XSH.TO vs. TCSB.TO
XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) and TCSB.TO (TD Select Short Term Corporate Bond Ladder ETF) are both Short-Term Bond funds. XSH.TO is passively managed, while TCSB.TO is actively managed. Over the past 5 years, XSH.TO returned 2.84%/yr vs 2.94%/yr for TCSB.TO. Their 0.49 correlation means their historical movements had little consistent relationship. XSH.TO charges 0.10%/yr vs 0.28%/yr for TCSB.TO.
Performance
XSH.TO vs. TCSB.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with XSH.TO having a 1.42% return and TCSB.TO slightly lower at 1.39%.
XSH.TO
- 1D
- -0.11%
- 1M
- -0.19%
- 6M
- 0.83%
- YTD
- 1.42%
- 1Y
- 3.11%
- 3Y*
- 6.10%
- 5Y*
- 2.84%
- 10Y*
- 2.79%
- ALL TIME*
- 2.84%
TCSB.TO
- 1D
- -0.14%
- 1M
- -0.17%
- 6M
- 0.95%
- YTD
- 1.39%
- 1Y
- 3.37%
- 3Y*
- 5.96%
- 5Y*
- 2.94%
- 10Y*
- —
- ALL TIME*
- 3.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$626.26K | CA$627.21K | CA$554.30K | |
| CA$1.66M | CA$1.41M | CA$1.29M |
XSH.TO vs. TCSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 1.42% | 4.61% | 7.11% | 6.80% | -4.52% | -0.81% | 6.28% | 5.02% | 0.79% |
TCSB.TO TD Select Short Term Corporate Bond Ladder ETF | 1.39% | 4.71% | 6.89% | 6.95% | -4.39% | 0.14% | 5.36% | 5.72% | 0.13% |
Correlation
The correlation between XSH.TO and TCSB.TO is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.60 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2018 | 0.49 |
The correlation between XSH.TO and TCSB.TO shifts across timeframes, from 0.49 (all time) to 0.67 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XSH.TO vs. TCSB.TO — Risk / Return Rank
XSH.TO
TCSB.TO
XSH.TO vs. TCSB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) and TD Select Short Term Corporate Bond Ladder ETF (TCSB.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.
| XSH.TO | TCSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.31 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 2.11 | +0.11 |
| Martin ratioReturn relative to average drawdown | 8.67 | 8.89 | -0.22 |
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Drawdowns
XSH.TO vs. TCSB.TO - Drawdown Comparison
The maximum XSH.TO drawdown since its inception was -14.24%, roughly equal to the maximum TCSB.TO drawdown of -14.90%. Use the drawdown chart below to compare losses from any high point for XSH.TO and TCSB.TO.
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Drawdown Indicators
| XSH.TO | TCSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.24% | -14.90% | +0.66% |
Max Drawdown (1Y)Largest decline over 1 year | -1.51% | -1.64% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -1.51% | -1.64% | +0.13% |
Max Drawdown (5Y)Largest decline over 5 years | -7.80% | -7.23% | -0.57% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | — | — |
Current DrawdownCurrent decline from peak | -0.30% | -0.37% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -1.30% | +0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.39% | -0.01% |
Volatility
XSH.TO vs. TCSB.TO - Volatility Comparison
iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) and TD Select Short Term Corporate Bond Ladder ETF (TCSB.TO) have volatilities of 0.59% and 0.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSH.TO | TCSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 0.62% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.85% | 1.73% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.21% | 2.16% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.85% | 2.95% | -0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 5.89% | -1.47% |
XSH.TO vs. TCSB.TO - Expense Ratio Comparison
XSH.TO has a 0.10% expense ratio, which is lower than TCSB.TO's 0.28% expense ratio.
Dividends
XSH.TO vs. TCSB.TO - Dividend Comparison
XSH.TO's dividend yield for the trailing twelve months is around 3.94%, more than TCSB.TO's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TCSB.TO TD Select Short Term Corporate Bond Ladder ETF | 3.68% | 3.65% | 4.89% | 4.97% | 2.72% | 2.37% | 3.84% | 3.00% | 0.07% | 0.00% | 0.00% | 0.00% |
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 3.94% | 3.82% | 3.64% | 3.24% | 2.97% | 2.65% | 2.61% | 2.80% | 2.86% | 2.93% | 3.08% | 3.18% |
Frequently Asked Questions
XSH.TO and TCSB.TO have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSH.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSH.TO is cheaper with a 0.10% expense ratio, compared with 0.28% for TCSB.TO.
They also come from different issuers: iShares and TD. Their fees differ too: 0.10% for XSH.TO and 0.28% for TCSB.TO.
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