HFR.TO vs. PSA.TO

Last updated Jul 14, 2026

HFR.TO (Global X Active Ultra-Short Term Investment Grade Bond ETF) and PSA.TO (Purpose High Interest Savings Fund) are both exchange-traded funds - HFR.TO is a Ultrashort Bond fund actively managed by Global X, while PSA.TO is a Money Market fund actively managed by Purpose Investments. Both are actively managed. Over the past 10 years, HFR.TO returned 3.30%/yr vs 2.27%/yr for PSA.TO. At a 0.03 correlation, their price movements are largely independent. HFR.TO charges 0.46%/yr vs 0.17%/yr for PSA.TO.

Performance

HFR.TO vs. PSA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR.TO) and Purpose High Interest Savings Fund (PSA.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFR.TO achieves a 1.57% return, which is significantly higher than PSA.TO's 1.13% return. Over the past 10 years, HFR.TO has outperformed PSA.TO with an annualized return of 3.30%, while PSA.TO has yielded a comparatively lower 2.27% annualized return.

HFR.TO

• 1D: 0.00%
• 1M: 0.19%
• 6M: 1.37%
• YTD: 1.57%
• 1Y: 3.38%
• 3Y*: 5.50%
• 5Y*: 3.90%
• 10Y*: 3.30%

PSA.TO

• 1D: 0.00%
• 1M: 0.16%
• 6M: 1.07%
• YTD: 1.13%
• 1Y: 2.31%
• 3Y*: 3.61%
• 5Y*: 3.20%
• 10Y*: 2.27%

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

HFR.TO vs. PSA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFR.TO Global X Active Ultra-Short Term Investment Grade Bond ETF	1.57%	4.04%	6.89%	7.86%	-0.77%	0.68%	3.52%	4.41%	0.84%	2.34%
PSA.TO Purpose High Interest Savings Fund	1.13%	2.64%	4.55%	5.13%	2.32%	0.61%	0.93%	2.22%	1.65%	1.08%

Correlation

The correlation between HFR.TO and PSA.TO is -0.00, 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	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Oct 15, 2013	0.03

Return for Risk

HFR.TO vs. PSA.TO — Risk / Return Rank

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

HFR.TO

HFR.TO Risk / Return Rank: 96
HFR.TO Sharpe Ratio Rank: 94
HFR.TO Sortino Ratio Rank: 96
HFR.TO Omega Ratio Rank: 96
HFR.TO Calmar Ratio Rank: 97
HFR.TO Martin Ratio Rank: 97

PSA.TO

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

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.

HFR.TO vs. PSA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR.TO) and Purpose High Interest Savings Fund (PSA.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HFR.TO	PSA.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.73	9.41	-6.68
Sortino ratio: Return per unit of downside risk	4.44	23.36	-18.92
Omega ratio: Gain probability vs. loss probability	1.65	5.76	-4.11
Calmar ratio: Return relative to maximum drawdown	8.47	115.87	-107.39
Martin ratio: Return relative to average drawdown	32.37	353.52	-321.14

HFR.TO vs. PSA.TO - Sharpe Ratio Comparison

The current HFR.TO Sharpe Ratio is 2.73, which is lower than the PSA.TO Sharpe Ratio of 9.41. The chart below compares the historical Sharpe Ratios of HFR.TO and PSA.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.

Drawdowns

HFR.TO vs. PSA.TO - Drawdown Comparison

The maximum HFR.TO drawdown since its inception was -22.56%, which is greater than PSA.TO's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for HFR.TO and PSA.TO.

Drawdown Indicators

	HFR.TO	PSA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-22.56%	-0.04%	-22.52%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-0.02%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-0.52%	-0.02%	-0.50%
Max Drawdown (5Y) Largest decline over 5 years	-3.51%	-0.04%	-3.47%
Max Drawdown (10Y) Largest decline over 10 years	-22.56%	-0.04%	-22.52%
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.38%	-0.00%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.01%	+0.10%

Volatility

HFR.TO vs. PSA.TO - Volatility Comparison

Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR.TO) has a higher volatility of 0.30% compared to Purpose High Interest Savings Fund (PSA.TO) at 0.05%. This indicates that HFR.TO's price experiences larger fluctuations and is considered to be riskier than PSA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFR.TO	PSA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	0.05%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	0.88%	0.16%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	1.25%	0.25%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.79%	0.29%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	0.25%	+5.53%

HFR.TO vs. PSA.TO - Expense Ratio Comparison

HFR.TO has a 0.46% expense ratio, which is higher than PSA.TO's 0.17% expense ratio.

Dividends

HFR.TO vs. PSA.TO - Dividend Comparison

HFR.TO's dividend yield for the trailing twelve months is around 3.63%, more than PSA.TO's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFR.TO Global X Active Ultra-Short Term Investment Grade Bond ETF	3.63%	3.76%	4.50%	5.67%	3.40%	1.28%	2.69%	2.60%	2.36%	2.12%	2.00%	2.14%
PSA.TO Purpose High Interest Savings Fund	2.30%	2.61%	4.46%	5.05%	2.26%	0.59%	0.94%	2.18%	1.66%	1.07%	0.99%	1.07%

Frequently Asked Questions

Can I hold both HFR.TO and PSA.TO in my portfolio?

HFR.TO and PSA.TO have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFR.TO or PSA.TO?

On fees, PSA.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFR.TO or PSA.TO?

PSA.TO is cheaper with a 0.17% expense ratio, compared with 0.46% for HFR.TO.

What is the main difference between HFR.TO and PSA.TO?

HFR.TO is categorized as Ultrashort Bond, while PSA.TO is Money Market. They also come from different issuers: Global X and Purpose Investments. Their fees differ too: 0.46% for HFR.TO and 0.17% for PSA.TO.