TD.TO vs. CDNS
TD.TO (The Toronto-Dominion Bank) and CDNS (Cadence Design Systems, Inc.) are both stocks. TD.TO operates in Banks - Diversified (Financial Services), while CDNS operates in Software - Application (Technology). Over the past 10 years, TD.TO returned 16.09%/yr vs 32.90%/yr for CDNS. At a 0.28 correlation, their price movements are largely independent.
Performance
TD.TO vs. CDNS - Performance Comparison
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Different Trading Currencies
TD.TO is traded in CAD, while CDNS is traded in USD. To make them comparable, the CDNS values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, TD.TO achieves a 28.85% return, which is significantly higher than CDNS's 25.65% return. Over the past 10 years, TD.TO has underperformed CDNS with an annualized return of 16.09%, while CDNS has yielded a comparatively higher 32.90% annualized return.
TD.TO
- 1D
- 1.10%
- 1M
- 10.59%
- YTD
- 28.85%
- 6M
- 32.50%
- 1Y
- 76.68%
- 3Y*
- 33.03%
- 5Y*
- 18.47%
- 10Y*
- 16.09%
CDNS
- 1D
- 0.50%
- 1M
- 12.87%
- YTD
- 25.65%
- 6M
- 20.80%
- 1Y
- 31.87%
- 3Y*
- 18.98%
- 5Y*
- 28.03%
- 10Y*
- 32.90%
TD.TO vs. CDNS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TD.TO The Toronto-Dominion Bank | 28.85% | 77.06% | -6.05% | 2.34% | -6.01% | 40.15% | 3.72% | 11.66% | -4.57% | 15.15% |
CDNS Cadence Design Systems, Inc. | 25.65% | -0.72% | 19.65% | 65.52% | -8.33% | 36.52% | 92.03% | 52.95% | 12.71% | 54.59% |
Correlation
The correlation between TD.TO and CDNS is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006 | 0.28 |
The correlation between TD.TO and CDNS shifts across timeframes, from 0.16 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.
Fundamentals
TD.TO:
CA$273.16B
CDNS:
$105.37B
TD.TO:
CA$8.81
CDNS:
$4.28
TD.TO:
18.62
CDNS:
89.86
TD.TO:
0.67
CDNS:
6.85
TD.TO:
2.47
CDNS:
19.03
TD.TO:
2.42
CDNS:
12.08
TD.TO:
CA$112.59B
CDNS:
$5.53B
TD.TO:
CA$59.48B
CDNS:
$4.91B
TD.TO:
CA$19.98B
CDNS:
$1.87B
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Return for Risk
TD.TO vs. CDNS — Risk / Return Rank
TD.TO
CDNS
TD.TO vs. CDNS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Toronto-Dominion Bank (TD.TO) and Cadence Design Systems, Inc. (CDNS). 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.
| TD.TO | CDNS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.36 | ||
| Sortino ratioReturn per unit of downside risk | +4.82 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 1.16 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 11.51 | 0.97 | +10.54 |
| Martin ratioReturn relative to average drawdown | 48.39 | 2.06 | +46.33 |
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Drawdowns
TD.TO vs. CDNS - Drawdown Comparison
The maximum TD.TO drawdown since its inception was -52.42%, smaller than the maximum CDNS drawdown of -87.52%. Use the drawdown chart below to compare losses from any high point for TD.TO and CDNS.
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Drawdown Indicators
| TD.TO | CDNS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.42% | -87.52% | +35.10% |
Max Drawdown (1Y)Largest decline over 1 year | -6.68% | -28.70% | +22.02% |
Max Drawdown (3Y)Largest decline over 3 years | -15.04% | -29.80% | +14.76% |
Max Drawdown (5Y)Largest decline over 5 years | -26.06% | -30.19% | +4.13% |
Max Drawdown (10Y)Largest decline over 10 years | -35.80% | -30.19% | -5.61% |
Current DrawdownCurrent decline from peak | 0.00% | -6.66% | +6.66% |
Average DrawdownAverage peak-to-trough decline | -7.29% | -25.48% | +18.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 13.59% | -12.00% |
Volatility
TD.TO vs. CDNS - Volatility Comparison
The current volatility for The Toronto-Dominion Bank (TD.TO) is 5.14%, while Cadence Design Systems, Inc. (CDNS) has a volatility of 16.70%. This indicates that TD.TO experiences smaller price fluctuations and is considered to be less risky than CDNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TD.TO | CDNS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 16.70% | -11.56% |
Volatility (6M)Calculated over the trailing 6-month period | 11.73% | 31.89% | -20.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.16% | 38.95% | -23.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.17% | 36.65% | -19.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.29% | 34.81% | -15.52% |
Dividends
TD.TO vs. CDNS - Dividend Comparison
TD.TO's dividend yield for the trailing twelve months is around 2.60%, while CDNS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDNS Cadence Design Systems, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TD.TO The Toronto-Dominion Bank | 2.60% | 3.25% | 5.33% | 4.48% | 4.06% | 3.26% | 4.32% | 3.97% | 3.85% | 3.19% | 3.26% | 3.69% |
Financials
TD.TO vs. CDNS - Financials Comparison
This section allows you to compare key financial metrics between The Toronto-Dominion Bank and Cadence Design Systems, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
TD.TO vs. CDNS - Profitability Comparison
TD.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a gross profit of 14.91B and revenue of 27.03B. Therefore, the gross margin over that period was 55.2%.
CDNS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cadence Design Systems, Inc. reported a gross profit of 1.41B and revenue of 1.47B. Therefore, the gross margin over that period was 95.9%.
TD.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported an operating income of 5.03B and revenue of 27.03B, resulting in an operating margin of 18.6%.
CDNS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cadence Design Systems, Inc. reported an operating income of 431.33M and revenue of 1.47B, resulting in an operating margin of 29.3%.
TD.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a net income of 4.25B and revenue of 27.03B, resulting in a net margin of 15.7%.
CDNS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cadence Design Systems, Inc. reported a net income of 335.66M and revenue of 1.47B, resulting in a net margin of 22.8%.
Frequently Asked Questions
TD.TO and CDNS have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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