MNU-U.TO vs. UCSH-U.TO

Last updated Jul 18, 2026

MNU-U.TO (Purpose USD Cash Management ETF) and UCSH-U.TO (Global X USD High Interest Savings ETF) are both exchange-traded funds - MNU-U.TO is a Ultrashort Bond fund actively managed by Purpose Investments, while UCSH-U.TO is a Money Market fund actively managed by Global X. Both are actively managed. Over the past year, MNU-U.TO returned 3.87% vs 3.72% for UCSH-U.TO. At a 0.21 correlation, their price movements are largely independent.

Performance

MNU-U.TO vs. UCSH-U.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 USD High Interest Savings ETF (UCSH-U.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MNU-U.TO achieves a 2.01% return, which is significantly higher than UCSH-U.TO's 1.82% return.

MNU-U.TO

• 1D: 0.03%
• 1M: 0.32%
• 6M: 1.84%
• YTD: 2.01%
• 1Y: 3.87%
• 3Y*: 4.73%
• 5Y*: —
• 10Y*: —

UCSH-U.TO

• 1D: 0.02%
• 1M: 0.29%
• 6M: 1.70%
• YTD: 1.82%
• 1Y: 3.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
MNU-U.TO Purpose USD Cash Management ETF	2.01%	4.21%	5.10%
UCSH-U.TO Global X USD High Interest Savings ETF	1.82%	4.16%	4.73%

Correlation

The correlation between MNU-U.TO and UCSH-U.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 24, 2024	0.21

Return for Risk

MNU-U.TO vs. UCSH-U.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

UCSH-U.TO

UCSH-U.TO Risk / Return Rank: 100
UCSH-U.TO Sharpe Ratio Rank: 100
UCSH-U.TO Sortino Ratio Rank: 100
UCSH-U.TO Omega Ratio Rank: 100
UCSH-U.TO Calmar Ratio Rank: 100
UCSH-U.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.

MNU-U.TO vs. UCSH-U.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 USD High Interest Savings ETF (UCSH-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.

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	UCSH-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	15.63	12.56	+3.07
Sortino ratio: Return per unit of downside risk	38.79	43.17	-4.39
Omega ratio: Gain probability vs. loss probability	17.11	12.43	+4.69
Calmar ratio: Return relative to maximum drawdown	45.23	93.40	-48.17
Martin ratio: Return relative to average drawdown	434.86	646.11	-211.25

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

The current MNU-U.TO Sharpe Ratio is 15.63, which is comparable to the UCSH-U.TO Sharpe Ratio of 12.56. The chart below compares the historical Sharpe Ratios of MNU-U.TO and UCSH-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.

Drawdowns

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

The maximum MNU-U.TO drawdown since its inception was -0.43%, which is greater than UCSH-U.TO's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for MNU-U.TO and UCSH-U.TO.

Drawdown Indicators

	MNU-U.TO	UCSH-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.43%	-0.04%	-0.39%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-0.04%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-0.43%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.00%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.01%	0.00%

Volatility

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

The current volatility for Purpose USD Cash Management ETF (MNU-U.TO) is 0.05%, while Global X USD High Interest Savings ETF (UCSH-U.TO) has a volatility of 0.08%. This indicates that MNU-U.TO experiences smaller price fluctuations and is considered to be less risky than UCSH-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNU-U.TO	UCSH-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.08%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	0.19%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	0.25%	0.30%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.49%	0.31%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.49%	0.31%	+0.18%

Dividends

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

MNU-U.TO's dividend yield for the trailing twelve months is around 3.80%, more than UCSH-U.TO's 3.65% yield.

Position	TTM	2025	2024	2023
MNU-U.TO Purpose USD Cash Management ETF	3.80%	4.17%	5.26%	3.62%
UCSH-U.TO Global X USD High Interest Savings ETF	3.65%	4.04%	4.71%	0.00%

Frequently Asked Questions

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

MNU-U.TO and UCSH-U.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

MNU-U.TO is categorized as Ultrashort Bond, while UCSH-U.TO is Money Market. They also come from different issuers: Purpose Investments and Global X.