PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
TPU.TO vs. USCL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TPU.TO vs. USCL

Last updated Jun 4, 2026

TPU.TO (TD U.S. Equity Index ETF) and USCL (Ishares Climate Conscious & Transition MSCI USA ETF) are both Large Cap Blend Equities funds - TPU.TO tracks the Solactive US Large Cap CAD Index while USCL tracks the MSCI USA Extended Climate Action Index - Benchmark TR Gross. Both are passively managed. Over the past year, TPU.TO returned 29.73% vs 22.38% for USCL. Their correlation of 0.92 suggests significant overlap in exposure. TPU.TO charges 0.06%/yr vs 0.08%/yr for USCL.

Performance

TPU.TO vs. USCL - 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 Climate Conscious & Transition MSCI USA ETF (USCL). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

TPU.TO is traded in CAD, while USCL is traded in USD. To make them comparable, the USCL 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 USCL's 8.40% 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%

USCL

1D
-0.45%
1M
6.37%
YTD
8.40%
6M
6.53%
1Y
22.38%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

TPU.TO vs. USCL - Yearly Performance Comparison

2026 (YTD)202520242023
TPU.TO
TD U.S. Equity Index ETF		12.48%12.69%34.82%11.58%
USCL
Ishares Climate Conscious & Transition MSCI USA ETF		8.40%9.02%37.96%11.75%

Correlation

The correlation between TPU.TO and USCL is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.89

Correlation (All Time)
Calculated using the full available price history since Jun 9, 2023

0.92

The correlation between TPU.TO and USCL has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

TPU.TO vs. USCL - Sectors Allocation Comparison

Sectors
TPU.TO
USCL

Technology

35.3%
29.4%

Communication Services

11.5%
12.7%

Financial Services

11.5%
13.6%

Consumer Cyclical

10.0%
11.9%

Healthcare

8.8%
10.7%

Industrials

8.6%
7.0%

Consumer Defensive

4.8%
4.7%

Energy

3.6%
3.5%

Utilities

2.3%
2.4%

Basic Materials

1.8%
1.9%

Real Estate

1.8%
2.3%

Technology

TPU.TO
35.3%
USCL
29.4%

Communication Services

TPU.TO
11.5%
USCL
12.7%

Financial Services

TPU.TO
11.5%
USCL
13.6%

Consumer Cyclical

TPU.TO
10.0%
USCL
11.9%

Healthcare

TPU.TO
8.8%
USCL
10.7%

Industrials

TPU.TO
8.6%
USCL
7.0%

Consumer Defensive

TPU.TO
4.8%
USCL
4.7%

Energy

TPU.TO
3.6%
USCL
3.5%

Utilities

TPU.TO
2.3%
USCL
2.4%

Basic Materials

TPU.TO
1.8%
USCL
1.9%

Real Estate

TPU.TO
1.8%
USCL
2.3%

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 Climate Conscious & Transition MSCI USA 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 USCL:
USCL vs. HYLDUSCL vs. VFV.TOUSCL vs. XEQT.TOUSCL vs. HMAX.TOUSCL vs. XUS.TOUSCL vs. VOOUSCL vs. USCA

Return for Risk

TPU.TO vs. USCL — 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
USCL
USCL Risk / Return Rank: 4747
Overall Rank
USCL Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
USCL Sortino Ratio Rank: 4848
Sortino Ratio Rank
USCL Omega Ratio Rank: 4848
Omega Ratio Rank
USCL Calmar Ratio Rank: 4141
Calmar Ratio Rank
USCL Martin Ratio Rank: 4848
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. USCL - 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 Climate Conscious & Transition MSCI USA ETF (USCL). 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.TOUSCLDifference
Sharpe ratioReturn per unit of total volatility
2.53
1.90

+0.63

Sortino ratioReturn per unit of downside risk
3.42
2.62

+0.80

Omega ratioGain probability vs. loss probability

1.46

1.35

+0.11

Calmar ratioReturn relative to maximum drawdown

3.44

2.11

+1.33

Martin ratioReturn relative to average drawdown

12.86

6.82

+6.05

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. USCL - Sharpe Ratio Comparison

The current TPU.TO Sharpe Ratio is 2.53, which is higher than the USCL Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of TPU.TO and USCL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

TPU.TOUSCLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.53

1.90

+0.63

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.09

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.97

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.97

1.57

-0.60

Drawdowns

TPU.TO vs. USCL - Drawdown Comparison

The maximum TPU.TO drawdown since its inception was -27.96%, which is greater than USCL's maximum drawdown of -19.38%. Use the drawdown chart below to compare losses from any high point for TPU.TO and USCL.

Loading charts...

Drawdown Indicators

TPU.TOUSCLDifference

Max Drawdown

Largest peak-to-trough decline

-27.96%

-19.38%

-8.58%

Max Drawdown (1Y)

Largest decline over 1 year

-8.68%

-10.66%

+1.98%

Max Drawdown (3Y)

Largest decline over 3 years

-19.30%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-23.73%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-27.96%

—

—

Current Drawdown

Current decline from peak

-0.27%

-0.45%

+0.18%

Average Drawdown

Average peak-to-trough decline

-3.96%

-2.60%

-1.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.32%

3.29%

-0.97%

Volatility

TPU.TO vs. USCL - Volatility Comparison

TD U.S. Equity Index ETF (TPU.TO) has a higher volatility of 3.23% compared to Ishares Climate Conscious & Transition MSCI USA ETF (USCL) at 2.67%. This indicates that TPU.TO's price experiences larger fluctuations and is considered to be riskier than USCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

TPU.TOUSCLDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.23%

2.67%

+0.56%

Volatility (6M)

Calculated over the trailing 6-month period

8.83%

8.81%

+0.02%

Volatility (1Y)

Calculated over the trailing 1-year period

11.81%

11.82%

-0.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.31%

14.24%

+1.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.60%

14.24%

+2.36%

TPU.TO vs. USCL - Expense Ratio Comparison

TPU.TO has a 0.06% expense ratio, which is lower than USCL's 0.08% 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. USCL - Dividend Comparison

TPU.TO's dividend yield for the trailing twelve months is around 0.85%, less than USCL's 1.07% yield.

PositionTTM2025202420232022202120202019201820172016
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%
USCL
Ishares Climate Conscious & Transition MSCI USA ETF		1.07%1.10%1.18%0.85%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

TPU.TO and USCL have a correlation of 0.89, 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 0.08% for USCL.

TPU.TO tracks Solactive US Large Cap CAD Index, while USCL tracks MSCI USA Extended Climate Action Index - Benchmark TR Gross. They also come from different issuers: TD and iShares. Their fees differ too: 0.06% for TPU.TO and 0.08% for USCL.

Portfolio Optimizer

Find the right allocation for TPU.TO and USCL

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer