TQSM.TO vs. TBNK.TO

Last updated Jun 4, 2026

TQSM.TO (TD Q U.S. Small-Mid-Cap Equity ETF) and TBNK.TO (TD Canadian Bank Dividend Index ETF) are both exchange-traded funds - TQSM.TO is a Mid Cap Value Equities fund actively managed by TD, while TBNK.TO is a Dividend fund tracking the Solactive Canadian Bank Dividend Index (CA NTR). TQSM.TO is actively managed, while TBNK.TO is passively managed. Over the past 3 years, TQSM.TO returned 16.96%/yr vs 32.24%/yr for TBNK.TO. A 0.56 correlation means they provide meaningful diversification when combined. TQSM.TO charges 0.40%/yr vs 0.28%/yr for TBNK.TO.

Performance

TQSM.TO vs. TBNK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Q U.S. Small-Mid-Cap Equity ETF (TQSM.TO) and TD Canadian Bank Dividend Index ETF (TBNK.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQSM.TO achieves a 13.30% return, which is significantly lower than TBNK.TO's 19.17% return.

TQSM.TO

• 1D: 0.18%
• 1M: 4.65%
• YTD: 13.30%
• 6M: 11.31%
• 1Y: 22.10%
• 3Y*: 16.96%
• 5Y*: 13.10%
• 10Y*: —

TBNK.TO

• 1D: -0.37%
• 1M: 5.03%
• YTD: 19.17%
• 6M: 24.78%
• 1Y: 58.38%
• 3Y*: 32.24%
• 5Y*: —
• 10Y*: —

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

TQSM.TO vs. TBNK.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TQSM.TO TD Q U.S. Small-Mid-Cap Equity ETF	13.30%	1.20%	20.45%	16.76%
TBNK.TO TD Canadian Bank Dividend Index ETF	19.17%	44.62%	20.33%	7.34%

Correlation

The correlation between TQSM.TO and TBNK.TO is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Apr 28, 2023	0.56

The correlation between TQSM.TO and TBNK.TO has been stable across timeframes, ranging from 0.54 to 0.56 - a consistent structural relationship.

TQSM.TO vs. TBNK.TO - Sectors Allocation Comparison

Sectors	TQSM.TO	TBNK.TO
Financial Services	21.5%	100.0%
Industrials	20.1%	-
Consumer Cyclical	14.0%	-
Technology	14.0%	-
Healthcare	7.3%	-
Consumer Defensive	7.1%	-
Energy	6.3%	-
Basic Materials	4.5%	-
Real Estate	3.1%	-
Communication Services	1.8%	-
Utilities	0.4%	-

Return for Risk

TQSM.TO vs. TBNK.TO — Risk / Return Rank

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

TQSM.TO

TQSM.TO Risk / Return Rank: 47
TQSM.TO Sharpe Ratio Rank: 42
TQSM.TO Sortino Ratio Rank: 44
TQSM.TO Omega Ratio Rank: 41
TQSM.TO Calmar Ratio Rank: 55
TQSM.TO Martin Ratio Rank: 51

TBNK.TO

TBNK.TO Risk / Return Rank: 96
TBNK.TO Sharpe Ratio Rank: 97
TBNK.TO Sortino Ratio Rank: 97
TBNK.TO Omega Ratio Rank: 97
TBNK.TO Calmar Ratio Rank: 94
TBNK.TO Martin Ratio Rank: 95

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.

TQSM.TO vs. TBNK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Q U.S. Small-Mid-Cap Equity ETF (TQSM.TO) and TD Canadian Bank Dividend Index ETF (TBNK.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.

	TQSM.TO	TBNK.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.48	4.64	-3.16
Sortino ratio: Return per unit of downside risk	2.21	6.52	-4.31
Omega ratio: Gain probability vs. loss probability	1.26	1.86	-0.60
Calmar ratio: Return relative to maximum drawdown	2.72	7.11	-4.39
Martin ratio: Return relative to average drawdown	8.50	30.88	-22.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TQSM.TO vs. TBNK.TO - Sharpe Ratio Comparison

The current TQSM.TO Sharpe Ratio is 1.48, which is lower than the TBNK.TO Sharpe Ratio of 4.64. The chart below compares the historical Sharpe Ratios of TQSM.TO and TBNK.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

	TQSM.TO	TBNK.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	4.64	-3.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	2.31	-1.69

Drawdowns

TQSM.TO vs. TBNK.TO - Drawdown Comparison

The maximum TQSM.TO drawdown since its inception was -33.03%, which is greater than TBNK.TO's maximum drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for TQSM.TO and TBNK.TO.

Drawdown Indicators

	TQSM.TO	TBNK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.03%	-15.03%	-18.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-8.25%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-23.78%	-15.03%	-8.75%
Max Drawdown (5Y) Largest decline over 5 years	-23.78%	—	—
Current Drawdown Current decline from peak	0.00%	-2.59%	+2.59%
Average Drawdown Average peak-to-trough decline	-5.51%	-2.45%	-3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	1.90%	+0.71%

Volatility

TQSM.TO vs. TBNK.TO - Volatility Comparison

The current volatility for TD Q U.S. Small-Mid-Cap Equity ETF (TQSM.TO) is 4.22%, while TD Canadian Bank Dividend Index ETF (TBNK.TO) has a volatility of 4.91%. This indicates that TQSM.TO experiences smaller price fluctuations and is considered to be less risky than TBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQSM.TO	TBNK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	4.91%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	11.28%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	15.04%	12.63%	+2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	12.84%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	12.84%	+5.33%

TQSM.TO vs. TBNK.TO - Expense Ratio Comparison

TQSM.TO has a 0.40% expense ratio, which is higher than TBNK.TO's 0.28% expense ratio.

Dividends

TQSM.TO vs. TBNK.TO - Dividend Comparison

TQSM.TO's dividend yield for the trailing twelve months is around 0.78%, less than TBNK.TO's 2.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
TBNK.TO TD Canadian Bank Dividend Index ETF	2.45%	2.89%	4.03%	3.10%	0.00%	0.00%	0.00%
TQSM.TO TD Q U.S. Small-Mid-Cap Equity ETF	0.78%	0.90%	0.89%	0.85%	1.34%	0.78%	1.10%

Frequently Asked Questions

Can I hold both TQSM.TO and TBNK.TO in my portfolio?

TQSM.TO and TBNK.TO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TQSM.TO or TBNK.TO?

On fees, TBNK.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TQSM.TO or TBNK.TO?

TBNK.TO is cheaper with a 0.28% expense ratio, compared with 0.40% for TQSM.TO.

What is the main difference between TQSM.TO and TBNK.TO?

TQSM.TO is categorized as Mid Cap Value Equities, while TBNK.TO is Dividend. Their fees differ too: 0.40% for TQSM.TO and 0.28% for TBNK.TO.