PAYF.TO vs. CBNK.TO
PAYF.TO (Purpose Enhanced Premium Yield Fund) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, PAYF.TO returned 9.76%/yr vs 42.19%/yr for CBNK.TO. At a 0.37 correlation, their price movements are largely independent. PAYF.TO charges 0.94%/yr vs 1.68%/yr for CBNK.TO.
Performance
PAYF.TO vs. CBNK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PAYF.TO achieves a 3.05% return, which is significantly lower than CBNK.TO's 43.96% return.
PAYF.TO
- 1D
- 0.27%
- 1M
- 1.03%
- 6M
- 3.10%
- YTD
- 3.05%
- 1Y
- 4.97%
- 3Y*
- 9.76%
- 5Y*
- 7.55%
- 10Y*
- —
- ALL TIME*
- 7.21%
CBNK.TO
- 1D
- 0.86%
- 1M
- 2.05%
- 6M
- 41.11%
- YTD
- 43.96%
- 1Y
- 89.88%
- 3Y*
- 42.19%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 22.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$306.67K | CA$283.95K | CA$214.78K | |
| CA$14.58K | CA$14.42K | CA$25.69K |
PAYF.TO vs. CBNK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PAYF.TO Purpose Enhanced Premium Yield Fund | 3.05% | 9.96% | 11.58% | 13.46% | -1.09% |
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 43.96% | 51.67% | 27.42% | 8.42% | -19.87% |
Correlation
The correlation between PAYF.TO and CBNK.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2022 | 0.37 |
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Return for Risk
PAYF.TO vs. CBNK.TO — Risk / Return Rank
PAYF.TO
CBNK.TO
PAYF.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Enhanced Premium Yield Fund (PAYF.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.
| PAYF.TO | CBNK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.57 | ||
| Sortino ratioReturn per unit of downside risk | -5.50 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.86 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 9.01 | -8.14 |
| Martin ratioReturn relative to average drawdown | 3.13 | 37.73 | -34.60 |
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Drawdowns
PAYF.TO vs. CBNK.TO - Drawdown Comparison
The maximum PAYF.TO drawdown since its inception was -17.09%, smaller than the maximum CBNK.TO drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for PAYF.TO and CBNK.TO.
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Drawdown Indicators
| PAYF.TO | CBNK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -32.12% | +15.03% |
Max Drawdown (1Y)Largest decline over 1 year | -5.73% | -10.03% | +4.30% |
Max Drawdown (3Y)Largest decline over 3 years | -11.66% | -17.90% | +6.24% |
Max Drawdown (5Y)Largest decline over 5 years | -11.66% | — | — |
Current DrawdownCurrent decline from peak | -0.91% | -3.98% | +3.07% |
Average DrawdownAverage peak-to-trough decline | -1.85% | -10.59% | +8.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 2.39% | -0.80% |
Volatility
PAYF.TO vs. CBNK.TO - Volatility Comparison
The current volatility for Purpose Enhanced Premium Yield Fund (PAYF.TO) is 2.31%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 7.37%. This indicates that PAYF.TO experiences smaller price fluctuations and is considered to be less risky than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAYF.TO | CBNK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 7.37% | -5.06% |
Volatility (6M)Calculated over the trailing 6-month period | 6.35% | 14.74% | -8.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.02% | 17.12% | -10.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.66% | 17.69% | -8.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.51% | 17.69% | -8.18% |
PAYF.TO vs. CBNK.TO - Expense Ratio Comparison
PAYF.TO has a 0.94% expense ratio, which is lower than CBNK.TO's 1.68% expense ratio.
Dividends
PAYF.TO vs. CBNK.TO - Dividend Comparison
PAYF.TO's dividend yield for the trailing twelve months is around 8.88%, more than CBNK.TO's 5.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 5.41% | 5.86% | 8.25% | 9.59% | 7.85% | 0.00% | 0.00% | 0.00% |
PAYF.TO Purpose Enhanced Premium Yield Fund | 8.88% | 8.75% | 8.82% | 8.91% | 8.02% | 7.17% | 7.27% | 4.05% |
Frequently Asked Questions
PAYF.TO and CBNK.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PAYF.TO is cheaper at 0.94% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PAYF.TO is cheaper with a 0.94% expense ratio, compared with 1.68% for CBNK.TO.
They also come from different issuers: Purpose Investments Inc. and Mulvihill. Their fees differ too: 0.94% for PAYF.TO and 1.68% for CBNK.TO.
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