TRP.TO vs. CM.TO
TRP.TO (TC Energy Corporation) and CM.TO (Canadian Imperial Bank of Commerce) are both stocks. TRP.TO operates in Oil & Gas Midstream (Energy), while CM.TO operates in Banks - Diversified (Financial Services). Over the past 10 years, TRP.TO returned 11.41%/yr vs 21.33%/yr for CM.TO. At a 0.34 correlation, their price movements are largely independent.
Performance
TRP.TO vs. CM.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TRP.TO having a 29.41% return and CM.TO slightly lower at 28.96%. Over the past 10 years, TRP.TO has underperformed CM.TO with an annualized return of 11.41%, while CM.TO has yielded a comparatively higher 21.33% annualized return.
TRP.TO
- 1D
- -0.22%
- 1M
- 3.01%
- YTD
- 29.41%
- 6M
- 31.24%
- 1Y
- 50.45%
- 3Y*
- 28.94%
- 5Y*
- 14.76%
- 10Y*
- 11.41%
CM.TO
- 1D
- 0.28%
- 1M
- 3.79%
- YTD
- 28.96%
- 6M
- 26.06%
- 1Y
- 78.06%
- 3Y*
- 46.55%
- 5Y*
- 23.45%
- 10Y*
- 21.33%
TRP.TO vs. CM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRP.TO TC Energy Corporation | 29.41% | 18.35% | 37.67% | 2.53% | -2.77% | 20.34% | -20.74% | 48.49% | -16.01% | 5.23% |
CM.TO Canadian Imperial Bank of Commerce | 28.96% | 42.31% | 49.56% | 23.83% | -20.89% | 47.75% | 13.88% | 18.19% | -8.64% | 22.50% |
Correlation
The correlation between TRP.TO and CM.TO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2006 | 0.34 |
Over the past year, the correlation between TRP.TO and CM.TO has dropped to 0.04 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.
Fundamentals
TRP.TO:
CA$100.90B
CM.TO:
CA$147.10B
TRP.TO:
CA$3.31
CM.TO:
CA$10.53
TRP.TO:
29.30
CM.TO:
15.11
TRP.TO:
0.39
CM.TO:
1.86
TRP.TO:
6.40
CM.TO:
2.79
TRP.TO:
3.99
CM.TO:
2.52
TRP.TO:
CA$15.76B
CM.TO:
CA$53.25B
TRP.TO:
CA$8.07B
CM.TO:
CA$28.73B
TRP.TO:
CA$10.90B
CM.TO:
CA$13.01B
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Return for Risk
TRP.TO vs. CM.TO — Risk / Return Rank
TRP.TO
CM.TO
TRP.TO vs. CM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TC Energy Corporation (TRP.TO) and Canadian Imperial Bank of Commerce (CM.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.
| TRP.TO | CM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.76 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 5.79 | 8.62 | -2.83 |
| Martin ratioReturn relative to average drawdown | 17.20 | 31.57 | -14.37 |
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Drawdowns
TRP.TO vs. CM.TO - Drawdown Comparison
The maximum TRP.TO drawdown since its inception was -36.30%, smaller than the maximum CM.TO drawdown of -58.49%. Use the drawdown chart below to compare losses from any high point for TRP.TO and CM.TO.
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Drawdown Indicators
| TRP.TO | CM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.30% | -58.49% | +22.19% |
Max Drawdown (1Y)Largest decline over 1 year | -8.75% | -9.11% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -15.48% | -16.57% | +1.09% |
Max Drawdown (5Y)Largest decline over 5 years | -34.02% | -35.43% | +1.41% |
Max Drawdown (10Y)Largest decline over 10 years | -36.30% | -40.02% | +3.72% |
Current DrawdownCurrent decline from peak | -1.09% | -1.00% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -8.45% | -9.29% | +0.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 2.48% | +0.49% |
Volatility
TRP.TO vs. CM.TO - Volatility Comparison
The current volatility for TC Energy Corporation (TRP.TO) is 5.23%, while Canadian Imperial Bank of Commerce (CM.TO) has a volatility of 7.75%. This indicates that TRP.TO experiences smaller price fluctuations and is considered to be less risky than CM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRP.TO | CM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 7.75% | -2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 12.67% | 14.92% | -2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.89% | 17.61% | -0.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.65% | 18.24% | +1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.24% | 19.93% | +3.31% |
Dividends
TRP.TO vs. CM.TO - Dividend Comparison
TRP.TO's dividend yield for the trailing twelve months is around 3.54%, more than CM.TO's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CM.TO Canadian Imperial Bank of Commerce | 2.56% | 3.20% | 4.04% | 5.47% | 7.52% | 8.13% | 10.74% | 10.51% | 10.58% | 8.39% | 8.84% | 9.69% |
TRP.TO TC Energy Corporation | 3.54% | 4.50% | 5.40% | 6.71% | 6.67% | 5.92% | 6.26% | 4.34% | 5.66% | 4.09% | 3.73% | 4.60% |
Financials
TRP.TO vs. CM.TO - Financials Comparison
This section allows you to compare key financial metrics between TC Energy Corporation and Canadian Imperial Bank of Commerce. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
TRP.TO vs. CM.TO - Profitability Comparison
TRP.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TC Energy Corporation reported a gross profit of 2.40B and revenue of 4.23B. Therefore, the gross margin over that period was 56.7%.
CM.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian Imperial Bank of Commerce reported a gross profit of 7.36B and revenue of 15.23B. Therefore, the gross margin over that period was 48.4%.
TRP.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TC Energy Corporation reported an operating income of 2.21B and revenue of 4.23B, resulting in an operating margin of 52.1%.
CM.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian Imperial Bank of Commerce reported an operating income of 3.20B and revenue of 15.23B, resulting in an operating margin of 21.0%.
TRP.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TC Energy Corporation reported a net income of 927.00M and revenue of 4.23B, resulting in a net margin of 21.9%.
CM.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian Imperial Bank of Commerce reported a net income of 2.46B and revenue of 15.23B, resulting in a net margin of 16.1%.
Frequently Asked Questions
TRP.TO and CM.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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