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Relative Intelligence · Banks

How Toronto-Dominion Bank (TD) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on TD alone. It places TD (The Toronto-Dominion Bank) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where TD stands in the market, and of the alternatives worth a closer look.

Period covered: TD's full trading record, from August 1996 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against TD →Chart TD vs. 23 alternatives →
On this page12 sections

Key findings

How much would $10,000 in TD have grown?

This chart tracks a hypothetical $10,000 investment in TD over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of TD over the same span and TD's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 135 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of TD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199720022007201220172022$10,000$100,000$1M$10M19972004201120182025
  • AAPL$21M+205,249% total · +30.1% a year
  • AMZN$11M+114,749% total · +27.5% a year
  • MU$629,766+6,198% total · +15.4% a year
  • MSFT$508,386+4,984% total · +14.5% a year
  • RY$442,765+4,328% total · +14.0% a year
  • TD$422,896+4,129% total · +13.8% a year
  • JPM$189,407+1,794% total · +10.7% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • ING$45,632+356% total · +5.4% a year
  • MUFG$22,774+128% total · +2.9% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 655 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of TD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026
  • SMFG$44,827+348% total · +35.0% a year
  • MUFG$44,537+345% total · +34.8% a year
  • MFC$28,001+180% total · +22.9% a year
  • CM$25,433+154% total · +20.5% a year
  • CBOE$23,731+137% total · +18.9% a year
  • RY$23,646+136% total · +18.8% a year
  • GLD$23,190+132% total · +18.3% a year
  • JPM$22,905+129% total · +18.0% a year
  • TD$21,998+120% total · +17.1% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

TD at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$206B
Industry
Banks - Diversified
Price history from
August 1996

Returns

Past 1 year
+57.5%total return
Past 3 years
+141%+34.1% a year
Past 5 years
+109%+15.8% a year
Past 10 years
+310%+15.1% a year
Best calendar year
+85.4%2009
Worst calendar year
−46.8%2008
Losing years
8 of 29full calendar years

Risk

Volatility
20.0%typical yearly swing, 5 years
Sharpe ratio
0.84return per unit of risk, 5 years
Worst decline ever
−64.1%Oct 2007 to Feb 2009
From its all-time high
−1.5%below the peak

TD against the whole market

Where TD ranks among every stock and fund, and what across the market has done better.

How does TD rank among all stocks?

This section ranks TD on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how TD stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureTDRankStanding
1-year return+57.5%448 of 3,287top 14%
3-year return+141%649 of 3,017top 22%
5-year return+109%636 of 2,893top 22%
10-year return+310%560 of 2,202top 25%
Volatility, 5 years20.0%93 of 2,893top 3%
Sharpe ratio, 5 years0.84242 of 2,893top 8%
Worst decline, past 10 years−42.0%200 of 2,187top 9%

What has beaten TD on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). TD sits where the dashed lines cross. Anything in the green box above and to the left earned more than TD with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to TD; faint dots are 2 more of the 13 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%30.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TDSDCI: +20.6% a year, volatility 18.4%TPYP: +16.9% a year, volatility 17.3%TD: +15.8% a year, volatility 20.0%SPY (S&P 500): +12.7% a year, volatility 17.1%RY: +17.3% a year, volatility 18.2%MFC: +22.6% a year, volatility 24.0%CM: +19.2% a year, volatility 21.6%V: +12.8% a year, volatility 22.9%CBOE: +21.5% a year, volatility 25.1%NDAQ: +8.9% a year, volatility 24.7%LVHI: +17.0% a year, volatility 11.1%GLD: +17.7% a year, volatility 18.9%NHC: +32.0% a year, volatility 28.5%MPLX: +23.5% a year, volatility 18.8%TRV: +22.4% a year, volatility 22.3%CAH: +42.1% a year, volatility 24.7%CRAK: +19.8% a year, volatility 20.9%PVAL: +16.1% a year, volatility 15.1%TDSPY (S&P 500)RYMFCCMVCBOENDAQLVHIGLDNHCMPLXTRVCAHCRAKPVAL10.0%15.0%20.0%25.0%30.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TDSDCI: +20.6% a year, volatility 18.4%TPYP: +16.9% a year, volatility 17.3%TD: +15.8% a year, volatility 20.0%SPY (S&P 500): +12.7% a year, volatility 17.1%RY: +17.3% a year, volatility 18.2%MFC: +22.6% a year, volatility 24.0%CM: +19.2% a year, volatility 21.6%V: +12.8% a year, volatility 22.9%CBOE: +21.5% a year, volatility 25.1%NDAQ: +8.9% a year, volatility 24.7%LVHI: +17.0% a year, volatility 11.1%GLD: +17.7% a year, volatility 18.9%NHC: +32.0% a year, volatility 28.5%MPLX: +23.5% a year, volatility 18.8%TRV: +22.4% a year, volatility 22.3%CAH: +42.1% a year, volatility 24.7%CRAK: +19.8% a year, volatility 20.9%PVAL: +16.1% a year, volatility 15.1%TDSPY (S&P 500)RYMFCCMVNDAQLVHIGLDNHCMPLXTRVCAHCRAK
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than TD?

Investments that beat TD over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat TD over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks TD's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than TD follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than TD's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× TD's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than TD's.

Screen the whole market against TD for any period in BetterThanSPYOpen these 15 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with TD?lower diversifies moreExpenseper year
TDThe Toronto-Dominion Bank · this page
+15.8%20.0%0.84−42.0%+310%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.550.09%
Popular alternativesbest 3 shownThe investments people most often weigh against TD. 3 of 22 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatility+17.3%18.2%0.97−40.0%+352%0.74—
MFCManulife Financial Corporation · Life Insurance
Higher return in most periods+22.6%24.0%0.97−57.5%+373%0.50—
CMCanadian Imperial Bank of Commerce · Banks
Higher return, similar volatility+19.2%21.6%0.93−47.3%+395%0.69—
Same and neighboring categories, and shared themesbest 3 shownEverything else in Banks and the categories next to it (Regional Banks, Capital Markets, Payment Processing, Asset Management), plus TD's specific themes. 3 of 122 passed at least one test.
VVisa Inc. · Payment Processing
Smaller losses in recent crashes+12.8%22.9%0.64−36.4%+429%0.41—
CBOECboe Global Markets, Inc. · Capital Markets
Smaller losses in recent crashes+21.5%25.1%0.91−43.2%+463%0.07—
NDAQNasdaq, Inc. · Capital Markets
Smaller losses in recent crashes+8.9%24.7%0.47−38.3%+407%0.26—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 81 of 3,489 passed at least one test.
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+17.0%11.1%1.48−32.4%+194%0.510.40%
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.7%18.9%0.96−26.4%+213%0.120.40%
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%0.24—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatility+23.5%18.8%1.22−75.2%+350%0.35—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return in most periodsSmaller losses in recent crashes+22.4%22.3%1.02−46.3%+347%0.42—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.26—
CRAKVanEck Oil Refiners ETF · Energy
Higher return, similar volatilityHigher return in most periods+19.8%20.9%0.97−58.8%+336%0.350.61%
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Similar return, lower volatility+16.1%15.1%1.07−41.3%—0.640.56%
What these numbers mean for TD
Annual return
TD returned 15.8% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $20,900. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
TD's volatility over the past 5 years was 20.0%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TD's return lands within 20.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
TD's Sharpe ratio over the past 5 years was 0.84, against 0.79 for the S&P 500, so TD earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
TD's worst fall from a peak to a low over the past 10 years was 42.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 42.0% fall takes a 72.4% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, TD's monthly returns had a correlation of 0.55 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against TD instead: the lower it is, the more that option would diversify a TD holding. Guide: Correlation and diversification →
Show all 13 stocks and funds worth at least $500 million that earned more than TD with less volatility

Out of 3,633 tested over 5 years. The strongest 6 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with TDExpense
1
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.510.40%
2
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.120.40%
3
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.35—
4
RYRoyal Bank of Canada · Banks
Popular alternative+17.3%18.2%0.97−40.0%+352%0.74—
5
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.130.80%
6
TPYPTortoise North American Pipeline ETF · Energy
Whole market+16.9%17.3%0.99−51.9%+184%0.410.40%

TD against its popular alternatives

The investments people most often weigh against TD, compared period by period and year by year.

How do TD's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at TD, which divides the map into what did better or worse on each measure.

Green points earned more than TD with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityTD: 15.8% a year, volatility 20.0%SPY (S&P 500): 12.7% a year, volatility 17.1%RY: 17.3% a year, volatility 18.2%AXP: 13.5% a year, volatility 29.3%BMO: 13.6% a year, volatility 21.4%C: 15.1% a year, volatility 29.4%BAC: 4.0% a year, volatility 26.6%PNC: 4.6% a year, volatility 26.8%SCHW: 3.6% a year, volatility 31.9%WFC: 13.1% a year, volatility 29.5%USB: 3.3% a year, volatility 29.6%TFC: −1.2% a year, volatility 31.6%MFC: 22.6% a year, volatility 24.0%MUFG: 33.2% a year, volatility 29.4%JPM: 17.3% a year, volatility 24.3%SMFG: 33.7% a year, volatility 29.4%CM: 19.2% a year, volatility 21.6%ING: 24.7% a year, volatility 31.1%SAN: 31.6% a year, volatility 33.9%HSBC: 33.1% a year, volatility 25.9%BCS: 18.5% a year, volatility 34.1%DB: 22.1% a year, volatility 37.4%BNS: 12.8% a year, volatility 19.9%SLF: 11.7% a year, volatility 19.4%TDSPY (S&P 500)RYAXPBMOCBACPNCSCHWWFCUSBTFCMFCMUFGJPMSMFGCMINGSANHSBCBCSDB15.0%20.0%25.0%30.0%35.0%40.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityTD: 15.8% a year, volatility 20.0%SPY (S&P 500): 12.7% a year, volatility 17.1%RY: 17.3% a year, volatility 18.2%AXP: 13.5% a year, volatility 29.3%BMO: 13.6% a year, volatility 21.4%C: 15.1% a year, volatility 29.4%BAC: 4.0% a year, volatility 26.6%PNC: 4.6% a year, volatility 26.8%SCHW: 3.6% a year, volatility 31.9%WFC: 13.1% a year, volatility 29.5%USB: 3.3% a year, volatility 29.6%TFC: −1.2% a year, volatility 31.6%MFC: 22.6% a year, volatility 24.0%MUFG: 33.2% a year, volatility 29.4%JPM: 17.3% a year, volatility 24.3%SMFG: 33.7% a year, volatility 29.4%CM: 19.2% a year, volatility 21.6%ING: 24.7% a year, volatility 31.1%SAN: 31.6% a year, volatility 33.9%HSBC: 33.1% a year, volatility 25.9%BCS: 18.5% a year, volatility 34.1%DB: 22.1% a year, volatility 37.4%BNS: 12.8% a year, volatility 19.9%SLF: 11.7% a year, volatility 19.4%TDSPY (S&P 500)RYAXPCBACPNCSCHWUSBTFCMFCMUFGJPMSMFGCMINGSANHSBCBCSDB
All figures
InvestmentAnnual returnVolatility
SMFG Sumitomo Mitsui Financial Group, Inc.+33.7%29.4%
MUFG Mitsubishi UFJ Financial Group, Inc.+33.2%29.4%
HSBC HSBC Holdings plc+33.1%25.9%
SAN Banco Santander, S.A.+31.6%33.9%
ING ING Groep N.V.+24.7%31.1%
MFC Manulife Financial Corporation+22.6%24.0%
DB Deutsche Bank AG+22.1%37.4%
CM Canadian Imperial Bank of Commerce+19.2%21.6%
BCS Barclays PLC+18.5%34.1%
JPM JPMorgan Chase & Co.+17.3%24.3%
RY Royal Bank of Canada+17.3%18.2%
TD This pageThe Toronto-Dominion Bank+15.8%20.0%
C Citigroup Inc.+15.1%29.4%
BMO Bank of Montreal+13.6%21.4%
AXP American Express Company+13.5%29.3%
WFC Wells Fargo & Company+13.1%29.5%
BNS The Bank of Nova Scotia+12.8%19.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
SLF Sun Life Financial Inc.+11.7%19.4%
PNC The PNC Financial Services Group, Inc.+4.6%26.8%
BAC Bank of America Corporation+4.0%26.6%
SCHW The Charles Schwab Corporation+3.6%31.9%
USB U.S. Bancorp+3.3%29.6%
TFC Truist Financial Corporation−1.2%31.6%
Open these 24 in EasyCompare

Has TD consistently beaten its popular alternatives?

This section compares TD with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than TD helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than TD over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
TD The Toronto-Dominion Bank (this page)—−0.9%+2.1%+16.3%+33.1%+57.5%+141%+109%+310%20.0%0.84−42.0%—$206B—
MFC QualifiedManulife Financial Corporation3/5 short3/3 long−0.2%+5.5%+17.4%+26.1%+44.8%+189%+177%+373%24.0%0.97−57.5%—$74B—
MUFG Banks - DiversifiedMitsubishi UFJ Financial Group, Inc.2/5 short3/3 long−6.9%+1.8%+19.6%+36.5%+41.3%+184%+319%+483%29.4%1.13−54.9%—$244B—
JPM Banks - DiversifiedJPMorgan Chase & Co.0/5 short3/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
SMFG Banks - DiversifiedSumitomo Mitsui Financial Group, Inc.0/5 short3/3 long−7.9%−1.3%+15.9%+28.3%+53.5%+181%+327%+474%29.4%1.14−47.6%—$94B—
CM Banks - DiversifiedCanadian Imperial Bank of Commerce0/5 short3/3 long−2.0%−3.3%+4.3%+25.8%+44.4%+261%+141%+395%21.6%0.93−47.3%—$103B—
RY Banks - DiversifiedRoyal Bank of Canada0/5 short3/3 long−3.5%−4.8%+12.0%+18.9%+39.2%+173%+122%+352%18.2%0.97−40.0%—$276B—
ING Banks - DiversifiedING Groep N.V.0/5 short3/3 long−10.7%+2.4%+14.0%+18.9%+42.5%+209%+201%+339%31.1%0.87−74.4%—$94B—
SAN Banks - DiversifiedBanco Santander, S.A.0/5 short3/3 long−10.2%−1.4%+4.5%+9.8%+35.9%+305%+295%+332%33.9%0.99−73.8%—$194B—
HSBC Banks - DiversifiedHSBC Holdings plc0/5 short3/3 long−10.1%−5.9%+2.3%+19.8%+47.7%+201%+318%+319%25.9%1.24−62.3%—$324B—
BCS Banks - DiversifiedBarclays PLC0/5 short2/3 long−11.7%−17.1%−6.2%−13.3%+15.1%+242%+134%+238%34.1%0.67−66.0%—$75B—
DB Banks - RegionalDeutsche Bank AG0/5 short2/3 long−17.1%−8.6%−1.6%−17.0%−3.1%+244%+171%+165%37.4%0.72−72.7%—$60B—
BNS Banks - DiversifiedThe Bank of Nova Scotia2/5 short1/3 long−2.3%+6.9%+22.4%+28.9%+50.0%+162%+83.1%+187%19.9%0.71−46.9%—$112B—
AXP Financial - Credit ServicesAmerican Express Company1/5 short1/3 long+1.8%−9.3%−2.9%−13.8%−7.9%+133%+88.5%+446%29.3%0.58−49.6%—$215B—
BMO Banks - DiversifiedBank of Montreal0/5 short1/3 long−5.5%−5.3%+10.8%+29.7%+37.6%+146%+89.4%+295%21.4%0.71−51.0%—$116B—
C Banks - DiversifiedCitigroup Inc.0/5 short1/3 long−9.3%−4.3%−7.0%+4.8%+26.0%+238%+102%+234%29.4%0.63−56.5%—$206B—
BAC Banks - DiversifiedBank of America Corporation0/5 short0/3 long−12.6%−15.8%−5.2%−8.0%−0.6%+107%+21.6%+282%26.6%0.28−49.0%—$354B—
SLF Insurance - DiversifiedSun Life Financial Inc.0/5 short0/3 long−2.2%−0.4%+15.2%+30.4%+35.5%+96.3%+74.1%+255%19.4%0.67−50.8%—$44B—
PNC Banks - RegionalThe PNC Financial Services Group, Inc.0/5 short0/3 long−4.4%−10.8%−1.0%+7.9%+25.3%+120%+25.1%+230%26.8%0.30−49.6%—$88B—
SCHW Financial - Capital MarketsThe Charles Schwab Corporation0/5 short0/3 long−15.0%−11.1%−1.8%−9.6%−3.1%+86.2%+19.1%+221%31.9%0.27−51.1%—$157B—
WFC Banks - DiversifiedWells Fargo & Company0/5 short0/3 long−5.0%−4.3%+1.4%−12.3%−2.4%+119%+85.0%+141%29.5%0.57−64.5%—$248B—
USB Banks - RegionalU.S. Bancorp0/5 short0/3 long−1.3%−5.5%+5.5%+12.7%+30.3%+117%+17.6%+94.6%29.6%0.26−52.1%—$92B—
TFC Banks - RegionalTruist Financial Corporation0/5 short0/3 long−3.4%−6.3%−5.0%−1.9%+13.6%+102%−5.7%+82.7%31.6%0.12−59.1%—$58B—
BAM Asset ManagementBrookfield Asset Management Ltd.0/5 short0/3 long−0.6%−2.1%−4.5%−11.4%−12.5%+67.9%————−30.4%—$73B—
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How did TD do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where TD ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with TD and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of TD; gray means the two finished within a fraction of a point. The rank row places TD among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of TD20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
TD This pageThe Toronto-Dominion Bank—+85.3%−13.4%+4.5%−12.2%+41.3%+5.6%+17.5%−12.1%+22.9%+30.9%−14.9%+5.0%+16.1%+16.8%+4.1%+22.7%+85.4%−46.8%+20.4%+16.1%+30.7%+29.7%+61.4%−11.7%−7.2%+11.2%+58.4%−2.9%+52.7%
Rank among alternativesTop quarter in 11 of 295 of 2424 of 2421 of 2412 of 237 of 235 of 2317 of 234 of 2312 of 236 of 2315 of 2311 of 2317 of 2321 of 232 of 235 of 235 of 2313 of 234 of 2318 of 223 of 227 of 225 of 2211 of 229 of 2214 of 213 of 1811 of 1812 of 18
SPY S&P 500State Street SPDR S&P 500 ETF10 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
MFC Manulife Financial Corporation10 of 26+22.9%+45.2%+31.0%−1.3%+12.1%−7.1%+49.2%−29.3%+20.9%+23.6%−19.0%−0.6%+49.7%+33.5%−36.0%−3.3%+12.5%−56.9%+23.2%+17.2%+29.8%+45.7%+51.7%−15.4%−16.0%+152%———
MUFG Mitsubishi UFJ Financial Group, Inc.9 of 29+40.0%+39.7%+32.7%+26.2%+27.9%−13.7%+15.8%−31.3%+20.7%+2.5%+15.2%−14.6%+26.0%+33.1%−19.9%+13.3%−19.1%−32.3%−24.2%−8.6%+35.4%+31.3%+47.6%−16.0%−33.1%−30.0%+33.4%−24.8%−24.2%
JPM JPMorgan Chase & Co.13 of 29+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%+11.7%+32.9%+25.5%
SMFG Sumitomo Mitsui Financial Group, Inc.9 of 19+38.0%+54.8%+25.7%+24.5%+18.6%−10.9%+19.4%−22.2%+18.0%+5.2%+7.7%−28.7%+47.2%+38.4%−19.2%+30.0%−28.6%−43.6%−27.1%——————————
CM Canadian Imperial Bank of Commerce11 of 28+49.0%+37.9%+26.5%−26.8%+44.7%+9.3%+20.3%−19.8%+23.5%+29.8%−19.6%+4.8%+11.0%+16.8%−3.3%+27.1%+64.3%−37.9%−12.0%+32.5%+13.7%+26.0%+87.9%−14.9%+14.2%+38.0%+1.2%−17.2%—
RY Royal Bank of Canada16 of 29+46.3%+23.8%+12.2%−8.0%+34.1%+8.4%+20.2%−12.9%+23.9%+31.8%−19.3%+6.7%+16.0%+23.3%+1.2%+1.4%+89.3%−39.4%+10.7%+26.0%+50.7%+15.9%+33.6%+15.8%−0.9%+58.5%−9.5%−3.5%+54.8%
ING ING Groep N.V.14 of 29+91.3%+12.2%+32.0%−4.4%+55.4%−21.6%+20.6%−39.4%+36.7%+11.1%+6.4%−7.4%+47.6%+32.5%−26.8%−0.2%−11.7%−69.6%−8.2%+31.9%+20.8%+36.1%+48.7%−31.3%−34.4%+35.1%+0.4%+49.9%+25.1%
SAN Banco Santander, S.A.11 of 29+165%+14.9%+46.4%−6.8%+10.2%−19.6%−2.2%−28.5%+33.3%+12.3%−37.9%−0.4%+27.4%+22.8%−20.2%−30.2%+91.8%−52.3%+20.2%+47.1%+10.5%+6.8%+77.6%−11.3%−19.8%−7.6%+20.1%+23.7%+53.6%
HSBC HSBC Holdings plc9 of 27+67.9%+34.5%+39.3%+7.8%+20.8%−31.7%+1.5%−16.1%+35.9%+9.9%−11.5%−10.2%+8.5%+45.9%−22.2%−7.5%+22.2%−38.0%−4.0%+18.9%−1.5%+12.6%+52.3%−5.2%−15.3%+6.5%——+15.8%
BCS Barclays PLC11 of 29+96.5%+76.2%+6.0%−21.9%+31.6%−12.8%+31.9%−29.3%+0.5%−12.8%−11.4%−14.9%+16.1%+61.7%−31.9%−4.7%+80.0%−73.6%−27.2%+44.2%−4.0%+31.1%+55.0%−23.6%+7.7%+16.0%+30.3%−16.6%+62.3%
DB Deutsche Bank AG9 of 29+133%+29.4%+21.4%−5.9%+14.7%+40.1%−2.9%−56.7%+6.4%−25.0%−17.7%−36.4%+10.9%+19.7%−26.1%−20.1%+75.4%−65.5%−0.6%+42.0%+12.3%+9.8%+83.6%−34.3%−22.1%0.0%+58.2%−16.7%+54.6%
BNS The Bank of Nova Scotia11 of 26+45.1%+17.5%+6.0%−28.8%+40.6%+1.7%+17.5%−19.2%+20.5%+43.7%−25.1%−4.2%+11.5%+21.0%−9.6%+27.1%+82.6%−44.4%+16.6%+16.8%+21.4%+40.4%+59.9%+232%+17.5%+25.4%———
AXP American Express Company15 of 29+26.0%+60.3%+28.7%−8.5%+36.9%−1.1%+32.5%−2.6%+36.2%+8.6%−24.2%+3.7%+59.8%+23.6%+11.6%+7.8%+126%−63.7%−13.4%+19.1%+4.3%+17.6%+37.7%+0.2%−34.5%−0.3%+63.3%+15.7%+59.9%
BMO Bank of Montreal9 of 29+39.6%+3.0%+14.6%−12.4%+46.9%+3.3%+23.9%−14.9%+15.4%+32.9%−16.8%+10.4%+13.7%+17.3%−0.3%+13.7%+121%−51.9%−0.4%+9.4%+20.4%+21.0%+62.9%+23.0%−9.6%+62.5%−10.8%−6.1%+44.8%
C Citigroup Inc.13 of 29+70.4%+41.9%+19.0%−22.1%+0.9%−19.7%+57.9%−28.5%+27.0%+15.9%−4.1%+3.9%+31.8%+50.5%−44.3%+42.9%−50.6%−75.9%−44.8%+19.6%+4.6%+2.8%+41.6%−20.4%+0.1%+23.6%+70.2%−6.8%+79.9%
BAC Bank of America Corporation13 of 29+28.0%+33.9%+4.9%−23.8%+49.6%−11.6%+46.1%−15.0%+35.7%+33.4%−4.8%+15.7%+34.5%+109%−58.1%−11.2%+7.6%−63.1%−18.9%+20.8%+2.4%+21.5%+20.1%+14.6%+42.7%−4.5%−14.0%+1.2%+27.3%
SLF Sun Life Financial Inc.9 of 25+9.7%+19.5%+16.9%−12.9%+29.7%+2.0%+42.7%−16.6%+10.3%+27.6%−10.2%+5.9%+39.3%+52.5%−34.9%+10.2%+31.1%−57.0%+35.5%+8.2%+22.7%+38.3%+51.6%−18.9%−17.2%————
PNC The PNC Financial Services Group, Inc.11 of 29+12.2%+29.4%+2.7%−18.6%+38.2%−2.8%+40.9%−17.0%+26.0%+25.8%+6.8%+20.3%+36.4%+3.6%−3.1%+15.8%+10.2%−22.2%−8.3%+23.6%+11.7%+8.9%+36.2%−22.5%−20.7%+70.4%−15.0%−2.2%+56.7%
SCHW The Charles Schwab Corporation14 of 29+36.6%+9.2%−16.0%+0.1%+60.2%+13.6%+16.4%−18.4%+31.1%+21.0%+9.9%+17.2%+83.3%+29.8%−33.1%−7.8%+18.1%−36.1%+40.0%+32.8%+23.5%+1.7%+9.5%−29.5%−45.4%+11.4%+36.3%+102%+97.6%
WFC Wells Fargo & Company14 of 29+35.6%+46.5%+22.9%−11.9%+61.1%−41.6%+21.4%−21.8%+13.2%+4.7%+1.8%+24.1%+36.7%+27.3%−9.6%+15.7%−6.3%+1.7%−12.1%+16.9%+4.5%+9.0%+29.5%+10.3%−20.2%+40.5%+3.3%+5.1%+81.9%
USB U.S. Bancorp12 of 29+16.4%+15.6%+4.8%−19.1%+24.3%−17.9%+33.6%−12.4%+6.6%+23.4%−2.8%+13.8%+29.6%+20.9%+2.3%+20.7%−9.0%−16.6%−8.0%+26.3%−0.5%+10.6%+45.3%+5.3%−6.8%+13.2%−30.5%+64.5%+90.1%
TFC Truist Financial Corporation13 of 29+19.1%+23.7%−8.6%−23.5%+26.1%−11.1%+34.6%−10.2%+8.7%+28.4%−0.1%+6.9%+32.7%+18.6%−1.9%+5.9%−2.0%−4.5%−27.2%+8.9%+3.4%+12.8%+8.1%+5.6%−0.4%+40.6%−30.6%+28.5%+81.3%
BAM Brookfield Asset Management Ltd.2 of 3−0.3%+39.7%+45.6%——————————————————————————
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Risk and diversification

How TD has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were TD's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents TD's five deepest drawdowns since it began trading in 1996, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means TD fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringTD fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−64.1%−50.2%Oct 2007Feb 200916 monthsMar 201013 months
No named crash−51.5%−10.3%Apr 1998Oct 19986 monthsApr 19996 months
Dot-com bust−44.1%−42.4%Oct 2000Oct 20022 yearsJun 20038 months
Late-2018 sell-off−42.0%−21.4%Sep 2018Mar 202018 monthsDec 20209 months
No named crash−41.0%−3.7%Apr 1999Aug 19994 monthsAug 200012 months

How did TD do in stock market crashes?

This section measures how far TD, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than TD.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
TD This pageThe Toronto-Dominion Bank—−6.7%−29.0%−41.0%−20.9%−5.5%−18.1%−19.6%0.0%−63.4%−44.1%
SPY S&P 500State Street SPDR S&P 500 ETF7 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MFC Manulife Financial Corporation4 of 10−6.1%−27.1%−55.1%−25.9%−2.6%−35.4%−35.3%0.0%−83.8%−42.9%
MUFG Mitsubishi UFJ Financial Group, Inc.1 of 10−9.5%−33.4%−33.0%−27.0%−6.7%−45.1%−20.7%−0.3%−65.5%−65.1%
JPM JPMorgan Chase & Co.1 of 10−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
SMFG Sumitomo Mitsui Financial Group, Inc.3 of 9−9.2%−24.7%−32.2%−23.2%−4.5%−44.2%−19.8%−2.2%−70.9%—
CM Canadian Imperial Bank of Commerce2 of 10−7.0%−36.2%−43.6%−22.2%−5.9%−25.3%−12.9%0.0%−71.8%−39.8%
RY Royal Bank of Canada5 of 10−3.8%−26.0%−40.0%−17.1%−5.7%−23.1%−21.8%0.0%−63.1%−21.6%
ING ING Groep N.V.0 of 10−10.7%−43.4%−56.9%−24.1%−5.8%−35.4%−47.4%−3.6%−93.0%−66.4%
SAN Banco Santander, S.A.1 of 10−11.4%−41.0%−48.1%−19.0%−6.0%−44.7%−33.2%−0.9%−76.1%−58.4%
HSBC HSBC Holdings plc4 of 10−7.3%−31.8%−20.5%−13.1%−4.6%−30.8%−25.1%0.0%−73.8%−41.4%
BCS Barclays PLC2 of 10−10.2%−48.1%−57.1%−22.9%−4.1%−50.6%−44.9%−4.8%−93.9%−38.4%
DB Deutsche Bank AG0 of 10−11.6%−54.2%−48.6%−36.3%−9.3%−54.8%−46.8%0.0%−82.7%−64.9%
BNS The Bank of Nova Scotia3 of 10−4.6%−35.4%−43.0%−17.7%−6.1%−24.3%−19.8%0.0%−63.8%−23.6%
AXP American Express Company1 of 10−9.8%−31.6%−49.6%−20.7%−8.6%−36.6%−18.1%−4.5%−83.4%−59.1%
BMO Bank of Montreal3 of 10−5.5%−30.5%−49.4%−23.5%−6.2%−18.9%−16.4%0.0%−68.5%−26.5%
C Citigroup Inc.0 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
BAC Bank of America Corporation1 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
SLF Sun Life Financial Inc.3 of 9−5.5%−30.8%−50.2%−20.3%−4.5%−23.8%−20.3%−1.4%−78.8%—
PNC The PNC Financial Services Group, Inc.0 of 10−10.4%−34.0%−47.8%−23.2%−5.4%−20.8%−24.1%−0.4%−76.7%−49.6%
SCHW The Charles Schwab Corporation1 of 10−31.9%−36.9%−41.5%−26.5%−8.2%−37.0%−28.9%−5.5%−56.0%−83.1%
WFC Wells Fargo & Company2 of 10−12.4%−36.3%−47.1%−20.1%−13.5%−20.9%−21.1%−1.2%−79.0%−29.2%
USB U.S. Bancorp1 of 10−19.7%−36.8%−47.2%−20.4%−7.5%−17.7%−24.7%−1.2%−76.1%−42.8%
TFC Truist Financial Corporation2 of 10−26.3%−35.8%−53.5%−20.1%−6.8%−24.4%−27.2%0.0%−66.6%−24.8%
BAM Brookfield Asset Management Ltd.0 of 1−7.1%—————————
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How closely does TD move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares TD with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than TD's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
TD This pageThe Toronto-Dominion Bank89%80%1.100.88
MUFG Mitsubishi UFJ Financial Group, Inc.84%42%2.010.66
SMFG Sumitomo Mitsui Financial Group, Inc.84%43%1.940.65
HSBC HSBC Holdings plc79%53%1.490.58
JPM JPMorgan Chase & Co.117%103%1.141.09
RY Royal Bank of Canada97%88%1.110.88
SAN Banco Santander, S.A.101%92%1.101.02
AXP American Express Company117%113%1.031.16
CM Canadian Imperial Bank of Commerce108%106%1.021.07
SLF Sun Life Financial Inc.87%85%1.020.96
MFC Manulife Financial Corporation110%110%1.001.10
SCHW The Charles Schwab Corporation89%90%0.990.91
BMO Bank of Montreal104%112%0.931.12
ING ING Groep N.V.136%155%0.881.36
BAC Bank of America Corporation127%146%0.871.36
BCS Barclays PLC113%131%0.861.26
DB Deutsche Bank AG102%118%0.861.21
PNC The PNC Financial Services Group, Inc.108%127%0.851.15
BNS The Bank of Nova Scotia97%120%0.811.05
C Citigroup Inc.131%165%0.801.49
WFC Wells Fargo & Company96%129%0.751.13
USB U.S. Bancorp89%130%0.691.05
TFC Truist Financial Corporation86%126%0.681.11
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What diversifies TD?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with TD's. Because such investments tend not to fall at the same time, pairing TD with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which TD lost money. The last two columns show a portfolio that is 80% TD and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2024202220182015200820022001199880/20 mix volatility80/20 mix annual return
TD The Toronto-Dominion Bank (this page)1.00+109%0.84−13.4%−12.2%−12.1%−14.9%−46.8%−11.7%−7.2%−2.9%21.3%+17.1%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.22+225%1.34+29.8%+6.0%−19.8%+7.7%−20.8%———17.8%+19.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.43+101%1.04+33.4%+10.4%−8.7%−25.3%————18.5%+17.1%
HDV Dividend & IncomeiShares Core High Dividend ETF0.46+83.3%1.00+14.1%+7.1%−3.0%−0.3%————18.6%+16.4%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.42+62.9%0.99+18.8%−5.6%−4.8%+4.7%————17.9%+16.2%
SMH TechnologyVanEck Semiconductor ETF0.41+323%0.97+39.1%−33.5%−9.1%−0.3%−44.7%−47.0%−14.6%—20.9%+21.9%
GLD CommoditiesSPDR Gold Shares0.12+126%0.96+26.7%−0.8%−1.9%−10.7%+4.9%———17.8%+17.9%
FLTW TechnologyFranklin FTSE Taiwan ETF0.49+168%0.94+16.7%−27.5%−9.3%—————20.1%+18.8%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.49+136%0.93+45.8%−10.4%−0.9%—————19.4%+18.4%

Stocks

InvestmentCorrelation5Y returnSharpe2024202220182015200820022001199880/20 mix volatility80/20 mix annual return
TD The Toronto-Dominion Bank (this page)1.00+109%0.84−13.4%−12.2%−12.1%−14.9%−46.8%−11.7%−7.2%−2.9%21.3%+17.1%
CAH Medical - DistributionCardinal Health, Inc.0.26+479%1.55+19.0%+54.1%−24.5%+12.6%−39.6%−8.3%−2.5%+51.7%19.1%+21.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.25+3,143%1.47+215%+1.3%−16.3%−6.0%−20.5%−65.1%−25.6%—22.9%+34.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.35+1,636%1.46+107%+17.0%+0.8%+67.7%−15.2%−9.4%+73.7%−9.5%21.9%+30.6%
MCK Medical - DistributionMcKesson Corporation0.07+413%1.44+23.7%+51.8%−28.4%−4.5%−40.4%−27.2%+4.9%+46.9%18.1%+21.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.21+690%1.41−4.0%+86.6%−8.2%+17.4%————19.5%+23.9%
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Common questions

What was TD's worst drawdown?

TD's deepest decline since it began trading in 1996 was 64.1%, from October 2007 to February 2009. It took 13 months from the low to climb back to its old high.

What were TD's best and worst years?

Over 29 full calendar years, TD's best year was 2009, when it returned 85.4%. Its worst was 2008, with a return of -46.8%.

Is there a better investment than TD?

Among TD's popular alternatives, RY earned more than TD with less volatility over the past 5 years: 17.3% a year at 18.2% volatility, against 15.8% a year at 20.0%. Looking beyond its popular alternatives, V (payment processing) and CBOE (capital markets) fell less than TD in each recent sell-off and kept up with it over the past decade.

Is TD more volatile than the S&P 500?

Yes. TD's volatility over the past 5 years was 20.0%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TD's return lands within 20.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is TD's Sharpe ratio?

TD's Sharpe ratio over the past 5 years was 0.84, against 0.79 for the S&P 500, so TD earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is TD with the S&P 500?

Over the past 5 years, TD's monthly returns had a correlation of 0.55 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against TD instead: the lower it is, the more that option would diversify a TD holding.

What are the best alternatives to TD?

Of the 23 popular alternatives we compared, one outperformed TD in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MFC.

Did TD outperform the S&P 500?

TD finished ahead of the S&P 500 (SPY) in 18 of 29 full calendar years. In 2025, it returned +85.3%, against +17.7% for the index.

How did TD do in stock market crashes?

TD fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in seven. The clearest case was the 2008 financial crisis, when TD fell 63.4% and the S&P 500 fell 55.2%.

What diversifies TD?

These had a low correlation with TD over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.22), EMLP (correlation 0.43) and HDV (correlation 0.46); among large stocks, CAH (correlation 0.26), CLS (correlation 0.25) and FIX (correlation 0.35). A correlation near zero means the two have moved largely independently.

How we measure

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Popular alternatives to TD