MNU-U.TO vs. VIPIX

Last updated Aug 4, 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, while VIPIX is a Inflation-Protected Bonds fund actively managed by Vanguard. Both are actively managed. Over the past 3 years, MNU-U.TO returned 4.72%/yr vs 3.83%/yr for VIPIX. Their -0.01 correlation means they have often moved in opposite directions in the past. 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 2.16% return, which is significantly higher than VIPIX's 0.36% return.

MNU-U.TO

• 1D: 0.04%
• 1M: 0.31%
• 6M: 1.83%
• YTD: 2.16%
• 1Y: 3.81%
• 3Y*: 4.72%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.76%

VIPIX

• 1D: -0.11%
• 1M: -0.54%
• 6M: 0.15%
• YTD: 0.36%
• 1Y: 1.81%
• 3Y*: 3.83%
• 5Y*: 0.29%
• 10Y*: 2.44%
• ALL TIME*: 3.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MNU-U.TO Purpose USD Cash Management ETF	$404.94K	$360.22K	$354.88K
VIPIX Vanguard Inflation-Protected Securities Fund Institutional Shares	$0.00	$0.00	$0.00

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

	2026 (YTD)	2025	2024	2023
MNU-U.TO Purpose USD Cash Management ETF	2.16%	4.21%	5.29%	3.83%
VIPIX Vanguard Inflation-Protected Securities Fund Institutional Shares	0.36%	6.98%	1.85%	-0.19%

Correlation

The correlation between MNU-U.TO and VIPIX is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.08
Correlation (3Y) Balances recent behavior with more history.	-0.02
Correlation (All Time) Calculated using the full available price history since Apr 27, 2023	-0.01

Return for Risk

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

Compare historical risk-adjusted metric ranks 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: 19
VIPIX Sharpe Ratio Rank: 17
VIPIX Sortino Ratio Rank: 16
VIPIX Omega Ratio Rank: 15
VIPIX Calmar Ratio Rank: 25
VIPIX Martin Ratio Rank: 22

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	15.53	0.71	+14.82
Sortino ratio: Return per unit of downside risk	38.57	1.06	+37.51
Omega ratio: Gain probability vs. loss probability	17.02	1.12	+15.90
Calmar ratio: Return relative to maximum drawdown	44.98	1.24	+43.74
Martin ratio: Return relative to average drawdown	432.42	3.36	+429.07

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

The current MNU-U.TO Sharpe Ratio is 15.53, which is higher than the VIPIX Sharpe Ratio of 0.71. 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%	-3.84%	+3.41%
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%	-1.33%	+1.33%
Average Drawdown Average peak-to-trough decline	-0.01%	-3.33%	+3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.73%	-0.72%

Volatility

MNU-U.TO vs. VIPIX - Volatility Comparison

The current volatility for Purpose USD Cash Management ETF (MNU-U.TO) is 0.06%, while Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX) has a volatility of 0.78%. 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	0.06%	0.78%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	2.63%	-2.47%
Volatility (1Y) Calculated over the trailing 1-year period	0.25%	3.48%	-3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.49%	6.02%	-5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.49%	5.36%	-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 3.76%, less than VIPIX's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNU-U.TO Purpose USD Cash Management ETF	3.76%	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	5.11%	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 -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.