total volatility
5.79
0.36

+5.43

Sortino ratioReturn per unit of downside risk
10.75
0.54

+10.21

Omega ratioGain probability vs. loss probability

2.87

1.07

+1.80

Calmar ratioReturn relative to maximum drawdown

26.63

0.59

+26.05

Martin ratioReturn relative to average drawdown

108.17

1.11

+107.06

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. XLB.TO - Sharpe Ratio Comparison

The current TCSH.TO Sharpe Ratio is 5.79, which is higher than the XLB.TO Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of TCSH.TO and XLB.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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Sharpe Ratios by Period

TCSH.TOXLB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

5.79

0.36

+5.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.37

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.39

—

Sharpe Ratio (All Time)

Calculated using the full available price history

5.33

0.55

+4.78

Drawdowns

TCSH.TO vs. XLB.TO - Drawdown Comparison

The maximum TCSH.TO drawdown since its inception was -0.54%, smaller than the maximum XLB.TO drawdown of -24.34%. Use the drawdown chart below to compare losses from any high point for TCSH.TO and XLB.TO.

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Drawdown Indicators

TCSH.TOXLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-0.54%

-24.34%

+23.80%

Max Drawdown (1Y)

Largest decline over 1 year

-0.10%

-4.85%

+4.75%

Max Drawdown (3Y)

Largest decline over 3 years

—

-9.74%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-24.34%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-24.34%

—

Current Drawdown

Current decline from peak

0.00%

-2.17%

+2.17%

Average Drawdown

Average peak-to-trough decline

-0.01%

-4.05%

+4.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.02%

2.57%

-2.55%

Volatility

TCSH.TO vs. XLB.TO - Volatility Comparison

The current volatility for TD Cash Management ETF (TCSH.TO) is 0.11%, while iShares Core Canadian Long Term Bond Index ETF (XLB.TO) has a volatility of 2.77%. This indicates that TCSH.TO experiences smaller price fluctuations and is considered to be less risky than XLB.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.TOXLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.11%

2.77%

-2.66%

Volatility (6M)

Calculated over the trailing 6-month period

0.37%

5.77%

-5.40%

Volatility (1Y)

Calculated over the trailing 1-year period

0.46%

7.93%

-7.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.69%

12.68%

-11.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.69%

11.86%

-11.17%

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

TCSH.TO has a 0.16% expense ratio, which is lower than XLB.TO's 0.20% expense ratio. Despite the difference, 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. XLB.TO - Dividend Comparison

TCSH.TO's dividend yield for the trailing twelve months is around 2.59%, less than XLB.TO's 4.01% yield.

PositionTTM20252024202320222021202020192018201720162015
TCSH.TO
TD Cash Management ETF		2.59%3.03%4.21%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XLB.TO
iShares Core Canadian Long Term Bond Index ETF		4.01%4.05%12.10%12.22%13.13%8.82%7.43%3.18%3.56%3.45%3.62%3.64%

Frequently Asked Questions

TCSH.TO and XLB.TO have a correlation of 0.08, 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 0.20% for XLB.TO.

They also come from different issuers: TD and iShares. Their fees differ too: 0.16% for TCSH.TO and 0.20% for XLB.TO.

Portfolio Optimizer

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