MNY.TO vs. ETFOX

Last updated Aug 4, 2026

MNY.TO (Purpose Cash Management Fund) and ETFOX (North Square Tactical Growth Fund) are both funds - MNY.TO is a Money Market fund actively managed by Purpose, while ETFOX is a Tactical Allocation fund managed by Stadion Funds. Over the past 3 years, MNY.TO returned 3.79%/yr vs 15.80%/yr for ETFOX. Their -0.01 correlation means they have often moved in opposite directions in the past. MNY.TO charges 0.22%/yr vs 1.30%/yr for ETFOX.

Performance

MNY.TO vs. ETFOX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Cash Management Fund (MNY.TO) and North Square Tactical Growth Fund (ETFOX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, MNY.TO achieves a 1.36% return, which is significantly lower than ETFOX's 9.89% return.

MNY.TO

• 1D: 0.04%
• 1M: 0.19%
• 6M: 1.20%
• YTD: 1.36%
• 1Y: 2.54%
• 3Y*: 3.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.94%

ETFOX

• 1D: 0.13%
• 1M: -2.21%
• 6M: 7.92%
• YTD: 9.89%
• 1Y: 18.47%
• 3Y*: 15.80%
• 5Y*: 10.59%
• 10Y*: 9.95%
• ALL TIME*: 7.43%

*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)
ETFOX North Square Tactical Growth Fund	CA$0.00	CA$0.00	CA$0.00
MNY.TO Purpose Cash Management Fund	CA$7.14M	CA$7.01M	CA$5.03M

MNY.TO vs. ETFOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MNY.TO Purpose Cash Management Fund	1.36%	3.03%	4.69%	5.03%	1.18%
ETFOX North Square Tactical Growth Fund	9.89%	9.45%	25.22%	13.77%	2.27%

Correlation

The correlation between MNY.TO and ETFOX is -0.04, 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.	-0.04
Correlation (3Y) Balances recent behavior with more history.	-0.03
Correlation (All Time) Calculated using the full available price history since Sep 14, 2022	-0.01

Return for Risk

MNY.TO vs. ETFOX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MNY.TO

MNY.TO Risk / Return Rank: 100
MNY.TO Sharpe Ratio Rank: 100
MNY.TO Sortino Ratio Rank: 100
MNY.TO Omega Ratio Rank: 100
MNY.TO Calmar Ratio Rank: 100
MNY.TO Martin Ratio Rank: 100

ETFOX

ETFOX Risk / Return Rank: 48
ETFOX Sharpe Ratio Rank: 48
ETFOX Sortino Ratio Rank: 46
ETFOX Omega Ratio Rank: 44
ETFOX Calmar Ratio Rank: 48
ETFOX Martin Ratio Rank: 53

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.

MNY.TO vs. ETFOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Cash Management Fund (MNY.TO) and North Square Tactical Growth Fund (ETFOX). 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.

	MNY.TO	ETFOX	Difference
Sharpe ratio: Return per unit of total volatility	15.77	1.50	+14.27
Sortino ratio: Return per unit of downside risk	49.75	2.15	+47.60
Omega ratio: Gain probability vs. loss probability	22.10	1.25	+20.85
Calmar ratio: Return relative to maximum drawdown	64.35	2.30	+62.05
Martin ratio: Return relative to average drawdown	582.61	7.69	+574.92

MNY.TO vs. ETFOX - Sharpe Ratio Comparison

The current MNY.TO Sharpe Ratio is 15.77, which is higher than the ETFOX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of MNY.TO and ETFOX, 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

MNY.TO vs. ETFOX - Drawdown Comparison

The maximum MNY.TO drawdown since its inception was -0.24%, smaller than the maximum ETFOX drawdown of -32.98%. Use the drawdown chart below to compare losses from any high point for MNY.TO and ETFOX.

Drawdown Indicators

	MNY.TO	ETFOX	Difference
Max Drawdown Largest peak-to-trough decline	-0.24%	-32.98%	+32.74%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-7.60%	+7.56%
Max Drawdown (3Y) Largest decline over 3 years	-0.10%	-15.48%	+15.38%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-15.48%	—
Current Drawdown Current decline from peak	0.00%	-2.81%	+2.81%
Average Drawdown Average peak-to-trough decline	0.00%	-6.00%	+6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	2.27%	-2.27%

Volatility

MNY.TO vs. ETFOX - Volatility Comparison

The current volatility for Purpose Cash Management Fund (MNY.TO) is 0.05%, while North Square Tactical Growth Fund (ETFOX) has a volatility of 3.17%. This indicates that MNY.TO experiences smaller price fluctuations and is considered to be less risky than ETFOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNY.TO	ETFOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	3.17%	-3.12%
Volatility (6M) Calculated over the trailing 6-month period	0.10%	9.33%	-9.23%
Volatility (1Y) Calculated over the trailing 1-year period	0.16%	11.68%	-11.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	13.88%	-13.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	14.03%	-13.71%

MNY.TO vs. ETFOX - Expense Ratio Comparison

MNY.TO has a 0.22% expense ratio, which is lower than ETFOX's 1.30% expense ratio.

Dividends

MNY.TO vs. ETFOX - Dividend Comparison

MNY.TO's dividend yield for the trailing twelve months is around 2.51%, more than ETFOX's 1.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETFOX North Square Tactical Growth Fund	1.20%	1.29%	2.36%	0.98%	7.75%	4.75%	0.02%	4.81%	2.65%	0.00%	0.20%	0.64%
MNY.TO Purpose Cash Management Fund	2.51%	2.93%	4.71%	4.85%	1.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MNY.TO and ETFOX in my portfolio?

MNY.TO and ETFOX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.