MNY.TO vs. XFR.TO
MNY.TO (Purpose Cash Management Fund) and XFR.TO (iShares Floating Rate Index ETF) are both exchange-traded funds - MNY.TO is a Money Market fund actively managed by Purpose Investments, while XFR.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. MNY.TO is actively managed, while XFR.TO is passively managed. Over the past 3 years, MNY.TO returned 3.91%/yr vs 3.98%/yr for XFR.TO. At a 0.03 correlation, their price movements are largely independent. MNY.TO charges 0.22%/yr vs 0.14%/yr for XFR.TO.
Performance
MNY.TO vs. XFR.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MNY.TO achieves a 0.95% return, which is significantly lower than XFR.TO's 1.00% return.
MNY.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.95%
- 6M
- 1.22%
- 1Y
- 2.59%
- 3Y*
- 3.91%
- 5Y*
- —
- 10Y*
- —
XFR.TO
- 1D
- -0.05%
- 1M
- 0.21%
- YTD
- 1.00%
- 6M
- 1.33%
- 1Y
- 2.96%
- 3Y*
- 3.98%
- 5Y*
- 3.20%
- 10Y*
- 2.24%
MNY.TO vs. XFR.TO - 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% |
XFR.TO iShares Floating Rate Index ETF | 1.00% | 3.33% | 4.57% | 5.29% | 1.24% |
Correlation
The correlation between MNY.TO and XFR.TO is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2022 | 0.03 |
The correlation between MNY.TO and XFR.TO shifts across timeframes, from -0.08 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MNY.TO vs. XFR.TO — Risk / Return Rank
MNY.TO
XFR.TO
MNY.TO vs. XFR.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Cash Management Fund (MNY.TO) and iShares Floating Rate Index ETF (XFR.TO). 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 | XFR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +11.96 | ||
| Sortino ratioReturn per unit of downside risk | +45.33 | ||
| Omega ratioGain probability vs. loss probability | 22.32 | 1.96 | +20.35 |
| Calmar ratioReturn relative to maximum drawdown | 65.02 | 29.79 | +35.22 |
| Martin ratioReturn relative to average drawdown | 605.87 | 88.61 | +517.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MNY.TO | XFR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 16.08 | 4.12 | +11.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 3.92 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.22 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 11.02 | 1.19 | +9.83 |
Drawdowns
MNY.TO vs. XFR.TO - Drawdown Comparison
The maximum MNY.TO drawdown since its inception was -0.24%, smaller than the maximum XFR.TO drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for MNY.TO and XFR.TO.
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Drawdown Indicators
| MNY.TO | XFR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.24% | -4.12% | +3.88% |
Max Drawdown (1Y)Largest decline over 1 year | -0.04% | -0.10% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -0.10% | -0.30% | +0.20% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -4.12% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.05% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.06% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.03% | -0.03% |
Volatility
MNY.TO vs. XFR.TO - Volatility Comparison
The current volatility for Purpose Cash Management Fund (MNY.TO) is 0.03%, while iShares Floating Rate Index ETF (XFR.TO) has a volatility of 0.18%. This indicates that MNY.TO experiences smaller price fluctuations and is considered to be less risky than XFR.TO 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 | XFR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.03% | 0.18% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 0.12% | 0.48% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.16% | 0.72% | -0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.37% | 0.82% | -0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.37% | 1.85% | -1.48% |
MNY.TO vs. XFR.TO - Expense Ratio Comparison
MNY.TO has a 0.22% expense ratio, which is higher than XFR.TO's 0.14% 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
MNY.TO vs. XFR.TO - Dividend Comparison
MNY.TO's dividend yield for the trailing twelve months is around 2.56%, less than XFR.TO's 2.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XFR.TO iShares Floating Rate Index ETF | 2.77% | 3.23% | 4.93% | 4.91% | 1.85% | 0.30% | 1.07% | 1.96% | 1.60% | 0.95% | 0.77% | 0.94% |
Frequently Asked Questions
MNY.TO and XFR.TO 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.
On fees, XFR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XFR.TO is cheaper with a 0.14% expense ratio, compared with 0.22% for MNY.TO.
MNY.TO is categorized as Money Market, while XFR.TO is Canadian Government Bonds. They also come from different issuers: Purpose Investments and iShares. Their fees differ too: 0.22% for MNY.TO and 0.14% for XFR.TO.
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