MNY.TO vs. ETFRX
MNY.TO (Purpose Cash Management Fund) and ETFRX (North Square Tactical Defensive Fund) are both funds - MNY.TO is a Money Market fund actively managed by Purpose Investments, while ETFRX is a Tactical Allocation fund managed by Stadion Funds. Over the past 3 years, MNY.TO returned 3.86%/yr vs 12.32%/yr for ETFRX. At a correlation of -0.03, they often move in opposite directions. MNY.TO charges 0.22%/yr vs 1.86%/yr for ETFRX.
Performance
MNY.TO vs. ETFRX - Performance Comparison
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Different Trading Currencies
MNY.TO is traded in CAD, while ETFRX is traded in USD. To make them comparable, the ETFRX 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 1.08% return, which is significantly lower than ETFRX's 10.77% return.
MNY.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 1.08%
- 6M
- 1.20%
- 1Y
- 2.56%
- 3Y*
- 3.86%
- 5Y*
- —
- 10Y*
- —
ETFRX
- 1D
- 0.38%
- 1M
- 3.76%
- YTD
- 10.77%
- 6M
- 9.87%
- 1Y
- 20.92%
- 3Y*
- 12.32%
- 5Y*
- 8.03%
- 10Y*
- 8.17%
MNY.TO vs. ETFRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MNY.TO Purpose Cash Management Fund | 1.08% | 3.03% | 4.69% | 5.03% | 1.18% |
ETFRX North Square Tactical Defensive Fund | 10.77% | 3.49% | 16.39% | 3.14% | 4.34% |
Correlation
The correlation between MNY.TO and ETFRX is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2022 | -0.03 |
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Return for Risk
MNY.TO vs. ETFRX — Risk / Return Rank
MNY.TO
ETFRX
MNY.TO vs. ETFRX - 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 Defensive Fund (ETFRX). 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 | ETFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +13.77 | ||
| Sortino ratioReturn per unit of downside risk | +46.83 | ||
| Omega ratioGain probability vs. loss probability | 22.09 | 1.36 | +20.74 |
| Calmar ratioReturn relative to maximum drawdown | 64.32 | 3.36 | +60.96 |
| Martin ratioReturn relative to average drawdown | 582.35 | 8.40 | +573.95 |
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Drawdowns
MNY.TO vs. ETFRX - Drawdown Comparison
The maximum MNY.TO drawdown since its inception was -0.24%, smaller than the maximum ETFRX drawdown of -25.08%. Use the drawdown chart below to compare losses from any high point for MNY.TO and ETFRX.
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Drawdown Indicators
| MNY.TO | ETFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.24% | -25.08% | +24.84% |
Max Drawdown (1Y)Largest decline over 1 year | -0.04% | -6.99% | +6.95% |
Max Drawdown (3Y)Largest decline over 3 years | -0.10% | -13.09% | +12.99% |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.09% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.87% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -7.00% | +7.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 2.79% | -2.79% |
Volatility
MNY.TO vs. ETFRX - Volatility Comparison
The current volatility for Purpose Cash Management Fund (MNY.TO) is 0.04%, while North Square Tactical Defensive Fund (ETFRX) has a volatility of 4.21%. This indicates that MNY.TO experiences smaller price fluctuations and is considered to be less risky than ETFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MNY.TO | ETFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.04% | 4.21% | -4.17% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 8.35% | -8.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.16% | 11.25% | -11.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.33% | 11.14% | -10.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.33% | 12.28% | -11.95% |
MNY.TO vs. ETFRX - Expense Ratio Comparison
MNY.TO has a 0.22% expense ratio, which is lower than ETFRX's 1.86% expense ratio.
Dividends
MNY.TO vs. ETFRX - Dividend Comparison
MNY.TO's dividend yield for the trailing twelve months is around 2.56%, more than ETFRX's 0.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETFRX North Square Tactical Defensive Fund | 0.45% | 0.48% | 0.93% | 0.00% | 0.00% | 0.00% | 0.00% | 0.38% | 0.00% | 2.25% | 0.00% | 3.02% |
MNY.TO Purpose Cash Management Fund | 2.56% | 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
MNY.TO and ETFRX have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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