TPU.TO vs. XUU-U.TO

Last updated Jun 4, 2026

TPU.TO (TD U.S. Equity Index ETF) and XUU-U.TO (iShares Core S&P U.S. Total Market Index ETF) are both Large Cap Blend Equities funds - TPU.TO tracks the Solactive US Large Cap CAD Index while XUU-U.TO tracks the S&P Total Market Index. Both are passively managed. Over the past 5 years, TPU.TO returned 16.57%/yr vs 15.74%/yr for XUU-U.TO. At a 0.37 correlation, their price movements are largely independent. TPU.TO charges 0.06%/yr vs 0.08%/yr for XUU-U.TO.

Performance

TPU.TO vs. XUU-U.TO - 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 S&P U.S. Total Market Index ETF (XUU-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with TPU.TO having a 12.48% return and XUU-U.TO slightly higher at 12.58%.

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%

XUU-U.TO

• 1D: 0.03%
• 1M: 7.44%
• YTD: 12.58%
• 6M: 10.92%
• 1Y: 29.83%
• 3Y*: 22.81%
• 5Y*: 15.74%
• 10Y*: —

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

TPU.TO vs. XUU-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TPU.TO TD U.S. Equity Index ETF	12.48%	12.69%	34.82%	24.24%	-14.31%	26.02%	18.73%	6.63%
XUU-U.TO iShares Core S&P U.S. Total Market Index ETF	12.58%	11.00%	33.03%	23.73%	-14.72%	26.98%	16.71%	6.48%

Correlation

The correlation between TPU.TO and XUU-U.TO is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 23, 2019	0.37

Over the past year, TPU.TO and XUU-U.TO have become more correlated (0.71) than their long-term average of 0.37, meaning their price movements have been converging.

Return for Risk

TPU.TO vs. XUU-U.TO — 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: 73
TPU.TO Sharpe Ratio Rank: 76
TPU.TO Sortino Ratio Rank: 74
TPU.TO Omega Ratio Rank: 77
TPU.TO Calmar Ratio Rank: 68
TPU.TO Martin Ratio Rank: 68

XUU-U.TO

XUU-U.TO Risk / Return Rank: 72
XUU-U.TO Sharpe Ratio Rank: 71
XUU-U.TO Sortino Ratio Rank: 69
XUU-U.TO Omega Ratio Rank: 81
XUU-U.TO Calmar Ratio Rank: 64
XUU-U.TO Martin Ratio Rank: 77

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. XUU-U.TO - 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 S&P U.S. Total Market Index ETF (XUU-U.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.

	TPU.TO	XUU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.51	+0.02
Sortino ratio: Return per unit of downside risk	3.42	3.34	+0.08
Omega ratio: Gain probability vs. loss probability	1.46	1.49	-0.02
Calmar ratio: Return relative to maximum drawdown	3.44	3.49	-0.05
Martin ratio: Return relative to average drawdown	12.86	13.31	-0.45
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. XUU-U.TO - Sharpe Ratio Comparison

The current TPU.TO Sharpe Ratio is 2.53, which is comparable to the XUU-U.TO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of TPU.TO and XUU-U.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

	TPU.TO	XUU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.51	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	0.97	+0.11
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	0.96	+0.01

Drawdowns

TPU.TO vs. XUU-U.TO - Drawdown Comparison

The maximum TPU.TO drawdown since its inception was -27.96%, which is greater than XUU-U.TO's maximum drawdown of -24.77%. Use the drawdown chart below to compare losses from any high point for TPU.TO and XUU-U.TO.

Drawdown Indicators

	TPU.TO	XUU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.96%	-24.77%	-3.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.68%	-8.58%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-20.06%	+0.76%
Max Drawdown (5Y) Largest decline over 5 years	-23.73%	-22.68%	-1.05%
Max Drawdown (10Y) Largest decline over 10 years	-27.96%	—	—
Current Drawdown Current decline from peak	-0.27%	0.00%	-0.27%
Average Drawdown Average peak-to-trough decline	-3.96%	-4.88%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.25%	+0.07%

Volatility

TPU.TO vs. XUU-U.TO - Volatility Comparison

TD U.S. Equity Index ETF (TPU.TO) has a higher volatility of 3.23% compared to iShares Core S&P U.S. Total Market Index ETF (XUU-U.TO) at 2.86%. This indicates that TPU.TO's price experiences larger fluctuations and is considered to be riskier than XUU-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPU.TO	XUU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	2.86%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	8.83%	9.19%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	11.81%	11.93%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.31%	16.25%	-0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.60%	17.36%	-0.76%

TPU.TO vs. XUU-U.TO - Expense Ratio Comparison

TPU.TO has a 0.06% expense ratio, which is lower than XUU-U.TO'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. XUU-U.TO - Dividend Comparison

TPU.TO's dividend yield for the trailing twelve months is around 0.85%, more than XUU-U.TO's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
XUU-U.TO iShares Core S&P U.S. Total Market Index ETF	0.74%	0.83%	0.76%	0.85%	1.01%	0.77%	0.90%	0.38%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TPU.TO and XUU-U.TO in my portfolio?

TPU.TO and XUU-U.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TPU.TO or XUU-U.TO?

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.

Which ETF is cheaper, TPU.TO or XUU-U.TO?

TPU.TO is cheaper with a 0.06% expense ratio, compared with 0.08% for XUU-U.TO.

What is the main difference between TPU.TO and XUU-U.TO?

TPU.TO tracks Solactive US Large Cap CAD Index, while XUU-U.TO tracks S&P Total Market Index. They also come from different issuers: TD and iShares. Their fees differ too: 0.06% for TPU.TO and 0.08% for XUU-U.TO.