NZAC vs. CASH.TO

Last updated Jun 14, 2026

NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) and CASH.TO (Global X High Interest Savings ETF) are both exchange-traded funds - NZAC is a Global Equities fund tracking the MSCI ACWI Climate Paris Aligned Index, while CASH.TO is a Money Market fund actively managed by Global X. NZAC is passively managed, while CASH.TO is actively managed. Over the past 3 years, NZAC returned 17.54%/yr vs 2.07%/yr for CASH.TO. At a 0.03 correlation, their price movements are largely independent. NZAC charges 0.12%/yr vs 0.11%/yr for CASH.TO.

Performance

NZAC vs. CASH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) and Global X High Interest Savings ETF (CASH.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, NZAC achieves a 6.77% return, which is significantly higher than CASH.TO's -1.09% return.

NZAC

• 1D: 0.27%
• 1M: -0.64%
• YTD: 6.77%
• 6M: 7.70%
• 1Y: 22.02%
• 3Y*: 17.54%
• 5Y*: 9.39%
• 10Y*: 12.28%

CASH.TO

• 1D: -0.16%
• 1M: -1.73%
• YTD: -1.09%
• 6M: -0.39%
• 1Y: -0.52%
• 3Y*: 2.07%
• 5Y*: —
• 10Y*: —

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

NZAC vs. CASH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	6.77%	20.55%	16.67%	23.22%	-19.77%	0.88%
CASH.TO Global X High Interest Savings ETF	-1.09%	7.36%	-3.63%	7.67%	-3.72%	-2.56%

Correlation

The correlation between NZAC and CASH.TO is 0.04, 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	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021	0.03

Return for Risk

NZAC vs. CASH.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NZAC

NZAC Risk / Return Rank: 50
NZAC Sharpe Ratio Rank: 50
NZAC Sortino Ratio Rank: 49
NZAC Omega Ratio Rank: 48
NZAC Calmar Ratio Rank: 46
NZAC Martin Ratio Rank: 56

CASH.TO

CASH.TO Risk / Return Rank: 99
CASH.TO Sharpe Ratio Rank: 99
CASH.TO Sortino Ratio Rank: 99
CASH.TO Omega Ratio Rank: 99
CASH.TO Calmar Ratio Rank: 100
CASH.TO Martin Ratio Rank: 100

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.

NZAC vs. CASH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) 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.

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.

	NZAC	CASH.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.52	0.00	+1.51
Sortino ratio: Return per unit of downside risk	2.14	0.04	+2.10
Omega ratio: Gain probability vs. loss probability	1.27	1.00	+0.27
Calmar ratio: Return relative to maximum drawdown	2.04	0.00	+2.03
Martin ratio: Return relative to average drawdown	8.62	0.01	+8.62

NZAC vs. CASH.TO - Sharpe Ratio Comparison

The current NZAC Sharpe Ratio is 1.52, which is higher than the CASH.TO Sharpe Ratio of 0.00. The chart below compares the historical Sharpe Ratios of NZAC and CASH.TO, 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

NZAC vs. CASH.TO - Drawdown Comparison

The maximum NZAC drawdown since its inception was -33.72%, which is greater than CASH.TO's maximum drawdown of -9.29%. Use the drawdown chart below to compare losses from any high point for NZAC and CASH.TO.

Drawdown Indicators

	NZAC	CASH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	-9.29%	-24.43%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-3.03%	-7.07%
Max Drawdown (3Y) Largest decline over 3 years	-16.19%	-7.69%	-8.50%
Max Drawdown (5Y) Largest decline over 5 years	-28.31%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-2.70%	-2.71%	+0.01%
Average Drawdown Average peak-to-trough decline	-5.32%	-2.80%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	1.57%	+0.82%

Volatility

NZAC vs. CASH.TO - Volatility Comparison

SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) has a higher volatility of 5.07% compared to Global X High Interest Savings ETF (CASH.TO) at 0.76%. This indicates that NZAC'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.

Volatility by Period

	NZAC	CASH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	0.76%	+4.31%
Volatility (6M) Calculated over the trailing 6-month period	11.12%	3.22%	+7.90%
Volatility (1Y) Calculated over the trailing 1-year period	13.56%	4.41%	+9.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	6.24%	+10.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.17%	6.24%	+10.93%

NZAC vs. CASH.TO - Expense Ratio Comparison

NZAC has a 0.12% expense ratio, which is higher than CASH.TO's 0.11% 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

NZAC vs. CASH.TO - Dividend Comparison

NZAC's dividend yield for the trailing twelve months is around 2.08%, less than CASH.TO's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CASH.TO Global X High Interest Savings ETF	2.19%	2.53%	4.37%	5.05%	2.30%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	2.08%	1.90%	1.88%	1.65%	1.81%	1.62%	1.59%	2.17%	2.53%	2.20%	2.00%	2.40%

Frequently Asked Questions

Can I hold both NZAC and CASH.TO in my portfolio?

NZAC and CASH.TO 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.

Which ETF is better, NZAC or CASH.TO?

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.

Which ETF is cheaper, NZAC or CASH.TO?

CASH.TO is cheaper with a 0.11% expense ratio, compared with 0.12% for NZAC.

What is the main difference between NZAC and CASH.TO?

NZAC is categorized as Global Equities, while CASH.TO is Money Market. They also come from different issuers: State Street and Global X. Their fees differ too: 0.12% for NZAC and 0.11% for CASH.TO.