PAYF.TO vs. HPYM.TO

Last updated Jul 25, 2026

PAYF.TO (Purpose Enhanced Premium Yield Fund) and HPYM.TO (Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units) are both exchange-traded funds - PAYF.TO is a Derivative Income fund actively managed by Purpose Investments Inc., while HPYM.TO is a Government Bonds fund actively managed by Harvest. Both are actively managed. Over the past year, PAYF.TO returned 4.97% vs 1.38% for HPYM.TO. At a 0.08 correlation, their price movements are largely independent. PAYF.TO charges 0.94%/yr vs 0.45%/yr for HPYM.TO.

Performance

PAYF.TO vs. HPYM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Enhanced Premium Yield Fund (PAYF.TO) and Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAYF.TO achieves a 3.05% return, which is significantly higher than HPYM.TO's -1.75% 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%

HPYM.TO

• 1D: 0.20%
• 1M: -1.09%
• 6M: -1.47%
• YTD: -1.75%
• 1Y: 1.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HPYM.TO Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units	CA$195.19K	CA$184.36K	CA$228.35K
PAYF.TO Purpose Enhanced Premium Yield Fund	CA$14.58K	CA$14.42K	CA$25.69K

PAYF.TO vs. HPYM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PAYF.TO Purpose Enhanced Premium Yield Fund	3.05%	9.96%	11.76%
HPYM.TO Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units	-1.75%	6.72%	-0.50%

Correlation

The correlation between PAYF.TO and HPYM.TO is 0.05, 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	0.05
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.08

Return for Risk

PAYF.TO vs. HPYM.TO — Risk / Return Rank

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

PAYF.TO

PAYF.TO Risk / Return Rank: 30
PAYF.TO Sharpe Ratio Rank: 29
PAYF.TO Sortino Ratio Rank: 28
PAYF.TO Omega Ratio Rank: 30
PAYF.TO Calmar Ratio Rank: 28
PAYF.TO Martin Ratio Rank: 33

HPYM.TO

HPYM.TO Risk / Return Rank: 17
HPYM.TO Sharpe Ratio Rank: 18
HPYM.TO Sortino Ratio Rank: 16
HPYM.TO Omega Ratio Rank: 16
HPYM.TO Calmar Ratio Rank: 18
HPYM.TO Martin Ratio Rank: 17

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.

PAYF.TO vs. HPYM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Enhanced Premium Yield Fund (PAYF.TO) and Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.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	HPYM.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.71	0.29	+0.42
Sortino ratio: Return per unit of downside risk	1.07	0.45	+0.63
Omega ratio: Gain probability vs. loss probability	1.14	1.06	+0.09
Calmar ratio: Return relative to maximum drawdown	0.87	0.36	+0.51
Martin ratio: Return relative to average drawdown	3.13	0.83	+2.30

PAYF.TO vs. HPYM.TO - Sharpe Ratio Comparison

The current PAYF.TO Sharpe Ratio is 0.71, which is higher than the HPYM.TO Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of PAYF.TO and HPYM.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

PAYF.TO vs. HPYM.TO - Drawdown Comparison

The maximum PAYF.TO drawdown since its inception was -17.09%, which is greater than HPYM.TO's maximum drawdown of -6.19%. Use the drawdown chart below to compare losses from any high point for PAYF.TO and HPYM.TO.

Drawdown Indicators

	PAYF.TO	HPYM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.09%	-6.19%	-10.90%
Max Drawdown (1Y) Largest decline over 1 year	-5.73%	-3.87%	-1.86%
Max Drawdown (3Y) Largest decline over 3 years	-11.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.66%	—	—
Current Drawdown Current decline from peak	-0.91%	-3.22%	+2.31%
Average Drawdown Average peak-to-trough decline	-1.85%	-1.97%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.67%	-0.08%

Volatility

PAYF.TO vs. HPYM.TO - Volatility Comparison

Purpose Enhanced Premium Yield Fund (PAYF.TO) has a higher volatility of 2.31% compared to Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.TO) at 1.59%. This indicates that PAYF.TO's price experiences larger fluctuations and is considered to be riskier than HPYM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAYF.TO	HPYM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	1.59%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	6.35%	3.78%	+2.57%
Volatility (1Y) Calculated over the trailing 1-year period	7.02%	4.72%	+2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.66%	5.62%	+4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.51%	5.62%	+3.89%

PAYF.TO vs. HPYM.TO - Expense Ratio Comparison

PAYF.TO has a 0.94% expense ratio, which is higher than HPYM.TO's 0.45% expense ratio.

Dividends

PAYF.TO vs. HPYM.TO - Dividend Comparison

PAYF.TO's dividend yield for the trailing twelve months is around 8.88%, less than HPYM.TO's 9.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HPYM.TO Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units	9.39%	9.01%	8.07%	0.00%	0.00%	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

Can I hold both PAYF.TO and HPYM.TO in my portfolio?

PAYF.TO and HPYM.TO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAYF.TO or HPYM.TO?

On fees, HPYM.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAYF.TO or HPYM.TO?

HPYM.TO is cheaper with a 0.45% expense ratio, compared with 0.94% for PAYF.TO.

What is the main difference between PAYF.TO and HPYM.TO?

PAYF.TO is categorized as Derivative Income, while HPYM.TO is Government Bonds. They also come from different issuers: Purpose Investments Inc. and Harvest. Their fees differ too: 0.94% for PAYF.TO and 0.45% for HPYM.TO.