TDB.TO vs. VSB.TO

Last updated Apr 1, 2026

Compare and contrast key facts about TD Canadian Aggregate Bond Index ETF (TDB.TO) and Vanguard Canadian Short Term Bond (VSB.TO).

TDB.TO and VSB.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TDB.TO is a passively managed fund by TD that tracks the performance of the Solactive Broad Canadian Bond Universe Index. It was launched on Mar 22, 2016. VSB.TO is a passively managed fund by Vanguard that tracks the performance of the FTSE Canada Short Term Government Bond Index. It was launched on Nov 30, 2011. Both TDB.TO and VSB.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TDB.TO vs. VSB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Canadian Aggregate Bond Index ETF (TDB.TO) and Vanguard Canadian Short Term Bond (VSB.TO). The values are adjusted to include any dividend payments, if applicable.

TDB.TO vs. VSB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TDB.TO TD Canadian Aggregate Bond Index ETF	0.19%	2.24%	4.11%	6.57%	-10.94%	-2.98%	8.31%	6.24%	1.46%	2.55%
VSB.TO Vanguard Canadian Short Term Bond	0.24%	3.66%	5.54%	4.92%	-3.93%	-1.15%	5.29%	3.06%	1.67%	-0.36%

Returns By Period

In the year-to-date period, TDB.TO achieves a 0.19% return, which is significantly lower than VSB.TO's 0.24% return. Over the past 10 years, TDB.TO has underperformed VSB.TO with an annualized return of 1.60%, while VSB.TO has yielded a comparatively higher 1.92% annualized return.

TDB.TO

• 1D: 0.23%
• 1M: -1.94%
• YTD: 0.19%
• 6M: -0.31%
• 1Y: 0.66%
• 3Y*: 3.34%
• 5Y*: 0.65%
• 10Y*: 1.60%

VSB.TO

• 1D: 0.19%
• 1M: -0.85%
• YTD: 0.24%
• 6M: 0.56%
• 1Y: 2.23%
• 3Y*: 4.20%
• 5Y*: 1.92%
• 10Y*: 1.92%

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

TDB.TO vs. VSB.TO - Expense Ratio Comparison

TDB.TO has a 0.08% expense ratio, which is lower than VSB.TO's 0.15% 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%.

VSB.TO

Vanguard Canadian Short Term Bond

TDB.TO

TD Canadian Aggregate Bond Index ETF

Return for Risk

TDB.TO vs. VSB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TDB.TO

TDB.TO Risk / Return Rank: 15
TDB.TO Sharpe Ratio Rank: 15
TDB.TO Sortino Ratio Rank: 13
TDB.TO Omega Ratio Rank: 13
TDB.TO Calmar Ratio Rank: 19
TDB.TO Martin Ratio Rank: 17

VSB.TO

VSB.TO Risk / Return Rank: 67
VSB.TO Sharpe Ratio Rank: 70
VSB.TO Sortino Ratio Rank: 66
VSB.TO Omega Ratio Rank: 64
VSB.TO Calmar Ratio Rank: 68
VSB.TO Martin Ratio Rank: 67

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.

TDB.TO vs. VSB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Canadian Aggregate Bond Index ETF (TDB.TO) and Vanguard Canadian Short Term Bond (VSB.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.

	TDB.TO	VSB.TO	Difference
Sharpe ratio Return per unit of total volatility	0.15	1.21	-1.06
Sortino ratio Return per unit of downside risk	0.22	1.63	-1.41
Omega ratio Gain probability vs. loss probability	1.03	1.23	-0.20
Calmar ratio Return relative to maximum drawdown	0.35	1.65	-1.31
Martin ratio Return relative to average drawdown	0.69	6.59	-5.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TDB.TO vs. VSB.TO - Sharpe Ratio Comparison

The current TDB.TO Sharpe Ratio is 0.15, which is lower than the VSB.TO Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of TDB.TO and VSB.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

	TDB.TO	VSB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.15	1.21	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.76	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.55	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.63	-0.38

Correlation

The correlation between TDB.TO and VSB.TO is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TDB.TO vs. VSB.TO - Dividend Comparison

TDB.TO's dividend yield for the trailing twelve months is around 3.62%, more than VSB.TO's 3.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TDB.TO TD Canadian Aggregate Bond Index ETF	3.62%	3.71%	4.11%	4.11%	2.67%	2.37%	2.38%	2.05%	4.32%	2.94%	2.45%	0.00%
VSB.TO Vanguard Canadian Short Term Bond	3.01%	3.04%	3.04%	2.66%	2.24%	2.02%	2.24%	2.31%	2.29%	2.34%	2.45%	2.38%

Drawdowns

TDB.TO vs. VSB.TO - Drawdown Comparison

The maximum TDB.TO drawdown since its inception was -17.29%, which is greater than VSB.TO's maximum drawdown of -8.38%. Use the drawdown chart below to compare losses from any high point for TDB.TO and VSB.TO.

Drawdown Indicators

	TDB.TO	VSB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.29%	-8.38%	-8.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-1.43%	-1.37%
Max Drawdown (5Y) Largest decline over 5 years	-15.14%	-6.88%	-8.26%
Max Drawdown (10Y) Largest decline over 10 years	-17.29%	-8.38%	-8.91%
Current Drawdown Current decline from peak	-2.23%	-0.85%	-1.38%
Average Drawdown Average peak-to-trough decline	-4.79%	-0.95%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	0.36%	+1.04%

Volatility

TDB.TO vs. VSB.TO - Volatility Comparison

TD Canadian Aggregate Bond Index ETF (TDB.TO) has a higher volatility of 1.99% compared to Vanguard Canadian Short Term Bond (VSB.TO) at 0.94%. This indicates that TDB.TO's price experiences larger fluctuations and is considered to be riskier than VSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDB.TO	VSB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.99%	0.94%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	2.99%	1.34%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	4.61%	1.85%	+2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.34%	2.54%	+3.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.57%	3.48%	+3.09%