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TQGM.TO vs. DRFE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TQGM.TO vs. DRFE.TO

Last updated Jul 16, 2026
Documentation

TQGM.TO (TD Q Global Multifactor ETF) and DRFE.TO (Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF) are both exchange-traded funds - TQGM.TO is a Multi-factor fund actively managed by TD, while DRFE.TO is a Emerging Markets Equities fund actively managed by Desjardins. Both are actively managed. Over the past 5 years, TQGM.TO returned 13.39%/yr vs 11.65%/yr for DRFE.TO. At a 0.22 correlation, their price movements are largely independent.

Performance

TQGM.TO vs. DRFE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Q Global Multifactor ETF (TQGM.TO) and Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TQGM.TO achieves a 14.87% return, which is significantly lower than DRFE.TO's 21.13% return.

TQGM.TO

1D
-0.15%
1M
0.08%
6M
10.95%
YTD
14.87%
1Y
27.71%
3Y*
21.85%
5Y*
13.39%
10Y*
—

DRFE.TO

1D
-0.72%
1M
-5.64%
6M
13.96%
YTD
21.13%
1Y
26.63%
3Y*
21.37%
5Y*
11.65%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

TQGM.TO vs. DRFE.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
TQGM.TO
TD Q Global Multifactor ETF		14.87%20.97%25.26%8.13%-4.74%12.19%0.64%0.00%
DRFE.TO
Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF		21.13%21.25%18.51%10.59%-8.03%4.88%7.49%2.65%

Correlation

The correlation between TQGM.TO and DRFE.TO is 0.69, 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

0.69

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

0.41

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

0.29

Correlation (All Time)
Calculated using the full available price history since Nov 19, 2019

0.22

Over the past year, TQGM.TO and DRFE.TO have become more correlated (0.69) than their long-term average of 0.22, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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

TD Q Global Multifactor ETF

Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF

Often compared with TQGM.TO:
TQGM.TO vs. TINF.TOTQGM.TO vs. IS.TOTQGM.TO vs. TQCD.TOTQGM.TO vs. ZMI.TOTQGM.TO vs. TBAL.TOTQGM.TO vs. HURA.TOTQGM.TO vs. TCSH.TO

Return for Risk

TQGM.TO vs. DRFE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TQGM.TO
TQGM.TO Risk / Return Rank: 9191
Overall Rank
TQGM.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
TQGM.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
TQGM.TO Omega Ratio Rank: 9090
Omega Ratio Rank
TQGM.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
TQGM.TO Martin Ratio Rank: 9191
Martin Ratio Rank
DRFE.TO
DRFE.TO Risk / Return Rank: 4646
Overall Rank
DRFE.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
DRFE.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
DRFE.TO Omega Ratio Rank: 4848
Omega Ratio Rank
DRFE.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
DRFE.TO Martin Ratio Rank: 5050
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.

TQGM.TO vs. DRFE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Q Global Multifactor ETF (TQGM.TO) and Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

TQGM.TODRFE.TODifference
Sharpe ratioReturn per unit of total volatility
2.53
1.27

+1.25

Sortino ratioReturn per unit of downside risk
3.69
1.74

+1.95

Omega ratioGain probability vs. loss probability

1.46

1.26

+0.21

Calmar ratioReturn relative to maximum drawdown

4.24

2.17

+2.06

Martin ratioReturn relative to average drawdown

17.23

6.93

+10.30

TQGM.TO vs. DRFE.TO - Sharpe Ratio Comparison

The current TQGM.TO Sharpe Ratio is 2.53, which is higher than the DRFE.TO Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of TQGM.TO and DRFE.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.

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Drawdowns

TQGM.TO vs. DRFE.TO - Drawdown Comparison

The maximum TQGM.TO drawdown since its inception was -24.34%, roughly equal to the maximum DRFE.TO drawdown of -25.26%. Use the drawdown chart below to compare losses from any high point for TQGM.TO and DRFE.TO.

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Drawdown Indicators

TQGM.TODRFE.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.34%

-25.26%

+0.92%

Max Drawdown (1Y)

Largest decline over 1 year

-6.57%

-12.31%

+5.74%

Max Drawdown (3Y)

Largest decline over 3 years

-10.38%

-14.27%

+3.89%

Max Drawdown (5Y)

Largest decline over 5 years

-14.62%

-21.05%

+6.43%

Current Drawdown

Current decline from peak

-0.87%

-8.52%

+7.65%

Average Drawdown

Average peak-to-trough decline

-3.42%

-6.88%

+3.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

3.85%

-2.24%

Volatility

TQGM.TO vs. DRFE.TO - Volatility Comparison

The current volatility for TD Q Global Multifactor ETF (TQGM.TO) is 2.31%, while Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) has a volatility of 9.86%. This indicates that TQGM.TO experiences smaller price fluctuations and is considered to be less risky than DRFE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TQGM.TODRFE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.31%

9.86%

-7.55%

Volatility (6M)

Calculated over the trailing 6-month period

8.67%

19.33%

-10.66%

Volatility (1Y)

Calculated over the trailing 1-year period

11.03%

21.00%

-9.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.85%

16.59%

-5.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.38%

17.22%

-4.84%

Dividends

TQGM.TO vs. DRFE.TO - Dividend Comparison

TQGM.TO's dividend yield for the trailing twelve months is around 1.19%, less than DRFE.TO's 1.61% yield.

PositionTTM2025202420232022202120202019
DRFE.TO
Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF		1.61%2.10%2.60%3.04%3.00%2.49%2.45%2.05%
TQGM.TO
TD Q Global Multifactor ETF		1.19%1.36%2.18%2.67%2.82%2.40%2.17%0.00%

Frequently Asked Questions

TQGM.TO and DRFE.TO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TQGM.TO is categorized as Multi-factor, while DRFE.TO is Emerging Markets Equities. They also come from different issuers: TD and Desjardins.

Portfolio Optimizer

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