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XLB.TO vs. TCSH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLB.TO vs. TCSH.TO

Last updated Jun 4, 2026

XLB.TO (iShares Core Canadian Long Term Bond Index ETF) and TCSH.TO (TD Cash Management ETF) are both Canadian Government Bonds funds. XLB.TO is passively managed, while TCSH.TO is actively managed. Over the past year, XLB.TO returned 2.84% vs 2.65% for TCSH.TO. At a 0.12 correlation, their price movements are largely independent. XLB.TO charges 0.20%/yr vs 0.16%/yr for TCSH.TO.

Performance

XLB.TO vs. TCSH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Canadian Long Term Bond Index ETF (XLB.TO) and TD Cash Management ETF (TCSH.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, XLB.TO achieves a 2.77% return, which is significantly higher than TCSH.TO's 0.85% return.

XLB.TO

1D
-0.11%
1M
3.02%
YTD
2.77%
6M
0.93%
1Y
2.84%
3Y*
8.16%
5Y*
4.63%
10Y*
4.56%

TCSH.TO

1D
0.00%
1M
0.23%
YTD
0.85%
6M
1.17%
1Y
2.65%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
XLB.TO
iShares Core Canadian Long Term Bond Index ETF		2.77%-0.76%14.66%
TCSH.TO
TD Cash Management ETF		0.85%3.09%4.37%

Correlation

The correlation between XLB.TO and TCSH.TO is 0.08, 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

0.08

Correlation (All Time)
Calculated using the full available price history since Feb 23, 2024

0.12

Compare stocks, funds, or ETFs

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

iShares Core Canadian Long Term Bond Index ETF

TD Cash Management ETF

Often compared with XLB.TO:
XLB.TO vs. XBB.TOXLB.TO vs. XSB.TOXLB.TO vs. TLTXLB.TO vs. XTLT.TOXLB.TO vs. XCB.TOXLB.TO vs. ZFL.TOXLB.TO vs. XHB.TO
Often compared with TCSH.TO:
TCSH.TO vs. CASH.TOTCSH.TO vs. ZMMK.TOTCSH.TO vs. CBIL.TOTCSH.TO vs. PSA.TOTCSH.TO vs. ZST.TOTCSH.TO vs. ZCM.TOTCSH.TO vs. MNY.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLB.TO
XLB.TO Risk / Return Rank: 1414
Overall Rank
XLB.TO Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
XLB.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
XLB.TO Omega Ratio Rank: 1212
Omega Ratio Rank
XLB.TO Calmar Ratio Rank: 1616
Calmar Ratio Rank
XLB.TO Martin Ratio Rank: 1414
Martin Ratio Rank
TCSH.TO
TCSH.TO Risk / Return Rank: 9999
Overall Rank
TCSH.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
TCSH.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
TCSH.TO Omega Ratio Rank: 9999
Omega Ratio Rank
TCSH.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
TCSH.TO Martin Ratio Rank: 9999
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Long Term Bond Index ETF (XLB.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.

XLB.TOTCSH.TODifference
Sharpe ratioReturn per unit of total volatility
0.36
5.79

-5.43

Sortino ratioReturn per unit of downside risk
0.54
10.75

-10.21

Omega ratioGain probability vs. loss probability

1.07

2.87

-1.80

Calmar ratioReturn relative to maximum drawdown

0.59

26.63

-26.05

Martin ratioReturn relative to average drawdown

1.11

108.17

-107.06

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XLB.TO Sharpe Ratio is 0.36, which is lower than the TCSH.TO Sharpe Ratio of 5.79. The chart below compares the historical Sharpe Ratios of XLB.TO and TCSH.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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Sharpe Ratios by Period

XLB.TOTCSH.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.36

5.79

-5.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

5.33

-4.78

Drawdowns

XLB.TO vs. TCSH.TO - Drawdown Comparison

The maximum XLB.TO drawdown since its inception was -24.34%, 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 XLB.TO and TCSH.TO.

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Drawdown Indicators

XLB.TOTCSH.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.34%

-0.54%

-23.80%

Max Drawdown (1Y)

Largest decline over 1 year

-4.85%

-0.10%

-4.75%

Max Drawdown (3Y)

Largest decline over 3 years

-9.74%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-24.34%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-24.34%

—

—

Current Drawdown

Current decline from peak

-2.17%

0.00%

-2.17%

Average Drawdown

Average peak-to-trough decline

-4.05%

-0.01%

-4.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.57%

0.02%

+2.55%

Volatility

XLB.TO vs. TCSH.TO - Volatility Comparison

iShares Core Canadian Long Term Bond Index ETF (XLB.TO) has a higher volatility of 2.77% compared to TD Cash Management ETF (TCSH.TO) at 0.11%. This indicates that XLB.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

XLB.TOTCSH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.77%

0.11%

+2.66%

Volatility (6M)

Calculated over the trailing 6-month period

5.77%

0.37%

+5.40%

Volatility (1Y)

Calculated over the trailing 1-year period

7.93%

0.46%

+7.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.68%

0.69%

+11.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.86%

0.69%

+11.17%

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

XLB.TO has a 0.20% 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%.

Dividends

XLB.TO vs. TCSH.TO - Dividend Comparison

XLB.TO's dividend yield for the trailing twelve months is around 4.01%, more than TCSH.TO's 2.59% yield.

PositionTTM20252024202320222021202020192018201720162015
TCSH.TO
TD Cash Management ETF		2.59%3.03%4.21%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XLB.TO
iShares Core Canadian Long Term Bond Index ETF		4.01%4.05%12.10%12.22%13.13%8.82%7.43%3.18%3.56%3.45%3.62%3.64%

Frequently Asked Questions

XLB.TO and TCSH.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, TCSH.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TCSH.TO is cheaper with a 0.16% expense ratio, compared with 0.20% for XLB.TO.

They also come from different issuers: iShares and TD. Their fees differ too: 0.20% for XLB.TO and 0.16% for TCSH.TO.

Portfolio Optimizer

Find the right allocation for XLB.TO and TCSH.TO

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