TULB.TO vs. TCSH.TO
TULB.TO (TD U.S. Long Term Treasury Bond ETF) and TCSH.TO (TD Cash Management ETF) are both exchange-traded funds - TULB.TO is a Government Bonds fund actively managed by TD, while TCSH.TO is a Ultrashort Bond fund actively managed by TD. Both are actively managed. Over the past year, TULB.TO returned 6.29% vs 2.65% for TCSH.TO. At a 0.02 correlation, their price movements are largely independent.
Performance
TULB.TO vs. TCSH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TULB.TO achieves a 1.32% return, which is significantly higher than TCSH.TO's 1.14% return.
TULB.TO
- 1D
- 0.01%
- 1M
- -0.69%
- 6M
- -1.01%
- YTD
- 1.32%
- 1Y
- 6.29%
- 3Y*
- 0.37%
- 5Y*
- -4.35%
- 10Y*
- —
TCSH.TO
- 1D
- 0.00%
- 1M
- 0.17%
- 6M
- 1.20%
- YTD
- 1.14%
- 1Y
- 2.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TULB.TO vs. TCSH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TULB.TO TD U.S. Long Term Treasury Bond ETF | 1.32% | 0.01% | 3.56% |
TCSH.TO TD Cash Management ETF | 1.14% | 3.09% | 4.22% |
Correlation
The correlation between TULB.TO and TCSH.TO is -0.07, 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 | -0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024 | 0.02 |
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Return for Risk
TULB.TO vs. TCSH.TO — Risk / Return Rank
TULB.TO
TCSH.TO
TULB.TO vs. TCSH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD U.S. Long Term Treasury Bond ETF (TULB.TO) and TD Cash Management ETF (TCSH.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.
| TULB.TO | TCSH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.34 | ||
| Sortino ratioReturn per unit of downside risk | -10.27 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 3.03 | -1.90 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 26.61 | -25.87 |
| Martin ratioReturn relative to average drawdown | 1.58 | 110.82 | -109.25 |
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Drawdowns
TULB.TO vs. TCSH.TO - Drawdown Comparison
The maximum TULB.TO drawdown since its inception was -44.56%, which is greater than TCSH.TO's maximum drawdown of -0.54%. Use the drawdown chart below to compare losses from any high point for TULB.TO and TCSH.TO.
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Drawdown Indicators
| TULB.TO | TCSH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.56% | -0.54% | -44.02% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -0.10% | -8.41% |
Max Drawdown (3Y)Largest decline over 3 years | -13.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -34.06% | — | — |
Current DrawdownCurrent decline from peak | -35.90% | -0.00% | -35.90% |
Average DrawdownAverage peak-to-trough decline | -30.44% | -0.01% | -30.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.00% | 0.02% | +3.98% |
Volatility
TULB.TO vs. TCSH.TO - Volatility Comparison
TD U.S. Long Term Treasury Bond ETF (TULB.TO) has a higher volatility of 2.78% compared to TD Cash Management ETF (TCSH.TO) at 0.08%. This indicates that TULB.TO's price experiences larger fluctuations and is considered to be riskier than TCSH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TULB.TO | TCSH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 0.08% | +2.70% |
Volatility (6M)Calculated over the trailing 6-month period | 7.00% | 0.26% | +6.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.35% | 0.44% | +8.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.01% | 0.68% | +15.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.77% | 0.68% | +16.09% |
Dividends
TULB.TO vs. TCSH.TO - Dividend Comparison
TULB.TO's dividend yield for the trailing twelve months is around 4.61%, more than TCSH.TO's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
TCSH.TO TD Cash Management ETF | 2.60% | 3.03% | 4.21% | 0.00% | 0.00% | 0.00% |
TULB.TO TD U.S. Long Term Treasury Bond ETF | 4.61% | 4.54% | 1.99% | 3.37% | 1.04% | 0.21% |
Frequently Asked Questions
TULB.TO and TCSH.TO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TULB.TO is categorized as Government Bonds, while TCSH.TO is Ultrashort Bond.
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