MNU-U.TO vs. HSAV.TO

Last updated Jun 24, 2026

MNU-U.TO (Purpose USD Cash Management ETF) and HSAV.TO (Global X Cash Maximizer Corporate Class ETF) are both exchange-traded funds - MNU-U.TO is a Ultrashort Bond fund actively managed by Purpose Investments, while HSAV.TO is a Money Market fund actively managed by Global X. Both are actively managed. Over the past 3 years, MNU-U.TO returned 4.77%/yr vs 0.92%/yr for HSAV.TO. At a 0.03 correlation, their price movements are largely independent. MNU-U.TO charges 0.20%/yr vs 0.18%/yr for HSAV.TO.

Performance

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

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

Different Trading Currencies

MNU-U.TO is traded in USD, while HSAV.TO is traded in CAD. To make them comparable, the HSAV.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MNU-U.TO achieves a 1.74% return, which is significantly higher than HSAV.TO's -2.41% return.

MNU-U.TO

• 1D: 0.02%
• 1M: 0.29%
• YTD: 1.74%
• 6M: 1.74%
• 1Y: 3.89%
• 3Y*: 4.77%
• 5Y*: —
• 10Y*: —

HSAV.TO

• 1D: 0.10%
• 1M: -2.92%
• YTD: -2.41%
• 6M: -1.81%
• 1Y: -0.66%
• 3Y*: 0.92%
• 5Y*: 0.31%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
MNU-U.TO Purpose USD Cash Management ETF	1.74%	4.21%	5.29%	3.83%
HSAV.TO Global X Cash Maximizer Corporate Class ETF	-2.41%	7.48%	-3.90%	6.91%

Correlation

The correlation between MNU-U.TO and HSAV.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 (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Apr 27, 2023	0.03

Return for Risk

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

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

MNU-U.TO

MNU-U.TO Risk / Return Rank: 100
MNU-U.TO Sharpe Ratio Rank: 100
MNU-U.TO Sortino Ratio Rank: 100
MNU-U.TO Omega Ratio Rank: 100
MNU-U.TO Calmar Ratio Rank: 99
MNU-U.TO Martin Ratio Rank: 100

HSAV.TO

HSAV.TO Risk / Return Rank: 61
HSAV.TO Sharpe Ratio Rank: 52
HSAV.TO Sortino Ratio Rank: 56
HSAV.TO Omega Ratio Rank: 53
HSAV.TO Calmar Ratio Rank: 80
HSAV.TO Martin Ratio Rank: 62

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.

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

This table presents a comparison of risk-adjusted performance metrics for Purpose USD Cash Management ETF (MNU-U.TO) and Global X Cash Maximizer Corporate Class ETF (HSAV.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.

	MNU-U.TO	HSAV.TO	Difference
Sharpe ratio: Return per unit of total volatility	15.32	-0.15	+15.47
Sortino ratio: Return per unit of downside risk	38.80	-0.19	+38.99
Omega ratio: Gain probability vs. loss probability	16.54	0.98	+15.56
Calmar ratio: Return relative to maximum drawdown	45.48	-0.15	+45.64
Martin ratio: Return relative to average drawdown	436.21	-0.41	+436.63

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

The current MNU-U.TO Sharpe Ratio is 15.32, which is higher than the HSAV.TO Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of MNU-U.TO and HSAV.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

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

The maximum MNU-U.TO drawdown since its inception was -0.43%, smaller than the maximum HSAV.TO drawdown of -11.39%. Use the drawdown chart below to compare losses from any high point for MNU-U.TO and HSAV.TO.

Drawdown Indicators

	MNU-U.TO	HSAV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.43%	-11.39%	+10.96%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-4.32%	+4.23%
Max Drawdown (3Y) Largest decline over 3 years	-0.43%	-7.52%	+7.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.55%	—
Current Drawdown Current decline from peak	0.00%	-4.22%	+4.22%
Average Drawdown Average peak-to-trough decline	-0.01%	-3.39%	+3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.59%	-1.58%

Volatility

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

The current volatility for Purpose USD Cash Management ETF (MNU-U.TO) is 0.04%, while Global X Cash Maximizer Corporate Class ETF (HSAV.TO) has a volatility of 1.16%. This indicates that MNU-U.TO experiences smaller price fluctuations and is considered to be less risky than HSAV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNU-U.TO	HSAV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.04%	1.16%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	3.41%	-3.22%
Volatility (1Y) Calculated over the trailing 1-year period	0.26%	4.52%	-4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.50%	6.58%	-6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.50%	6.87%	-6.37%

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

MNU-U.TO has a 0.20% expense ratio, which is higher than HSAV.TO's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

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

MNU-U.TO's dividend yield for the trailing twelve months is around 3.84%, while HSAV.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
HSAV.TO Global X Cash Maximizer Corporate Class ETF	0.00%	0.00%	0.00%	0.00%
MNU-U.TO Purpose USD Cash Management ETF	3.84%	4.17%	5.26%	3.62%

Frequently Asked Questions

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

MNU-U.TO and HSAV.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, MNU-U.TO or HSAV.TO?

On fees, HSAV.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HSAV.TO is cheaper with a 0.18% expense ratio, compared with 0.20% for MNU-U.TO.

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

MNU-U.TO is categorized as Ultrashort Bond, while HSAV.TO is Money Market. They also come from different issuers: Purpose Investments and Global X. Their fees differ too: 0.20% for MNU-U.TO and 0.18% for HSAV.TO.