MNU-U.TO vs. VIPIX

Last updated Jun 24, 2026

MNU-U.TO (Purpose USD Cash Management ETF) and VIPIX (Vanguard Inflation-Protected Securities Fund Institutional Shares) are both funds - MNU-U.TO is a Ultrashort Bond fund actively managed by Purpose Investments, while VIPIX is a Inflation-Protected Bonds fund managed by Vanguard. Over the past 3 years, MNU-U.TO returned 4.77%/yr vs 3.65%/yr for VIPIX. At a correlation of -0.02, they often move in opposite directions. MNU-U.TO charges 0.20%/yr vs 0.07%/yr for VIPIX.

Performance

MNU-U.TO vs. VIPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Purpose USD Cash Management ETF (MNU-U.TO) and Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX). 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 1.74% return, which is significantly higher than VIPIX's 0.63% return.

MNU-U.TO

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

VIPIX

• 1D: -0.42%
• 1M: 0.00%
• YTD: 0.63%
• 6M: 0.84%
• 1Y: 3.52%
• 3Y*: 3.65%
• 5Y*: 0.90%
• 10Y*: 2.51%

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

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

	2026 (YTD)	2025	2024	2023
MNU-U.TO Purpose USD Cash Management ETF	1.74%	4.21%	5.29%	3.83%
VIPIX Vanguard Inflation-Protected Securities Fund Institutional Shares	0.63%	6.98%	1.85%	-0.19%

Correlation

The correlation between MNU-U.TO and VIPIX is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Apr 27, 2023	-0.02

Return for Risk

MNU-U.TO vs. VIPIX — 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

VIPIX

VIPIX Risk / Return Rank: 20
VIPIX Sharpe Ratio Rank: 16
VIPIX Sortino Ratio Rank: 16
VIPIX Omega Ratio Rank: 14
VIPIX Calmar Ratio Rank: 27
VIPIX Martin Ratio Rank: 24

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. VIPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose USD Cash Management ETF (MNU-U.TO) and Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX). 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	VIPIX	Difference
Sharpe ratio: Return per unit of total volatility	15.32	1.04	+14.28
Sortino ratio: Return per unit of downside risk	38.80	1.57	+37.23
Omega ratio: Gain probability vs. loss probability	16.54	1.18	+15.36
Calmar ratio: Return relative to maximum drawdown	45.48	1.83	+43.66
Martin ratio: Return relative to average drawdown	436.21	5.46	+430.76

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

The current MNU-U.TO Sharpe Ratio is 15.32, which is higher than the VIPIX Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of MNU-U.TO and VIPIX, 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. VIPIX - Drawdown Comparison

The maximum MNU-U.TO drawdown since its inception was -0.43%, smaller than the maximum VIPIX drawdown of -15.04%. Use the drawdown chart below to compare losses from any high point for MNU-U.TO and VIPIX.

Drawdown Indicators

	MNU-U.TO	VIPIX	Difference
Max Drawdown Largest peak-to-trough decline	-0.43%	-15.04%	+14.61%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-2.00%	+1.91%
Max Drawdown (3Y) Largest decline over 3 years	-0.43%	-4.46%	+4.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.33%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.33%	—
Current Drawdown Current decline from peak	0.00%	-1.06%	+1.06%
Average Drawdown Average peak-to-trough decline	-0.01%	-3.35%	+3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.67%	-0.66%

Volatility

MNU-U.TO vs. VIPIX - Volatility Comparison

The current volatility for Purpose USD Cash Management ETF (MNU-U.TO) is 0.04%, while Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX) has a volatility of 1.30%. This indicates that MNU-U.TO experiences smaller price fluctuations and is considered to be less risky than VIPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNU-U.TO	VIPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.04%	1.30%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	2.58%	-2.39%
Volatility (1Y) Calculated over the trailing 1-year period	0.26%	3.51%	-3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.50%	6.02%	-5.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.50%	5.37%	-4.87%

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

MNU-U.TO has a 0.20% expense ratio, which is higher than VIPIX's 0.07% 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. VIPIX - Dividend Comparison

MNU-U.TO's dividend yield for the trailing twelve months is around 3.84%, less than VIPIX's 4.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNU-U.TO Purpose USD Cash Management ETF	3.84%	4.17%	5.26%	3.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VIPIX Vanguard Inflation-Protected Securities Fund Institutional Shares	4.56%	4.77%	4.20%	4.34%	8.49%	5.16%	1.41%	2.32%	3.15%	2.45%	3.50%	0.91%

Frequently Asked Questions

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

MNU-U.TO and VIPIX 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.