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TPU.TO vs. IEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TPU.TO vs. IEFA

Last updated Jun 4, 2026

TPU.TO (TD U.S. Equity Index ETF) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - TPU.TO is a Large Cap Blend Equities fund tracking the Solactive US Large Cap CAD Index, while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, TPU.TO returned 16.10%/yr vs 10.01%/yr for IEFA. A 0.64 correlation means they provide meaningful diversification when combined. TPU.TO charges 0.06%/yr vs 0.07%/yr for IEFA.

Performance

TPU.TO vs. IEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD U.S. Equity Index ETF (TPU.TO) and iShares Core MSCI EAFE ETF (IEFA). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

TPU.TO is traded in CAD, while IEFA is traded in USD. To make them comparable, the IEFA values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, TPU.TO achieves a 12.48% return, which is significantly higher than IEFA's 10.24% return. Over the past 10 years, TPU.TO has outperformed IEFA with an annualized return of 16.10%, while IEFA has yielded a comparatively lower 10.01% annualized return.

TPU.TO

1D
-0.27%
1M
7.38%
YTD
12.48%
6M
10.60%
1Y
29.73%
3Y*
23.84%
5Y*
16.57%
10Y*
16.10%

IEFA

1D
-0.38%
1M
5.50%
YTD
10.24%
6M
11.02%
1Y
23.58%
3Y*
18.08%
5Y*
11.16%
10Y*
10.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TPU.TO vs. IEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TPU.TO
TD U.S. Equity Index ETF		12.48%12.69%34.82%24.24%-14.31%26.02%18.73%25.02%3.03%13.31%
IEFA
iShares Core MSCI EAFE ETF		10.24%26.02%12.13%15.35%-9.20%10.63%6.35%16.62%-6.86%18.51%

Correlation

The correlation between TPU.TO and IEFA is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.65

Correlation (3Y)
Calculated over the trailing 3-year period

0.61

Correlation (5Y)
Calculated over the trailing 5-year period

0.65

Correlation (10Y)
Calculated over the trailing 10-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2016

0.64

The correlation between TPU.TO and IEFA has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.

TPU.TO vs. IEFA - Sectors Allocation Comparison

Sectors
TPU.TO
IEFA

Technology

35.3%
10.8%

Communication Services

11.5%
4.4%

Financial Services

11.5%
22.5%

Consumer Cyclical

10.0%
8.0%

Healthcare

8.8%
9.5%

Industrials

8.6%
20.1%

Consumer Defensive

4.8%
6.6%

Energy

3.6%
3.8%

Utilities

2.3%
3.6%

Basic Materials

1.8%
7.0%

Real Estate

1.8%
3.0%

Technology

TPU.TO
35.3%
IEFA
10.8%

Communication Services

TPU.TO
11.5%
IEFA
4.4%

Financial Services

TPU.TO
11.5%
IEFA
22.5%

Consumer Cyclical

TPU.TO
10.0%
IEFA
8.0%

Healthcare

TPU.TO
8.8%
IEFA
9.5%

Industrials

TPU.TO
8.6%
IEFA
20.1%

Consumer Defensive

TPU.TO
4.8%
IEFA
6.6%

Energy

TPU.TO
3.6%
IEFA
3.8%

Utilities

TPU.TO
2.3%
IEFA
3.6%

Basic Materials

TPU.TO
1.8%
IEFA
7.0%

Real Estate

TPU.TO
1.8%
IEFA
3.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

TD U.S. Equity Index ETF

iShares Core MSCI EAFE ETF

Often compared with TPU.TO:
TPU.TO vs. VFV.TOTPU.TO vs. TTP.TOTPU.TO vs. ZSP.TOTPU.TO vs. VOOTPU.TO vs. VUN.TOTPU.TO vs. XUU.TOTPU.TO vs. XUS.TO
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS

Return for Risk

TPU.TO vs. IEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TPU.TO
TPU.TO Risk / Return Rank: 7373
Overall Rank
TPU.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
TPU.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
TPU.TO Omega Ratio Rank: 7777
Omega Ratio Rank
TPU.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
TPU.TO Martin Ratio Rank: 6868
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 4141
Overall Rank
IEFA Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4141
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4141
Omega Ratio Rank
IEFA Calmar Ratio Rank: 3838
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4444
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.

TPU.TO vs. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD U.S. Equity Index ETF (TPU.TO) and iShares Core MSCI EAFE ETF (IEFA). 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.

TPU.TOIEFADifference
Sharpe ratioReturn per unit of total volatility
2.53
1.69

+0.84

Sortino ratioReturn per unit of downside risk
3.42
2.42

+1.00

Omega ratioGain probability vs. loss probability

1.46

1.31

+0.15

Calmar ratioReturn relative to maximum drawdown

3.44

2.11

+1.33

Martin ratioReturn relative to average drawdown

12.86

8.50

+4.37

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TPU.TO vs. IEFA - Sharpe Ratio Comparison

The current TPU.TO Sharpe Ratio is 2.53, which is higher than the IEFA Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of TPU.TO and IEFA, 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

TPU.TOIEFADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.53

1.69

+0.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.09

0.82

+0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.97

0.69

+0.29

Sharpe Ratio (All Time)

Calculated using the full available price history

0.97

0.78

+0.19

Drawdowns

TPU.TO vs. IEFA - Drawdown Comparison

The maximum TPU.TO drawdown since its inception was -27.96%, roughly equal to the maximum IEFA drawdown of -28.60%. Use the drawdown chart below to compare losses from any high point for TPU.TO and IEFA.

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Drawdown Indicators

TPU.TOIEFADifference

Max Drawdown

Largest peak-to-trough decline

-27.96%

-28.60%

+0.64%

Max Drawdown (1Y)

Largest decline over 1 year

-8.68%

-11.20%

+2.52%

Max Drawdown (3Y)

Largest decline over 3 years

-19.30%

-14.12%

-5.18%

Max Drawdown (5Y)

Largest decline over 5 years

-23.73%

-24.47%

+0.74%

Max Drawdown (10Y)

Largest decline over 10 years

-27.96%

-28.60%

+0.64%

Current Drawdown

Current decline from peak

-0.27%

-0.38%

+0.11%

Average Drawdown

Average peak-to-trough decline

-3.96%

-4.37%

+0.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.32%

2.78%

-0.46%

Volatility

TPU.TO vs. IEFA - Volatility Comparison

The current volatility for TD U.S. Equity Index ETF (TPU.TO) is 3.23%, while iShares Core MSCI EAFE ETF (IEFA) has a volatility of 4.71%. This indicates that TPU.TO experiences smaller price fluctuations and is considered to be less risky than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TPU.TOIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

3.23%

4.71%

-1.48%

Volatility (6M)

Calculated over the trailing 6-month period

8.83%

11.78%

-2.95%

Volatility (1Y)

Calculated over the trailing 1-year period

11.81%

14.02%

-2.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.31%

13.66%

+1.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.60%

14.66%

+1.94%

TPU.TO vs. IEFA - Expense Ratio Comparison

TPU.TO has a 0.06% expense ratio, which is lower than IEFA's 0.07% 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

TPU.TO vs. IEFA - Dividend Comparison

TPU.TO's dividend yield for the trailing twelve months is around 0.85%, less than IEFA's 3.26% yield.

PositionTTM20252024202320222021202020192018201720162015
IEFA
iShares Core MSCI EAFE ETF		3.26%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%
TPU.TO
TD U.S. Equity Index ETF		0.85%0.96%0.90%1.22%1.34%0.99%1.23%1.23%1.57%1.59%1.33%0.00%

Frequently Asked Questions

TPU.TO and IEFA have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, TPU.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TPU.TO is cheaper with a 0.06% expense ratio, compared with 0.07% for IEFA.

TPU.TO is categorized as Large Cap Blend Equities, while IEFA is Foreign Large Cap Equities. TPU.TO tracks Solactive US Large Cap CAD Index, while IEFA tracks MSCI EAFE IMI Index (Net). They also come from different issuers: TD and iShares. Their fees differ too: 0.06% for TPU.TO and 0.07% for IEFA.

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