BTCC-B.TO vs. PMM.TO

Last updated Jun 4, 2026

BTCC-B.TO (Purpose Bitcoin ETF Non-Currency Hedged Units) and PMM.TO (Purpose Multi-Strategy Market Neutral Fund) are both exchange-traded funds - BTCC-B.TO is a Cryptocurrency fund actively managed by Purpose Investments, while PMM.TO is a Long-Short fund actively managed by Purpose Investments. Both are actively managed. Over the past 5 years, BTCC-B.TO returned 13.72%/yr vs 7.10%/yr for PMM.TO. At a 0.13 correlation, their price movements are largely independent.

Performance

BTCC-B.TO vs. PMM.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 Multi-Strategy Market Neutral Fund (PMM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCC-B.TO achieves a -24.57% return, which is significantly lower than PMM.TO's 5.69% 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*: —

PMM.TO

• 1D: -0.54%
• 1M: 3.07%
• YTD: 5.69%
• 6M: 3.53%
• 1Y: 17.19%
• 3Y*: 11.58%
• 5Y*: 7.10%
• 10Y*: 3.51%

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

BTCC-B.TO vs. PMM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTCC-B.TO Purpose Bitcoin ETF Non-Currency Hedged Units	-24.57%	-11.83%	136.57%	148.15%	-62.24%	-14.97%
PMM.TO Purpose Multi-Strategy Market Neutral Fund	5.69%	6.07%	20.49%	5.85%	-3.80%	4.48%

Correlation

The correlation between BTCC-B.TO and PMM.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Feb 19, 2021	0.13

Return for Risk

BTCC-B.TO vs. PMM.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

PMM.TO

PMM.TO Risk / Return Rank: 64
PMM.TO Sharpe Ratio Rank: 54
PMM.TO Sortino Ratio Rank: 51
PMM.TO Omega Ratio Rank: 54
PMM.TO Calmar Ratio Rank: 87
PMM.TO Martin Ratio Rank: 74

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. PMM.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 Multi-Strategy Market Neutral Fund (PMM.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	PMM.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	1.86	-2.77
Sortino ratio: Return per unit of downside risk	-1.26	2.51	-3.78
Omega ratio: Gain probability vs. loss probability	0.86	1.34	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.76	5.03	-5.79
Martin ratio: Return relative to average drawdown	-1.32	13.86	-15.18
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. PMM.TO - Sharpe Ratio Comparison

The current BTCC-B.TO Sharpe Ratio is -0.91, which is lower than the PMM.TO Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of BTCC-B.TO and PMM.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	PMM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.91	1.86	-2.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.73	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.30	-0.22

Drawdowns

BTCC-B.TO vs. PMM.TO - Drawdown Comparison

The maximum BTCC-B.TO drawdown since its inception was -75.12%, which is greater than PMM.TO's maximum drawdown of -23.50%. Use the drawdown chart below to compare losses from any high point for BTCC-B.TO and PMM.TO.

Drawdown Indicators

	BTCC-B.TO	PMM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-75.12%	-23.50%	-51.62%
Max Drawdown (1Y) Largest decline over 1 year	-50.47%	-3.50%	-46.97%
Max Drawdown (3Y) Largest decline over 3 years	-50.47%	-9.87%	-40.60%
Max Drawdown (5Y) Largest decline over 5 years	-75.12%	-11.18%	-63.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-23.50%	—
Current Drawdown Current decline from peak	-48.47%	-0.54%	-47.93%
Average Drawdown Average peak-to-trough decline	-32.80%	-7.97%	-24.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.15%	1.26%	+27.89%

Volatility

BTCC-B.TO vs. PMM.TO - Volatility Comparison

Purpose Bitcoin ETF Non-Currency Hedged Units (BTCC-B.TO) has a higher volatility of 9.66% compared to Purpose Multi-Strategy Market Neutral Fund (PMM.TO) at 2.01%. This indicates that BTCC-B.TO's price experiences larger fluctuations and is considered to be riskier than PMM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCC-B.TO	PMM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.66%	2.01%	+7.65%
Volatility (6M) Calculated over the trailing 6-month period	33.59%	6.27%	+27.32%
Volatility (1Y) Calculated over the trailing 1-year period	42.49%	9.45%	+33.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.77%	9.76%	+44.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.95%	10.13%	+44.82%

Dividends

BTCC-B.TO vs. PMM.TO - Dividend Comparison

Neither BTCC-B.TO nor PMM.TO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTCC-B.TO Purpose Bitcoin ETF Non-Currency Hedged Units	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PMM.TO Purpose Multi-Strategy Market Neutral Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.92%	2.44%

Frequently Asked Questions

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

BTCC-B.TO and PMM.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

BTCC-B.TO is categorized as Cryptocurrency, while PMM.TO is Long-Short.