CMR.TO vs. MNU-U.TO

Last updated Jun 4, 2026

CMR.TO (iShares Premium Money Market ETF) and MNU-U.TO (Purpose USD Cash Management ETF) are both exchange-traded funds - CMR.TO is a Money Market fund actively managed by iShares, while MNU-U.TO is a Ultrashort Bond fund actively managed by Purpose Investments. Both are actively managed. Over the past 3 years, CMR.TO returned 3.73%/yr vs 4.82%/yr for MNU-U.TO. At a 0.05 correlation, their price movements are largely independent. CMR.TO charges 0.14%/yr vs 0.20%/yr for MNU-U.TO.

Performance

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

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

Different Trading Currencies

CMR.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, CMR.TO achieves a 0.97% return, which is significantly lower than MNU-U.TO's 2.42% return.

CMR.TO

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.97%
• 6M: 1.05%
• 1Y: 2.37%
• 3Y*: 3.73%
• 5Y*: 2.94%
• 10Y*: 1.89%

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)

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

	2026 (YTD)	2025	2024	2023
CMR.TO iShares Premium Money Market ETF	0.97%	2.68%	4.70%	3.28%
MNU-U.TO Purpose USD Cash Management ETF	2.42%	-1.74%	13.18%	0.54%

Correlation

The correlation between CMR.TO and MNU-U.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since May 1, 2023	0.05

Return for Risk

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

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

CMR.TO

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

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

This table presents a comparison of risk-adjusted performance metrics for iShares Premium Money Market ETF (CMR.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.

	CMR.TO	MNU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	10.61	0.91	+9.70
Sortino ratio: Return per unit of downside risk	21.13	1.27	+19.86
Omega ratio: Gain probability vs. loss probability	9.57	1.16	+8.41
Calmar ratio: Return relative to maximum drawdown	25.44	1.04	+24.40
Martin ratio: Return relative to average drawdown	187.33	2.70	+184.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current CMR.TO Sharpe Ratio is 10.61, which is higher than the MNU-U.TO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of CMR.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

	CMR.TO	MNU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.61	0.91	+9.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	10.67	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	7.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.84	0.85	+2.99

Drawdowns

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

The maximum CMR.TO drawdown since its inception was -0.52%, smaller than the maximum MNU-U.TO drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for CMR.TO and MNU-U.TO.

Drawdown Indicators

	CMR.TO	MNU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.52%	-5.44%	+4.92%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-4.02%	+3.93%
Max Drawdown (3Y) Largest decline over 3 years	-0.09%	-5.44%	+5.35%
Max Drawdown (5Y) Largest decline over 5 years	-0.09%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-0.14%	—	—
Current Drawdown Current decline from peak	-0.02%	-0.58%	+0.56%
Average Drawdown Average peak-to-trough decline	-0.01%	-1.70%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.54%	-1.53%

Volatility

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

The current volatility for iShares Premium Money Market ETF (CMR.TO) is 0.05%, while Purpose USD Cash Management ETF (MNU-U.TO) has a volatility of 0.83%. This indicates that CMR.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

	CMR.TO	MNU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.83%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	3.46%	-3.28%
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	0.28%	5.28%	-5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.27%	5.28%	-5.01%

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

CMR.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

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

CMR.TO's dividend yield for the trailing twelve months is around 2.48%, less than MNU-U.TO's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMR.TO iShares Premium Money Market ETF	2.48%	2.81%	4.56%	4.64%	1.62%	0.00%	0.47%	1.60%	1.33%	0.61%	0.43%	0.48%
MNU-U.TO Purpose USD Cash Management ETF	2.79%	2.98%	4.25%	2.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

CMR.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, CMR.TO or MNU-U.TO?

On fees, CMR.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, CMR.TO or MNU-U.TO?

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

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

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