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TD Target 2027 Investment Grade Bond ETF (TBCG) and Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR) offer distinct profiles for Canadian ETF investors. A direct comparison shows that TBCG focuses its top 3 sector exposures on Finance, Utilities, and Consumer Non-Cyclicals, while HFR leans towards Finance, Energy, and Telecommunications. When evaluating costs, TBCG features a management fee (MER) of 0.2%, compared to 0.47% for HFR. Performance-wise, TBCG has returned 2.01% year-to-date with +$65 M in net flows, whereas HFR is at 1.94% with +$198 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
TBCG
HFR
| AuM | $257.66 M | $707.39 M |
| Management Fees | 0.20% | 0.47% |
| Exp. ratio | 0.22% | 0.49% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 9, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | TBCG | +0.27% | +0.61% | +2.01% | +2.60% | - |
HFR | +0.21% | +0.42% | +1.94% | +2.61% | +13.39% | |
| Flows | TBCG | +$2 M | +$14 M | +$65 M | +$76 M | - |
HFR | +$43 M | +$89 M | +$198 M | +$226 M | +$294 M |
TBCG vs HFR exposure
Countries
TBCG
Canada
95.32%
HFR
Canada
88.03%
Other
11.97%
Sectors
TBCG
Finance
56.26%
Utilities
11.24%
Consumer Non-Cyclicals
9.99%
Energy
8.93%
Other
13.58%
HFR
Finance
70.47%
Energy
7.29%
Other
22.24%
As of October 9, 2026
Top 10 Holdings
TBCG
Dream Industrial REIT, 2.057% 17jun2027, CAD
4.74%
iA Financial Corporation, 3.187% 25feb2032, CAD
4.64%
Sun Life Financial, 2.58% 10may2032, CAD (2020-1)
4.47%
Canadian Western Bank, 1.818% 16dec2027, CAD
4.23%
Cameco, 2.95% 21oct2027, CAD (H)
4.20%
Dollarama Inc., 1.505% 20sep2027, CAD
4.09%
Royal Bank of Canada, 2.94% 3may2032, CAD (25)
3.88%
Saputo, 2.242% 16jun2027, CAD (7)
3.80%
JP Morgan, 1.896% 5mar2028, CAD
3.69%
Bank of Nova Scotia, 1.4% 1nov2027, CAD
3.53%
HFR
Federation des caisses Desjardins du Quebec, 5.035% 23aug2032, CAD
2.15%
TransCanada PipeLines, 3.8% 5apr2027, CAD
1.81%
Bank of Montreal, 4.976% 3jul2034, CAD (M)
1.75%
Toronto-Dominion Bank, 4.68% 8jan2029, CAD
1.53%
Rogers Communications, 3.65% 31mar2027, CAD
1.47%
Manulife Financial Corporation, 5.409% 10mar2033, CAD
1.09%
Toronto-Dominion Bank, 5.491% 8sep2028, CAD
1.06%
Goldman Sachs, 2.013% 28feb2029, CAD
1.01%
Bank of America Corporation, 3.615% 16mar2028, CAD (N)
0.96%
CIBC, 5.33% 20jan2033, CAD
0.94%
Diversification
TBCG
Total weight of top 10 holdings out of 36 total
41.26%
HFR
Total weight of top 10 holdings out of 296 total
13.77%
Characteristics
Compare
TBCG
HFR
| Provider | TD Asset Management | Global X |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | - | - |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.34% | 3.47% |
| Meets ESG criteria | No | No |
| Inception Date | April 9, 2024 | December 8, 2010 |
Frequently asked questions about TBCG and HFR
Which ETF has performed better year to date: TBCG or HFR?
As of October 9, 2026, TBCG has returned 2.01% year to date, while HFR has returned 1.94%. TBCG is ahead on YTD performance.
Which ETF is larger by assets under management: TBCG or HFR?
As of October 9, 2026, TBCG manages $257.66 M in assets, while HFR manages $707.39 M. HFR is the larger fund by AUM.
How are TBCG and HFR managed?
TBCG is actively managed by TD Asset Management. It does not track an index. HFR is actively managed by Global X. It does not track an index.
What sectors do TBCG and HFR emphasize?
TBCG is most exposed to Finance, Utilities, and Consumer Non-Cyclicals. HFR is most exposed to Finance, Energy, and Telecommunications.
Which ETF is attracting more investor flows: TBCG or HFR?
Year to date, TBCG has seen +$65.44 M in net flows, compared with +$197.53 M for HFR. HFR has attracted more net investor money so far.
How do the fees of TBCG and HFR compare?
TBCG has an expense ratio of 0.22%, while HFR has an expense ratio of 0.49%.
What are the top holdings of TBCG and HFR?
TBCG's largest holdings include Dream Industrial REIT, 2.057% 17jun2027, CAD, iA Financial Corporation, 3.187% 25feb2032, CAD, and Sun Life Financial, 2.58% 10may2032, CAD (2020-1). HFR's top holdings include Federation des caisses Desjardins du Quebec, 5.035% 23aug2032, CAD, TransCanada PipeLines, 3.8% 5apr2027, CAD, and Bank of Montreal, 4.976% 3jul2034, CAD (M).
Which ETF is more diversified: TBCG or HFR?
TBCG holds 36 securities, while HFR holds 287. On holdings count, HFR is the more diversified portfolio.
Recent articles about TBCG and HFR
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