TPE.TO vs. TCLV.TO

Last updated Jun 5, 2026

TPE.TO (TD International Equity Index ETF) and TCLV.TO (TD Q Canadian Low Volatility ETF) are both exchange-traded funds - TPE.TO is a International Equity fund tracking the Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index (CA NTR), while TCLV.TO is a Canada Equities fund actively managed by TD. TPE.TO is passively managed, while TCLV.TO is actively managed. Over the past 5 years, TPE.TO returned 11.25%/yr vs 11.28%/yr for TCLV.TO. At a 0.42 correlation, their price movements are largely independent. TPE.TO charges 0.19%/yr vs 0.33%/yr for TCLV.TO.

Performance

TPE.TO vs. TCLV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD International Equity Index ETF (TPE.TO) and TD Q Canadian Low Volatility ETF (TCLV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TPE.TO achieves a 10.61% return, which is significantly higher than TCLV.TO's 4.85% return.

TPE.TO

• 1D: 0.70%
• 1M: 4.60%
• YTD: 10.61%
• 6M: 10.96%
• 1Y: 23.77%
• 3Y*: 18.20%
• 5Y*: 11.25%
• 10Y*: 9.93%

TCLV.TO

• 1D: 0.84%
• 1M: 1.73%
• YTD: 4.85%
• 6M: 6.47%
• 1Y: 14.56%
• 3Y*: 15.50%
• 5Y*: 11.28%
• 10Y*: —

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

TPE.TO vs. TCLV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TPE.TO TD International Equity Index ETF	10.61%	25.30%	12.36%	15.65%	-9.18%	10.41%	12.22%
TCLV.TO TD Q Canadian Low Volatility ETF	4.85%	24.55%	17.71%	2.95%	-0.91%	23.83%	7.13%

Correlation

The correlation between TPE.TO and TCLV.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.42

TPE.TO vs. TCLV.TO - Sectors Allocation Comparison

Sectors	TPE.TO	TCLV.TO
Financial Services	24.0%	28.5%
Industrials	19.8%	11.1%
Technology	10.4%	2.5%
Healthcare	10.4%	-
Consumer Cyclical	7.8%	6.8%
Consumer Defensive	6.7%	17.3%
Basic Materials	6.1%	5.3%
Communication Services	4.5%	5.7%
Energy	4.2%	8.7%
Utilities	3.9%	14.2%
Real Estate	2.2%	-

Return for Risk

TPE.TO vs. TCLV.TO — Risk / Return Rank

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

TPE.TO

TPE.TO Risk / Return Rank: 47
TPE.TO Sharpe Ratio Rank: 47
TPE.TO Sortino Ratio Rank: 47
TPE.TO Omega Ratio Rank: 48
TPE.TO Calmar Ratio Rank: 43
TPE.TO Martin Ratio Rank: 49

TCLV.TO

TCLV.TO Risk / Return Rank: 59
TCLV.TO Sharpe Ratio Rank: 54
TCLV.TO Sortino Ratio Rank: 59
TCLV.TO Omega Ratio Rank: 55
TCLV.TO Calmar Ratio Rank: 61
TCLV.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.

TPE.TO vs. TCLV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD International Equity Index ETF (TPE.TO) and TD Q Canadian Low Volatility ETF (TCLV.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.

	TPE.TO	TCLV.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.82	-0.21
Sortino ratio: Return per unit of downside risk	2.32	2.75	-0.44
Omega ratio: Gain probability vs. loss probability	1.30	1.34	-0.04
Calmar ratio: Return relative to maximum drawdown	2.11	3.02	-0.91
Martin ratio: Return relative to average drawdown	8.13	12.11	-3.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TPE.TO vs. TCLV.TO - Sharpe Ratio Comparison

The current TPE.TO Sharpe Ratio is 1.60, which is comparable to the TCLV.TO Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of TPE.TO and TCLV.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.

Sharpe Ratios by Period

	TPE.TO	TCLV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	1.82	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	1.18	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	1.33	-0.68

Drawdowns

TPE.TO vs. TCLV.TO - Drawdown Comparison

The maximum TPE.TO drawdown since its inception was -27.42%, which is greater than TCLV.TO's maximum drawdown of -15.27%. Use the drawdown chart below to compare losses from any high point for TPE.TO and TCLV.TO.

Drawdown Indicators

	TPE.TO	TCLV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.42%	-15.27%	-12.15%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-4.84%	-6.49%
Max Drawdown (3Y) Largest decline over 3 years	-14.41%	-9.29%	-5.12%
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	-15.27%	-9.54%
Max Drawdown (10Y) Largest decline over 10 years	-27.42%	—	—
Current Drawdown Current decline from peak	-2.69%	-0.43%	-2.26%
Average Drawdown Average peak-to-trough decline	-4.42%	-3.07%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	1.21%	+1.72%

Volatility

TPE.TO vs. TCLV.TO - Volatility Comparison

TD International Equity Index ETF (TPE.TO) has a higher volatility of 6.92% compared to TD Q Canadian Low Volatility ETF (TCLV.TO) at 2.50%. This indicates that TPE.TO's price experiences larger fluctuations and is considered to be riskier than TCLV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPE.TO	TCLV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.92%	2.50%	+4.42%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	6.34%	+6.24%
Volatility (1Y) Calculated over the trailing 1-year period	14.89%	8.06%	+6.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.04%	9.61%	+4.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.90%	9.77%	+5.13%

TPE.TO vs. TCLV.TO - Expense Ratio Comparison

TPE.TO has a 0.19% expense ratio, which is lower than TCLV.TO's 0.33% expense ratio.

Dividends

TPE.TO vs. TCLV.TO - Dividend Comparison

TPE.TO's dividend yield for the trailing twelve months is around 2.12%, more than TCLV.TO's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TCLV.TO TD Q Canadian Low Volatility ETF	1.84%	1.89%	2.68%	3.15%	2.84%	2.64%	1.59%	0.00%	0.00%	0.00%	0.00%
TPE.TO TD International Equity Index ETF	2.12%	2.30%	2.37%	2.66%	2.89%	2.41%	2.42%	2.60%	2.94%	2.35%	2.21%

Frequently Asked Questions

Can I hold both TPE.TO and TCLV.TO in my portfolio?

TPE.TO and TCLV.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TPE.TO or TCLV.TO?

On fees, TPE.TO is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TPE.TO or TCLV.TO?

TPE.TO is cheaper with a 0.19% expense ratio, compared with 0.33% for TCLV.TO.

What is the main difference between TPE.TO and TCLV.TO?

TPE.TO is categorized as International Equity, while TCLV.TO is Canada Equities. Their fees differ too: 0.19% for TPE.TO and 0.33% for TCLV.TO.