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

TCSH.TO vs. ZGB.TO

Last updated Jun 4, 2026

TCSH.TO (TD Cash Management ETF) and ZGB.TO (BMO Government Bond Index ETF) are both Canadian Government Bonds funds. TCSH.TO is actively managed, while ZGB.TO is passively managed. Over the past year, TCSH.TO returned 2.65% vs 2.56% for ZGB.TO. At a 0.13 correlation, their price movements are largely independent. TCSH.TO charges 0.16%/yr vs 0.17%/yr for ZGB.TO.

Performance

TCSH.TO vs. ZGB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Cash Management ETF (TCSH.TO) and BMO Government Bond Index ETF (ZGB.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 ZGB.TO's 1.62% return.

TCSH.TO

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

ZGB.TO

1D
-0.07%
1M
1.66%
YTD
1.62%
6M
0.49%
1Y
2.56%
3Y*
3.45%
5Y*
0.14%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
TCSH.TO
TD Cash Management ETF		0.85%3.09%4.37%
ZGB.TO
BMO Government Bond Index ETF		1.62%1.54%6.10%

Correlation

The correlation between TCSH.TO and ZGB.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

0.13

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

BMO Government 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 ZGB.TO:
ZGB.TO vs. ZSB.TOZGB.TO vs. ZBI.TOZGB.TO vs. ZDB.TOZGB.TO vs. ZST.TOZGB.TO vs. XSH.TOZGB.TO vs. ZSP.TOZGB.TO vs. TDB.TO

Return for Risk

TCSH.TO vs. ZGB.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
ZGB.TO
ZGB.TO Risk / Return Rank: 1919
Overall Rank
ZGB.TO Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
ZGB.TO Sortino Ratio Rank: 1717
Sortino Ratio Rank
ZGB.TO Omega Ratio Rank: 1818
Omega Ratio Rank
ZGB.TO Calmar Ratio Rank: 2121
Calmar Ratio Rank
ZGB.TO Martin Ratio Rank: 1919
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. ZGB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Cash Management ETF (TCSH.TO) and BMO Government Bond Index ETF (ZGB.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.TOZGB.TODifference
Sharpe ratioReturn per unit of total volatility
5.79
0.58

+5.21

Sortino ratioReturn per unit of downside risk
10.75
0.81

+9.94

Omega ratioGain probability vs. loss probability

2.87

1.11

+1.76

Calmar ratioReturn relative to maximum drawdown

26.63

0.93

+25.70

Martin ratioReturn relative to average drawdown

108.17

1.97

+106.20

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. ZGB.TO - Sharpe Ratio Comparison

The current TCSH.TO Sharpe Ratio is 5.79, which is higher than the ZGB.TO Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of TCSH.TO and ZGB.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.TOZGB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

5.79

0.58

+5.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.02

—

Sharpe Ratio (All Time)

Calculated using the full available price history

5.33

0.26

+5.07

Drawdowns

TCSH.TO vs. ZGB.TO - Drawdown Comparison

The maximum TCSH.TO drawdown since its inception was -0.54%, smaller than the maximum ZGB.TO drawdown of -19.31%. Use the drawdown chart below to compare losses from any high point for TCSH.TO and ZGB.TO.

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Drawdown Indicators

TCSH.TOZGB.TODifference

Max Drawdown

Largest peak-to-trough decline

-0.54%

-19.31%

+18.77%

Max Drawdown (1Y)

Largest decline over 1 year

-0.10%

-2.76%

+2.66%

Max Drawdown (3Y)

Largest decline over 3 years

—

-5.86%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-16.35%

—

Current Drawdown

Current decline from peak

0.00%

-5.16%

+5.16%

Average Drawdown

Average peak-to-trough decline

-0.01%

-6.98%

+6.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.02%

1.30%

-1.28%

Volatility

TCSH.TO vs. ZGB.TO - Volatility Comparison

The current volatility for TD Cash Management ETF (TCSH.TO) is 0.11%, while BMO Government Bond Index ETF (ZGB.TO) has a volatility of 1.84%. This indicates that TCSH.TO experiences smaller price fluctuations and is considered to be less risky than ZGB.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.TOZGB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.11%

1.84%

-1.73%

Volatility (6M)

Calculated over the trailing 6-month period

0.37%

3.53%

-3.16%

Volatility (1Y)

Calculated over the trailing 1-year period

0.46%

4.42%

-3.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.69%

6.81%

-6.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.69%

6.15%

-5.46%

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

TCSH.TO has a 0.16% expense ratio, which is lower than ZGB.TO's 0.17% 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. ZGB.TO - Dividend Comparison

TCSH.TO's dividend yield for the trailing twelve months is around 2.59%, less than ZGB.TO's 3.04% yield.

PositionTTM20252024202320222021202020192018
TCSH.TO
TD Cash Management ETF		2.59%3.03%4.21%0.00%0.00%0.00%0.00%0.00%0.00%
ZGB.TO
BMO Government Bond Index ETF		3.04%2.81%2.69%2.71%2.76%2.38%2.26%2.41%2.58%

Frequently Asked Questions

TCSH.TO and ZGB.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.

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 0.17% for ZGB.TO.

They also come from different issuers: TD and BMO. Their fees differ too: 0.16% for TCSH.TO and 0.17% for ZGB.TO.

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