BTCC-B.TO vs. MNU-U.TO

Last updated Jun 4, 2026

BTCC-B.TO (Purpose Bitcoin ETF Non-Currency Hedged Units) and MNU-U.TO (Purpose USD Cash Management ETF) are both exchange-traded funds - BTCC-B.TO is a Cryptocurrency fund actively managed by Purpose Investments, while MNU-U.TO is a Ultrashort Bond fund actively managed by Purpose Investments. Both are actively managed. Over the past 3 years, BTCC-B.TO returned 33.56%/yr vs 4.82%/yr for MNU-U.TO. At a correlation of -0.10, they often move in opposite directions. BTCC-B.TO charges 1.33%/yr vs 0.20%/yr for MNU-U.TO.

Performance

BTCC-B.TO vs. MNU-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Bitcoin ETF Non-Currency Hedged Units (BTCC-B.TO) and Purpose USD Cash Management ETF (MNU-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BTCC-B.TO is traded in CAD, while MNU-U.TO is traded in USD. To make them comparable, the MNU-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BTCC-B.TO achieves a -24.57% return, which is significantly lower than MNU-U.TO's 2.42% return.

BTCC-B.TO

• 1D: -2.32%
• 1M: -16.56%
• YTD: -24.57%
• 6M: -30.34%
• 1Y: -38.41%
• 3Y*: 33.56%
• 5Y*: 13.72%
• 10Y*: —

MNU-U.TO

• 1D: 0.42%
• 1M: 2.21%
• YTD: 2.42%
• 6M: 0.89%
• 1Y: 4.15%
• 3Y*: 4.82%
• 5Y*: —
• 10Y*: —

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

BTCC-B.TO vs. MNU-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BTCC-B.TO Purpose Bitcoin ETF Non-Currency Hedged Units	-24.57%	-11.83%	136.57%	39.58%
MNU-U.TO Purpose USD Cash Management ETF	2.42%	-1.74%	13.18%	0.54%

Correlation

The correlation between BTCC-B.TO and MNU-U.TO is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (All Time) Calculated using the full available price history since May 1, 2023	-0.10

Return for Risk

BTCC-B.TO vs. MNU-U.TO — Risk / Return Rank

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

BTCC-B.TO

BTCC-B.TO Risk / Return Rank: 2
BTCC-B.TO Sharpe Ratio Rank: 2
BTCC-B.TO Sortino Ratio Rank: 2
BTCC-B.TO Omega Ratio Rank: 2
BTCC-B.TO Calmar Ratio Rank: 2
BTCC-B.TO Martin Ratio Rank: 2

MNU-U.TO

MNU-U.TO Risk / Return Rank: 99
MNU-U.TO Sharpe Ratio Rank: 99
MNU-U.TO Sortino Ratio Rank: 99
MNU-U.TO Omega Ratio Rank: 99
MNU-U.TO Calmar Ratio Rank: 98
MNU-U.TO Martin Ratio Rank: 99

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.

BTCC-B.TO vs. MNU-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Bitcoin ETF Non-Currency Hedged Units (BTCC-B.TO) and Purpose USD Cash Management ETF (MNU-U.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.

	BTCC-B.TO	MNU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	0.91	-1.82
Sortino ratio: Return per unit of downside risk	-1.26	1.27	-2.53
Omega ratio: Gain probability vs. loss probability	0.86	1.16	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.76	1.04	-1.80
Martin ratio: Return relative to average drawdown	-1.32	2.70	-4.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCC-B.TO vs. MNU-U.TO - Sharpe Ratio Comparison

The current BTCC-B.TO Sharpe Ratio is -0.91, which is lower than the MNU-U.TO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of BTCC-B.TO and MNU-U.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.

Sharpe Ratios by Period

	BTCC-B.TO	MNU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.91	0.91	-1.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.85	-0.77

Drawdowns

BTCC-B.TO vs. MNU-U.TO - Drawdown Comparison

The maximum BTCC-B.TO drawdown since its inception was -75.12%, which is greater than MNU-U.TO's maximum drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for BTCC-B.TO and MNU-U.TO.

Drawdown Indicators

	BTCC-B.TO	MNU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.12%	-5.44%	-69.68%
Max Drawdown (1Y) Largest decline over 1 year	-50.47%	-4.02%	-46.45%
Max Drawdown (3Y) Largest decline over 3 years	-50.47%	-5.44%	-45.03%
Max Drawdown (5Y) Largest decline over 5 years	-75.12%	—	—
Current Drawdown Current decline from peak	-48.47%	-0.58%	-47.89%
Average Drawdown Average peak-to-trough decline	-32.80%	-1.70%	-31.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.15%	1.54%	+27.61%

Volatility

BTCC-B.TO vs. MNU-U.TO - Volatility Comparison

Purpose Bitcoin ETF Non-Currency Hedged Units (BTCC-B.TO) has a higher volatility of 9.66% compared to Purpose USD Cash Management ETF (MNU-U.TO) at 0.83%. This indicates that BTCC-B.TO's price experiences larger fluctuations and is considered to be riskier than MNU-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCC-B.TO	MNU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.66%	0.83%	+8.83%
Volatility (6M) Calculated over the trailing 6-month period	33.59%	3.46%	+30.13%
Volatility (1Y) Calculated over the trailing 1-year period	42.49%	4.59%	+37.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.77%	5.28%	+48.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.95%	5.28%	+49.67%

BTCC-B.TO vs. MNU-U.TO - Expense Ratio Comparison

BTCC-B.TO has a 1.33% expense ratio, which is higher than MNU-U.TO's 0.20% expense ratio.

Dividends

BTCC-B.TO vs. MNU-U.TO - Dividend Comparison

BTCC-B.TO has not paid dividends to shareholders, while MNU-U.TO's dividend yield for the trailing twelve months is around 2.79%.

Position	TTM	2025	2024	2023
BTCC-B.TO Purpose Bitcoin ETF Non-Currency Hedged Units	0.00%	0.00%	0.00%	0.00%
MNU-U.TO Purpose USD Cash Management ETF	2.79%	2.98%	4.25%	2.69%

Frequently Asked Questions

Can I hold both BTCC-B.TO and MNU-U.TO in my portfolio?

BTCC-B.TO and MNU-U.TO have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTCC-B.TO or MNU-U.TO?

On fees, MNU-U.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTCC-B.TO or MNU-U.TO?

MNU-U.TO is cheaper with a 0.20% expense ratio, compared with 1.33% for BTCC-B.TO.

What is the main difference between BTCC-B.TO and MNU-U.TO?

BTCC-B.TO is categorized as Cryptocurrency, while MNU-U.TO is Ultrashort Bond. Their fees differ too: 1.33% for BTCC-B.TO and 0.20% for MNU-U.TO.