CASH.TO vs. MNU-U.TO

Last updated Jun 4, 2026

CASH.TO (Global X High Interest Savings ETF) and MNU-U.TO (Purpose USD Cash Management ETF) are both exchange-traded funds - CASH.TO is a Money Market fund actively managed by Global X, while MNU-U.TO is a Ultrashort Bond fund actively managed by Purpose Investments. Both are actively managed. Over the past 3 years, CASH.TO returned 3.62%/yr vs 4.82%/yr for MNU-U.TO. At a correlation of -0.01, they often move in opposite directions. CASH.TO charges 0.11%/yr vs 0.20%/yr for MNU-U.TO.

Performance

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

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X High Interest Savings ETF (CASH.TO) and Purpose USD Cash Management ETF (MNU-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CASH.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, CASH.TO achieves a 0.83% return, which is significantly lower than MNU-U.TO's 2.42% return.

CASH.TO

• 1D: 0.00%
• 1M: 0.15%
• YTD: 0.83%
• 6M: 1.01%
• 1Y: 2.22%
• 3Y*: 3.62%
• 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)

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

	2026 (YTD)	2025	2024	2023
CASH.TO Global X High Interest Savings ETF	0.83%	2.45%	4.53%	3.47%
MNU-U.TO Purpose USD Cash Management ETF	2.42%	-1.74%	13.18%	0.54%

Correlation

The correlation between CASH.TO and MNU-U.TO is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (All Time) Calculated using the full available price history since May 1, 2023	-0.01

The correlation between CASH.TO and MNU-U.TO shifts across timeframes, from -0.11 (1 year) to -0.00 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

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

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

CASH.TO

CASH.TO Risk / Return Rank: 100
CASH.TO Sharpe Ratio Rank: 99
CASH.TO Sortino Ratio Rank: 100
CASH.TO Omega Ratio Rank: 100
CASH.TO Calmar Ratio Rank: 100
CASH.TO Martin Ratio Rank: 100

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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X High Interest Savings ETF (CASH.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.

	CASH.TO	MNU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	10.33	0.91	+9.42
Sortino ratio: Return per unit of downside risk	32.48	1.27	+31.22
Omega ratio: Gain probability vs. loss probability	7.47	1.16	+6.30
Calmar ratio: Return relative to maximum drawdown	111.49	1.04	+110.45
Martin ratio: Return relative to average drawdown	468.24	2.70	+465.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current CASH.TO Sharpe Ratio is 10.33, which is higher than the MNU-U.TO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of CASH.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

	CASH.TO	MNU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.33	0.91	+9.42
Sharpe Ratio (All Time) Calculated using the full available price history	5.52	0.85	+4.67

Drawdowns

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

The maximum CASH.TO drawdown since its inception was -0.80%, smaller than the maximum MNU-U.TO drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for CASH.TO and MNU-U.TO.

Drawdown Indicators

	CASH.TO	MNU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.80%	-5.44%	+4.64%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-4.02%	+4.00%
Max Drawdown (3Y) Largest decline over 3 years	-0.06%	-5.44%	+5.38%
Current Drawdown Current decline from peak	0.00%	-0.58%	+0.58%
Average Drawdown Average peak-to-trough decline	-0.00%	-1.70%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	1.54%	-1.54%

Volatility

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

The current volatility for Global X High Interest Savings ETF (CASH.TO) is 0.06%, while Purpose USD Cash Management ETF (MNU-U.TO) has a volatility of 0.83%. This indicates that CASH.TO experiences smaller price fluctuations and is considered to be less risky than MNU-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CASH.TO	MNU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.83%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	3.46%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	0.22%	4.59%	-4.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.61%	5.28%	-4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.61%	5.28%	-4.67%

CASH.TO vs. MNU-U.TO - Expense Ratio Comparison

CASH.TO has a 0.11% expense ratio, which is lower than MNU-U.TO's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

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

CASH.TO's dividend yield for the trailing twelve months is around 2.19%, less than MNU-U.TO's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021
CASH.TO Global X High Interest Savings ETF	2.19%	2.53%	4.37%	5.06%	2.30%	0.10%
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 CASH.TO and MNU-U.TO in my portfolio?

CASH.TO and MNU-U.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, CASH.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

CASH.TO is cheaper with a 0.11% expense ratio, compared with 0.20% for MNU-U.TO.

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

CASH.TO is categorized as Money Market, while MNU-U.TO is Ultrashort Bond. They also come from different issuers: Global X and Purpose Investments. Their fees differ too: 0.11% for CASH.TO and 0.20% for MNU-U.TO.