BTCY.TO vs. MNU-U.TO

Last updated Jun 4, 2026

BTCY.TO (Purpose Bitcoin Yield ETF - ETF Units) and MNU-U.TO (Purpose USD Cash Management ETF) are both exchange-traded funds - BTCY.TO is a fund 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, BTCY.TO returned 25.28%/yr vs 4.82%/yr for MNU-U.TO. At a correlation of -0.20, they often move in opposite directions.

Performance

BTCY.TO vs. MNU-U.TO - Performance Comparison

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

Different Trading Currencies

BTCY.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, BTCY.TO achieves a -28.08% return, which is significantly lower than MNU-U.TO's 2.42% return.

BTCY.TO

• 1D: -3.45%
• 1M: -19.22%
• YTD: -28.08%
• 6M: -32.85%
• 1Y: -41.31%
• 3Y*: 25.28%
• 5Y*: —
• 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)

BTCY.TO vs. MNU-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BTCY.TO Purpose Bitcoin Yield ETF - ETF Units	-28.08%	-9.07%	112.76%	33.64%
MNU-U.TO Purpose USD Cash Management ETF	2.42%	-1.74%	13.18%	0.54%

Correlation

The correlation between BTCY.TO and MNU-U.TO is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (All Time) Calculated using the full available price history since May 1, 2023	-0.20

Return for Risk

BTCY.TO vs. MNU-U.TO — Risk / Return Rank

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

BTCY.TO

BTCY.TO Risk / Return Rank: 2
BTCY.TO Sharpe Ratio Rank: 2
BTCY.TO Sortino Ratio Rank: 2
BTCY.TO Omega Ratio Rank: 2
BTCY.TO Calmar Ratio Rank: 2
BTCY.TO Martin Ratio Rank: 1

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.

BTCY.TO vs. MNU-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Bitcoin Yield ETF - ETF Units (BTCY.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.

	BTCY.TO	MNU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	0.91	-1.79
Sortino ratio: Return per unit of downside risk	-1.22	1.27	-2.49
Omega ratio: Gain probability vs. loss probability	0.86	1.16	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.79	1.04	-1.83
Martin ratio: Return relative to average drawdown	-1.44	2.70	-4.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCY.TO vs. MNU-U.TO - Sharpe Ratio Comparison

The current BTCY.TO Sharpe Ratio is -0.88, which is lower than the MNU-U.TO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of BTCY.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

	BTCY.TO	MNU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.88	0.91	-1.79
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.85	-0.89

Drawdowns

BTCY.TO vs. MNU-U.TO - Drawdown Comparison

The maximum BTCY.TO drawdown since its inception was -69.71%, 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 BTCY.TO and MNU-U.TO.

Drawdown Indicators

	BTCY.TO	MNU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-69.71%	-5.44%	-64.27%
Max Drawdown (1Y) Largest decline over 1 year	-52.51%	-4.02%	-48.49%
Max Drawdown (3Y) Largest decline over 3 years	-52.51%	-5.44%	-47.07%
Current Drawdown Current decline from peak	-49.06%	-0.58%	-48.48%
Average Drawdown Average peak-to-trough decline	-30.79%	-1.70%	-29.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.66%	1.54%	+27.12%

Volatility

BTCY.TO vs. MNU-U.TO - Volatility Comparison

Purpose Bitcoin Yield ETF - ETF Units (BTCY.TO) has a higher volatility of 10.62% compared to Purpose USD Cash Management ETF (MNU-U.TO) at 0.83%. This indicates that BTCY.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

	BTCY.TO	MNU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.62%	0.83%	+9.79%
Volatility (6M) Calculated over the trailing 6-month period	39.93%	3.46%	+36.47%
Volatility (1Y) Calculated over the trailing 1-year period	47.14%	4.59%	+42.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.82%	5.28%	+45.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.82%	5.28%	+45.54%

Dividends

BTCY.TO vs. MNU-U.TO - Dividend Comparison

BTCY.TO's dividend yield for the trailing twelve months is around 22.77%, more than MNU-U.TO's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021
BTCY.TO Purpose Bitcoin Yield ETF - ETF Units	22.77%	15.11%	16.75%	9.22%	24.25%	1.23%
MNU-U.TO Purpose USD Cash Management ETF	2.79%	2.98%	4.25%	2.69%	0.00%	0.00%

Frequently Asked Questions

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

BTCY.TO and MNU-U.TO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.