MNY.TO vs. ETFRX

Last updated Jun 4, 2026

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 3.91%/yr vs 11.22%/yr for ETFRX. At a correlation of -0.05, 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

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

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 0.95% return, which is significantly lower than ETFRX's 8.84% return.

MNY.TO

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.95%
• 6M: 1.22%
• 1Y: 2.59%
• 3Y*: 3.91%
• 5Y*: —
• 10Y*: —

ETFRX

• 1D: 0.56%
• 1M: 6.06%
• YTD: 8.84%
• 6M: 7.13%
• 1Y: 20.85%
• 3Y*: 11.22%
• 5Y*: 8.39%
• 10Y*: 7.54%

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

MNY.TO vs. ETFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MNY.TO Purpose Cash Management Fund	0.95%	3.03%	4.69%	5.03%	1.54%
ETFRX North Square Tactical Defensive Fund	8.84%	3.47%	16.52%	3.33%	2.79%

Correlation

The correlation between MNY.TO and ETFRX is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Sep 15, 2022	-0.05

Return for Risk

MNY.TO vs. ETFRX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

ETFRX

ETFRX Risk / Return Rank: 52
ETFRX Sharpe Ratio Rank: 46
ETFRX Sortino Ratio Rank: 43
ETFRX Omega Ratio Rank: 45
ETFRX Calmar Ratio Rank: 74
ETFRX Martin Ratio Rank: 50

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.

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.

	MNY.TO	ETFRX	Difference
Sharpe ratio: Return per unit of total volatility	16.08	2.13	+13.95
Sortino ratio: Return per unit of downside risk	52.31	2.91	+49.41
Omega ratio: Gain probability vs. loss probability	22.32	1.40	+20.91
Calmar ratio: Return relative to maximum drawdown	65.02	3.05	+61.96
Martin ratio: Return relative to average drawdown	605.87	7.86	+598.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNY.TO vs. ETFRX - Sharpe Ratio Comparison

The current MNY.TO Sharpe Ratio is 16.08, which is higher than the ETFRX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of MNY.TO and ETFRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MNY.TO	ETFRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	16.08	2.13	+13.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	11.02	0.76	+10.26

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 -16.40%. Use the drawdown chart below to compare losses from any high point for MNY.TO and ETFRX.

Drawdown Indicators

	MNY.TO	ETFRX	Difference
Max Drawdown Largest peak-to-trough decline	-0.24%	-16.40%	+16.16%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-7.02%	+6.98%
Max Drawdown (3Y) Largest decline over 3 years	-0.10%	-13.02%	+12.92%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.40%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-4.13%	+4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	2.72%	-2.72%

Volatility

MNY.TO vs. ETFRX - Volatility Comparison

The current volatility for Purpose Cash Management Fund (MNY.TO) is 0.03%, while North Square Tactical Defensive Fund (ETFRX) has a volatility of 2.65%. 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.

Volatility by Period

	MNY.TO	ETFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.03%	2.65%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	6.83%	-6.71%
Volatility (1Y) Calculated over the trailing 1-year period	0.16%	10.05%	-9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	9.36%	-8.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	10.08%	-9.71%

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%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

MNY.TO and ETFRX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.