HISA.NEO vs. MNU-U.TO

Last updated Jun 5, 2026

HISA.NEO (Evolve High Interest Savings Account ETF) and MNU-U.TO (Purpose USD Cash Management ETF) are both exchange-traded funds - HISA.NEO is a Money Market fund actively managed by Evolve, while MNU-U.TO is a Ultrashort Bond fund actively managed by Purpose Investments. Both are actively managed. Over the past 3 years, HISA.NEO returned 3.11%/yr vs 4.79%/yr for MNU-U.TO. At a correlation of -0.03, they often move in opposite directions. HISA.NEO charges 0.15%/yr vs 0.20%/yr for MNU-U.TO.

Performance

HISA.NEO vs. MNU-U.TO - Performance Comparison

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

Different Trading Currencies

HISA.NEO 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, HISA.NEO achieves a 0.60% return, which is significantly lower than MNU-U.TO's 2.53% return.

HISA.NEO

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.60%
• 6M: 0.80%
• 1Y: 2.01%
• 3Y*: 3.11%
• 5Y*: 2.77%
• 10Y*: —

MNU-U.TO

• 1D: 0.11%
• 1M: 2.35%
• YTD: 2.53%
• 6M: 0.93%
• 1Y: 4.57%
• 3Y*: 4.79%
• 5Y*: —
• 10Y*: —

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

HISA.NEO vs. MNU-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HISA.NEO Evolve High Interest Savings Account ETF	0.60%	2.30%	3.78%	3.08%
MNU-U.TO Purpose USD Cash Management ETF	2.53%	-1.74%	13.18%	0.54%

Correlation

The correlation between HISA.NEO and MNU-U.TO is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since May 1, 2023	-0.03

The correlation between HISA.NEO and MNU-U.TO shifts across timeframes, from -0.15 (1 year) to -0.03 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HISA.NEO vs. MNU-U.TO — Risk / Return Rank

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

HISA.NEO

HISA.NEO Risk / Return Rank: 86
HISA.NEO Sharpe Ratio Rank: 88
HISA.NEO Sortino Ratio Rank: 95
HISA.NEO Omega Ratio Rank: 99
HISA.NEO Calmar Ratio Rank: 54
HISA.NEO Martin Ratio Rank: 94

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.

HISA.NEO vs. MNU-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve High Interest Savings Account ETF (HISA.NEO) 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.

	HISA.NEO	MNU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.87	1.00	+1.87
Sortino ratio: Return per unit of downside risk	5.03	1.40	+3.63
Omega ratio: Gain probability vs. loss probability	5.25	1.18	+4.07
Calmar ratio: Return relative to maximum drawdown	2.62	1.14	+1.48
Martin ratio: Return relative to average drawdown	27.66	2.98	+24.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HISA.NEO vs. MNU-U.TO - Sharpe Ratio Comparison

The current HISA.NEO Sharpe Ratio is 2.87, which is higher than the MNU-U.TO Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of HISA.NEO 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

	HISA.NEO	MNU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	1.00	+1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.35	0.86	+1.49

Drawdowns

HISA.NEO vs. MNU-U.TO - Drawdown Comparison

The maximum HISA.NEO drawdown since its inception was -0.42%, smaller than the maximum MNU-U.TO drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for HISA.NEO and MNU-U.TO.

Drawdown Indicators

	HISA.NEO	MNU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.42%	-5.44%	+5.02%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-4.02%	+3.84%
Max Drawdown (3Y) Largest decline over 3 years	-0.42%	-5.44%	+5.02%
Max Drawdown (5Y) Largest decline over 5 years	-0.42%	—	—
Current Drawdown Current decline from peak	-0.02%	-0.47%	+0.45%
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

HISA.NEO vs. MNU-U.TO - Volatility Comparison

The current volatility for Evolve High Interest Savings Account ETF (HISA.NEO) is 0.03%, while Purpose USD Cash Management ETF (MNU-U.TO) has a volatility of 0.80%. This indicates that HISA.NEO 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

	HISA.NEO	MNU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.03%	0.80%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	0.08%	3.45%	-3.37%
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	0.46%	5.27%	-4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.47%	5.27%	-4.80%

HISA.NEO vs. MNU-U.TO - Expense Ratio Comparison

HISA.NEO has a 0.15% 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

HISA.NEO vs. MNU-U.TO - Dividend Comparison

HISA.NEO's dividend yield for the trailing twelve months is around 2.27%, less than MNU-U.TO's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HISA.NEO Evolve High Interest Savings Account ETF	2.27%	2.32%	3.65%	4.60%	2.22%	0.52%	0.84%	0.76%
MNU-U.TO Purpose USD Cash Management ETF	2.79%	2.98%	4.25%	2.69%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

HISA.NEO and MNU-U.TO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, HISA.NEO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HISA.NEO is cheaper with a 0.15% expense ratio, compared with 0.20% for MNU-U.TO.

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

HISA.NEO is categorized as Money Market, while MNU-U.TO is Ultrashort Bond. They also come from different issuers: Evolve and Purpose Investments. Their fees differ too: 0.15% for HISA.NEO and 0.20% for MNU-U.TO.