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TULB.TO vs. TPU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TULB.TO vs. TPU.TO

Last updated Jul 16, 2026
Documentation

TULB.TO (TD U.S. Long Term Treasury Bond ETF) and TPU.TO (TD U.S. Equity Index ETF) are both exchange-traded funds - TULB.TO is a Government Bonds fund actively managed by TD, while TPU.TO is a Large Cap Blend Equities fund tracking the Solactive US Large Cap CAD Index. TULB.TO is actively managed, while TPU.TO is passively managed. Over the past 5 years, TULB.TO returned -4.35%/yr vs 15.37%/yr for TPU.TO. At a 0.02 correlation, their price movements are largely independent.

Performance

TULB.TO vs. TPU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD U.S. Long Term Treasury Bond ETF (TULB.TO) and TD U.S. Equity Index ETF (TPU.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, TULB.TO achieves a 1.32% return, which is significantly lower than TPU.TO's 13.90% 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*
—

TPU.TO

1D
0.15%
1M
0.71%
6M
11.21%
YTD
13.90%
1Y
25.37%
3Y*
23.17%
5Y*
15.37%
10Y*
15.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TULB.TO vs. TPU.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
TULB.TO
TD U.S. Long Term Treasury Bond ETF		1.32%0.01%-0.66%0.23%-20.71%-5.23%10.77%-2.51%
TPU.TO
TD U.S. Equity Index ETF		13.90%12.69%35.78%24.25%-14.31%26.02%18.73%0.28%

Correlation

The correlation between TULB.TO and TPU.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.21

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

0.13

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

0.05

Correlation (All Time)
Calculated using the full available price history since Nov 28, 2019

0.02

The correlation between TULB.TO and TPU.TO shifts across timeframes, from 0.02 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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

TD U.S. Long Term Treasury Bond ETF

TD U.S. Equity Index ETF

Often compared with TPU.TO:
TPU.TO vs. VFV.TOTPU.TO vs. TTP.TOTPU.TO vs. ZSP.TOTPU.TO vs. VOOTPU.TO vs. VUN.TOTPU.TO vs. XUS.TOTPU.TO vs. XUU.TO

Return for Risk

TULB.TO vs. TPU.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TULB.TO
TULB.TO Risk / Return Rank: 2121
Overall Rank
TULB.TO Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
TULB.TO Sortino Ratio Rank: 2222
Sortino Ratio Rank
TULB.TO Omega Ratio Rank: 2121
Omega Ratio Rank
TULB.TO Calmar Ratio Rank: 2020
Calmar Ratio Rank
TULB.TO Martin Ratio Rank: 1818
Martin Ratio Rank
TPU.TO
TPU.TO Risk / Return Rank: 7777
Overall Rank
TPU.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
TPU.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
TPU.TO Omega Ratio Rank: 7979
Omega Ratio Rank
TPU.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
TPU.TO Martin Ratio Rank: 7373
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.

TULB.TO vs. TPU.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 U.S. Equity Index ETF (TPU.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.TOTPU.TODifference
Sharpe ratioReturn per unit of total volatility
0.68
2.04

-1.37

Sortino ratioReturn per unit of downside risk
1.07
2.78

-1.71

Omega ratioGain probability vs. loss probability

1.13

1.37

-0.24

Calmar ratioReturn relative to maximum drawdown

0.74

2.94

-2.19

Martin ratioReturn relative to average drawdown

1.58

10.76

-9.19

TULB.TO vs. TPU.TO - Sharpe Ratio Comparison

The current TULB.TO Sharpe Ratio is 0.68, which is lower than the TPU.TO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of TULB.TO and TPU.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

TULB.TO vs. TPU.TO - Drawdown Comparison

The maximum TULB.TO drawdown since its inception was -44.56%, which is greater than TPU.TO's maximum drawdown of -27.96%. Use the drawdown chart below to compare losses from any high point for TULB.TO and TPU.TO.

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Drawdown Indicators

TULB.TOTPU.TODifference

Max Drawdown

Largest peak-to-trough decline

-44.56%

-27.96%

-16.60%

Max Drawdown (1Y)

Largest decline over 1 year

-8.51%

-8.68%

+0.17%

Max Drawdown (3Y)

Largest decline over 3 years

-13.17%

-19.30%

+6.13%

Max Drawdown (5Y)

Largest decline over 5 years

-34.06%

-23.73%

-10.33%

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.96%

—

Current Drawdown

Current decline from peak

-35.90%

-0.90%

-35.00%

Average Drawdown

Average peak-to-trough decline

-30.44%

-3.94%

-26.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.00%

2.36%

+1.64%

Volatility

TULB.TO vs. TPU.TO - Volatility Comparison

The current volatility for TD U.S. Long Term Treasury Bond ETF (TULB.TO) is 2.78%, while TD U.S. Equity Index ETF (TPU.TO) has a volatility of 3.04%. This indicates that TULB.TO experiences smaller price fluctuations and is considered to be less risky than TPU.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.TOTPU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.78%

3.04%

-0.26%

Volatility (6M)

Calculated over the trailing 6-month period

7.00%

9.75%

-2.75%

Volatility (1Y)

Calculated over the trailing 1-year period

9.35%

12.47%

-3.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.01%

15.47%

+0.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.77%

16.76%

+0.01%

Dividends

TULB.TO vs. TPU.TO - Dividend Comparison

TULB.TO's dividend yield for the trailing twelve months is around 4.61%, more than TPU.TO's 0.83% yield.

PositionTTM2025202420232022202120202019201820172016
TPU.TO
TD U.S. Equity Index ETF		0.83%0.96%0.90%1.23%1.34%0.99%1.23%1.23%1.57%1.59%1.33%
TULB.TO
TD U.S. Long Term Treasury Bond ETF		4.61%4.54%1.99%3.37%1.04%0.21%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

TULB.TO and TPU.TO have a correlation of 0.21, 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 TPU.TO is Large Cap Blend Equities.

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