MPAY.TO vs. CASH.TO
MPAY.TO (Global X Mid-Term U.S. Treasury Premium Yield ETF) and CASH.TO (Global X High Interest Savings ETF) are both exchange-traded funds - MPAY.TO is a Intermediate Core-Plus Bond fund actively managed by Global X, while CASH.TO is a Money Market fund actively managed by Global X. Both are actively managed. Over the past year, MPAY.TO returned 6.63% vs 2.22% for CASH.TO. At a correlation of -0.01, they often move in opposite directions. MPAY.TO charges 0.56%/yr vs 0.11%/yr for CASH.TO.
Performance
MPAY.TO vs. CASH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MPAY.TO achieves a 2.37% return, which is significantly higher than CASH.TO's 0.83% return.
MPAY.TO
- 1D
- 0.27%
- 1M
- 2.57%
- YTD
- 2.37%
- 6M
- 0.07%
- 1Y
- 6.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CASH.TO
- 1D
- 0.00%
- 1M
- 0.15%
- YTD
- 0.83%
- 6M
- 1.01%
- 1Y
- 2.22%
- 3Y*
- 3.62%
- 5Y*
- —
- 10Y*
- —
MPAY.TO vs. CASH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MPAY.TO Global X Mid-Term U.S. Treasury Premium Yield ETF | 2.37% | 0.18% | 7.40% | 3.78% |
CASH.TO Global X High Interest Savings ETF | 0.83% | 2.45% | 4.53% | 1.17% |
Correlation
The correlation between MPAY.TO and CASH.TO 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 (All Time) Calculated using the full available price history since Oct 10, 2023 | -0.01 |
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Return for Risk
MPAY.TO vs. CASH.TO — Risk / Return Rank
MPAY.TO
CASH.TO
MPAY.TO vs. CASH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Mid-Term U.S. Treasury Premium Yield ETF (MPAY.TO) and Global X High Interest Savings ETF (CASH.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.
| MPAY.TO | CASH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.19 | ||
| Sortino ratioReturn per unit of downside risk | -30.77 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 7.47 | -6.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 111.49 | -110.12 |
| Martin ratioReturn relative to average drawdown | 3.14 | 468.24 | -465.11 |
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
| MPAY.TO | CASH.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 10.33 | -9.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 5.52 | -4.78 |
Drawdowns
MPAY.TO vs. CASH.TO - Drawdown Comparison
The maximum MPAY.TO drawdown since its inception was -7.95%, which is greater than CASH.TO's maximum drawdown of -0.80%. Use the drawdown chart below to compare losses from any high point for MPAY.TO and CASH.TO.
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Drawdown Indicators
| MPAY.TO | CASH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.95% | -0.80% | -7.15% |
Max Drawdown (1Y)Largest decline over 1 year | -4.88% | -0.02% | -4.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.06% | — |
Current DrawdownCurrent decline from peak | -1.43% | 0.00% | -1.43% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -0.00% | -2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.12% | 0.00% | +2.12% |
Volatility
MPAY.TO vs. CASH.TO - Volatility Comparison
Global X Mid-Term U.S. Treasury Premium Yield ETF (MPAY.TO) has a higher volatility of 1.80% compared to Global X High Interest Savings ETF (CASH.TO) at 0.06%. This indicates that MPAY.TO's price experiences larger fluctuations and is considered to be riskier than CASH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MPAY.TO | CASH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 0.06% | +1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 0.13% | +4.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.84% | 0.22% | +5.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.03% | 0.61% | +6.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.03% | 0.61% | +6.42% |
MPAY.TO vs. CASH.TO - Expense Ratio Comparison
MPAY.TO has a 0.56% expense ratio, which is higher than CASH.TO's 0.11% expense ratio.
Dividends
MPAY.TO vs. CASH.TO - Dividend Comparison
MPAY.TO's dividend yield for the trailing twelve months is around 8.73%, more than CASH.TO's 2.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CASH.TO Global X High Interest Savings ETF | 2.19% | 2.53% | 4.37% | 5.06% | 2.30% | 0.10% |
MPAY.TO Global X Mid-Term U.S. Treasury Premium Yield ETF | 8.73% | 9.21% | 9.12% | 2.21% | 0.00% | 0.00% |
Frequently Asked Questions
MPAY.TO and CASH.TO 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.
On fees, CASH.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CASH.TO is cheaper with a 0.11% expense ratio, compared with 0.56% for MPAY.TO.
MPAY.TO is categorized as Intermediate Core-Plus Bond, while CASH.TO is Money Market. Their fees differ too: 0.56% for MPAY.TO and 0.11% for CASH.TO.
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