BMAX.TO vs. PRA.TO

Last updated Jul 25, 2026

BMAX.TO (Brompton Enhanced Multi-Asset Income ETF) and PRA.TO (Purpose Diversified Real Asset Fund) are both Diversified Portfolio funds. Both are actively managed. Over the past 3 years, BMAX.TO returned 17.46%/yr vs 17.58%/yr for PRA.TO. At a 0.34 correlation, their price movements are largely independent. BMAX.TO charges 1.20%/yr vs 0.73%/yr for PRA.TO.

Performance

BMAX.TO vs. PRA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Brompton Enhanced Multi-Asset Income ETF (BMAX.TO) and Purpose Diversified Real Asset Fund (PRA.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMAX.TO achieves a 9.61% return, which is significantly lower than PRA.TO's 26.15% return.

BMAX.TO

• 1D: -0.26%
• 1M: -0.63%
• 6M: 7.54%
• YTD: 9.61%
• 1Y: 17.55%
• 3Y*: 17.46%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.30%

PRA.TO

• 1D: 0.42%
• 1M: 5.87%
• 6M: 15.04%
• YTD: 26.15%
• 1Y: 38.59%
• 3Y*: 17.58%
• 5Y*: 15.86%
• 10Y*: 10.51%
• ALL TIME*: 7.94%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BMAX.TO Brompton Enhanced Multi-Asset Income ETF	CA$187.21K	CA$217.93K	CA$209.61K
PRA.TO Purpose Diversified Real Asset Fund	CA$227.74K	CA$395.74K	CA$474.14K

BMAX.TO vs. PRA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BMAX.TO Brompton Enhanced Multi-Asset Income ETF	9.61%	17.88%	19.43%	11.56%	5.83%
PRA.TO Purpose Diversified Real Asset Fund	26.15%	18.21%	8.78%	2.07%	6.10%

Correlation

The correlation between BMAX.TO and PRA.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 20, 2022	0.34

Return for Risk

BMAX.TO vs. PRA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BMAX.TO

BMAX.TO Risk / Return Rank: 64
BMAX.TO Sharpe Ratio Rank: 67
BMAX.TO Sortino Ratio Rank: 68
BMAX.TO Omega Ratio Rank: 64
BMAX.TO Calmar Ratio Rank: 54
BMAX.TO Martin Ratio Rank: 65

PRA.TO

PRA.TO Risk / Return Rank: 95
PRA.TO Sharpe Ratio Rank: 96
PRA.TO Sortino Ratio Rank: 96
PRA.TO Omega Ratio Rank: 95
PRA.TO Calmar Ratio Rank: 96
PRA.TO Martin Ratio Rank: 95

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.

BMAX.TO vs. PRA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brompton Enhanced Multi-Asset Income ETF (BMAX.TO) and Purpose Diversified Real Asset Fund (PRA.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.

	BMAX.TO	PRA.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.52	3.08	-1.56
Sortino ratio: Return per unit of downside risk	2.22	4.13	-1.90
Omega ratio: Gain probability vs. loss probability	1.27	1.53	-0.26
Calmar ratio: Return relative to maximum drawdown	1.89	6.32	-4.43
Martin ratio: Return relative to average drawdown	7.94	20.55	-12.61

BMAX.TO vs. PRA.TO - Sharpe Ratio Comparison

The current BMAX.TO Sharpe Ratio is 1.52, which is lower than the PRA.TO Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of BMAX.TO and PRA.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.

Drawdowns

BMAX.TO vs. PRA.TO - Drawdown Comparison

The maximum BMAX.TO drawdown since its inception was -15.42%, smaller than the maximum PRA.TO drawdown of -34.17%. Use the drawdown chart below to compare losses from any high point for BMAX.TO and PRA.TO.

Drawdown Indicators

	BMAX.TO	PRA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.42%	-34.17%	+18.75%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-6.13%	-3.22%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-13.47%	-1.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.26%	—
Current Drawdown Current decline from peak	-3.32%	-0.34%	-2.98%
Average Drawdown Average peak-to-trough decline	-1.88%	-7.57%	+5.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	1.88%	+0.34%

Volatility

BMAX.TO vs. PRA.TO - Volatility Comparison

Brompton Enhanced Multi-Asset Income ETF (BMAX.TO) has a higher volatility of 3.91% compared to Purpose Diversified Real Asset Fund (PRA.TO) at 2.76%. This indicates that BMAX.TO's price experiences larger fluctuations and is considered to be riskier than PRA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMAX.TO	PRA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	2.76%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	9.75%	9.46%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	12.60%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.16%	13.59%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.16%	14.45%	-1.29%

BMAX.TO vs. PRA.TO - Expense Ratio Comparison

BMAX.TO has a 1.20% expense ratio, which is higher than PRA.TO's 0.73% expense ratio.

Dividends

BMAX.TO vs. PRA.TO - Dividend Comparison

BMAX.TO's dividend yield for the trailing twelve months is around 9.70%, more than PRA.TO's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMAX.TO Brompton Enhanced Multi-Asset Income ETF	9.70%	9.70%	9.65%	9.55%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PRA.TO Purpose Diversified Real Asset Fund	2.07%	3.23%	2.95%	3.12%	1.93%	1.25%	1.52%	1.57%	1.77%	1.93%	1.64%	2.09%

Frequently Asked Questions

Can I hold both BMAX.TO and PRA.TO in my portfolio?

BMAX.TO and PRA.TO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMAX.TO or PRA.TO?

On fees, PRA.TO is cheaper at 0.73% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BMAX.TO or PRA.TO?

PRA.TO is cheaper with a 0.73% expense ratio, compared with 1.20% for BMAX.TO.

What is the main difference between BMAX.TO and PRA.TO?

They also come from different issuers: Brompton Funds Limited and Purpose Investments Inc.. Their fees differ too: 1.20% for BMAX.TO and 0.73% for PRA.TO.