CCAD.TO vs. MNU-U.TO

Last updated Jun 4, 2026

CCAD.TO (CIBC Premium Cash Management ETF) and MNU-U.TO (Purpose USD Cash Management ETF) are both exchange-traded funds - CCAD.TO is a Money Market fund actively managed by CIBC, while MNU-U.TO is a Ultrashort Bond fund actively managed by Purpose Investments. Both are actively managed. Over the past year, CCAD.TO returned 2.58% vs 4.15% for MNU-U.TO. At a correlation of -0.06, they often move in opposite directions. CCAD.TO charges 0.14%/yr vs 0.20%/yr for MNU-U.TO.

Performance

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

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

Different Trading Currencies

CCAD.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, CCAD.TO achieves a 0.98% return, which is significantly lower than MNU-U.TO's 2.42% return.

CCAD.TO

• 1D: 0.02%
• 1M: 0.20%
• YTD: 0.98%
• 6M: 1.20%
• 1Y: 2.58%
• 3Y*: —
• 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)

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

	2026 (YTD)	2025
CCAD.TO CIBC Premium Cash Management ETF	0.98%	1.69%
MNU-U.TO Purpose USD Cash Management ETF	2.42%	-0.08%

Correlation

The correlation between CCAD.TO and MNU-U.TO is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (All Time) Calculated using the full available price history since May 15, 2025	-0.06

Return for Risk

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

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

CCAD.TO

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

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.

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

This table presents a comparison of risk-adjusted performance metrics for CIBC Premium Cash Management ETF (CCAD.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.

	CCAD.TO	MNU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	7.29	0.91	+6.38
Sortino ratio: Return per unit of downside risk	15.09	1.27	+13.83
Omega ratio: Gain probability vs. loss probability	3.66	1.16	+2.50
Calmar ratio: Return relative to maximum drawdown	32.50	1.04	+31.46
Martin ratio: Return relative to average drawdown	171.24	2.70	+168.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current CCAD.TO Sharpe Ratio is 7.29, which is higher than the MNU-U.TO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of CCAD.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

	CCAD.TO	MNU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.29	0.91	+6.38
Sharpe Ratio (All Time) Calculated using the full available price history	7.34	0.85	+6.49

Drawdowns

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

The maximum CCAD.TO drawdown since its inception was -0.08%, smaller than the maximum MNU-U.TO drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for CCAD.TO and MNU-U.TO.

Drawdown Indicators

	CCAD.TO	MNU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-5.44%	+5.36%
Max Drawdown (1Y) Largest decline over 1 year	-0.08%	-4.02%	+3.94%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.44%	—
Current Drawdown Current decline from peak	0.00%	-0.58%	+0.58%
Average Drawdown Average peak-to-trough decline	-0.01%	-1.70%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	1.54%	-1.52%

Volatility

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

The current volatility for CIBC Premium Cash Management ETF (CCAD.TO) is 0.06%, while Purpose USD Cash Management ETF (MNU-U.TO) has a volatility of 0.83%. This indicates that CCAD.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

	CCAD.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	0.19%	3.46%	-3.27%
Volatility (1Y) Calculated over the trailing 1-year period	0.36%	4.59%	-4.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.35%	5.28%	-4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.35%	5.28%	-4.93%

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

CCAD.TO has a 0.14% 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

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

CCAD.TO's dividend yield for the trailing twelve months is around 2.63%, less than MNU-U.TO's 2.79% yield.

Position	TTM	2025	2024	2023
CCAD.TO CIBC Premium Cash Management ETF	2.63%	1.62%	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 CCAD.TO and MNU-U.TO in my portfolio?

CCAD.TO and MNU-U.TO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, CCAD.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

CCAD.TO is cheaper with a 0.14% expense ratio, compared with 0.20% for MNU-U.TO.

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

CCAD.TO is categorized as Money Market, while MNU-U.TO is Ultrashort Bond. They also come from different issuers: CIBC and Purpose Investments. Their fees differ too: 0.14% for CCAD.TO and 0.20% for MNU-U.TO.