TD derives 91-95% of income from retail banking.
RBC derives >20% from Capital markets, underwriting, and investing - this has been higher in the past. If you look at Capital markets revenues alone, quarterly numbers have varied between $250 million last quarter, to $1.5 billion in the past.
Clearly TD's revenue streams are more consistent, and they have maid a huge play on retail banking. This is not a growth segment of the market, they need to grow by acquisition, or convincing individuals banking elsewhere to switch.
RBCs revenues are highly dependent on the world equities market. Of course if you compare their potential to earn during a significant market downturn, the odds are not in their favor. Once underwriting activites picks up, and they actually earn in trading and Capital markets, you should expect to see RBC make a surge back to higher profitability.
All that being said, I don't like to make a call one way or another as to which strategy will outperform, hence I hold both.