XFLB.TO vs. TCSH.TO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Core Canadian 15+ Year Federal Bond Index ETF (XFLB.TO) and TD Cash Management ETF (TCSH.TO).

XFLB.TO and TCSH.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XFLB.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Can 10+Y Core Bd GR CAD. It was launched on Feb 7, 2023. TCSH.TO is an actively managed fund by TD. It was launched on Feb 15, 2024.

Performance

XFLB.TO vs. TCSH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Canadian 15+ Year Federal Bond Index ETF (XFLB.TO) and TD Cash Management ETF (TCSH.TO). The values are adjusted to include any dividend payments, if applicable.

XFLB.TO vs. TCSH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XFLB.TO iShares Core Canadian 15+ Year Federal Bond Index ETF	0.68%	-6.17%	4.56%
TCSH.TO TD Cash Management ETF	0.37%	3.09%	4.37%

Returns By Period

In the year-to-date period, XFLB.TO achieves a 0.68% return, which is significantly higher than TCSH.TO's 0.37% return.

XFLB.TO

• 1D: 1.49%
• 1M: -3.95%
• YTD: 0.68%
• 6M: -2.61%
• 1Y: -7.95%
• 3Y*: -1.70%
• 5Y*: —
• 10Y*: —

TCSH.TO

• 1D: -0.02%
• 1M: 0.12%
• YTD: 0.37%
• 6M: 1.22%
• 1Y: 2.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XFLB.TO vs. TCSH.TO - Expense Ratio Comparison

XFLB.TO has a 0.17% expense ratio, which is higher than TCSH.TO's 0.16% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

XFLB.TO

iShares Core Canadian 15+ Year Federal Bond Index ETF

TCSH.TO

TD Cash Management ETF

Return for Risk

XFLB.TO vs. TCSH.TO — Risk / Return Rank

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

XFLB.TO

XFLB.TO Risk / Return Rank: 3
XFLB.TO Sharpe Ratio Rank: 2
XFLB.TO Sortino Ratio Rank: 2
XFLB.TO Omega Ratio Rank: 1
XFLB.TO Calmar Ratio Rank: 3
XFLB.TO Martin Ratio Rank: 5

TCSH.TO

TCSH.TO Risk / Return Rank: 99
TCSH.TO Sharpe Ratio Rank: 99
TCSH.TO Sortino Ratio Rank: 99
TCSH.TO Omega Ratio Rank: 99
TCSH.TO Calmar Ratio Rank: 99
TCSH.TO Martin Ratio Rank: 99

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.

XFLB.TO vs. TCSH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian 15+ Year Federal Bond Index ETF (XFLB.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.

	XFLB.TO	TCSH.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.70	5.78	-6.47
Sortino ratio Return per unit of downside risk	-0.90	10.76	-11.66
Omega ratio Gain probability vs. loss probability	0.86	2.86	-2.00
Calmar ratio Return relative to maximum drawdown	-0.61	26.59	-27.20
Martin ratio Return relative to average drawdown	-0.90	107.81	-108.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XFLB.TO vs. TCSH.TO - Sharpe Ratio Comparison

The current XFLB.TO Sharpe Ratio is -0.70, which is lower than the TCSH.TO Sharpe Ratio of 5.78. The chart below compares the historical Sharpe Ratios of XFLB.TO and TCSH.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XFLB.TO	TCSH.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.70	5.78	-6.47
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	5.30	-5.36

Correlation

The correlation between XFLB.TO and TCSH.TO is 0.06, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

XFLB.TO vs. TCSH.TO - Dividend Comparison

XFLB.TO's dividend yield for the trailing twelve months is around 3.08%, more than TCSH.TO's 2.74% yield.

	TTM	2025	2024	2023
XFLB.TO iShares Core Canadian 15+ Year Federal Bond Index ETF	3.08%	3.05%	2.72%	2.27%
TCSH.TO TD Cash Management ETF	2.74%	3.03%	4.21%	0.00%

Drawdowns

XFLB.TO vs. TCSH.TO - Drawdown Comparison

The maximum XFLB.TO drawdown since its inception was -20.54%, 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 XFLB.TO and TCSH.TO.

Drawdown Indicators

	XFLB.TO	TCSH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-20.54%	-0.54%	-20.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-0.10%	-11.54%
Current Drawdown Current decline from peak	-10.85%	-0.02%	-10.83%
Average Drawdown Average peak-to-trough decline	-8.01%	-0.01%	-8.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.89%	0.02%	+7.87%

Volatility

XFLB.TO vs. TCSH.TO - Volatility Comparison

iShares Core Canadian 15+ Year Federal Bond Index ETF (XFLB.TO) has a higher volatility of 4.29% compared to TD Cash Management ETF (TCSH.TO) at 0.13%. This indicates that XFLB.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.

Volatility by Period

	XFLB.TO	TCSH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	0.13%	+4.16%
Volatility (6M) Calculated over the trailing 6-month period	7.68%	0.37%	+7.31%
Volatility (1Y) Calculated over the trailing 1-year period	11.52%	0.46%	+11.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	0.71%	+15.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	0.71%	+15.19%