PAYF.TO vs. PBD.TO
PAYF.TO (Purpose Enhanced Premium Yield Fund) and PBD.TO (Purpose Total Return Bond Fund) are both exchange-traded funds - PAYF.TO is a Derivative Income fund actively managed by Purpose Investments Inc., while PBD.TO is a Multisector Bonds fund actively managed by Purpose Investments Inc.. Both are actively managed. Over the past 5 years, PAYF.TO returned 7.55%/yr vs 1.51%/yr for PBD.TO. At a 0.17 correlation, their price movements are largely independent. PAYF.TO charges 0.94%/yr vs 0.88%/yr for PBD.TO.
Performance
PAYF.TO vs. PBD.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 higher than PBD.TO's 0.08% 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%
PBD.TO
- 1D
- -0.43%
- 1M
- -0.98%
- 6M
- -0.28%
- YTD
- 0.08%
- 1Y
- 1.56%
- 3Y*
- 4.57%
- 5Y*
- 1.51%
- 10Y*
- 2.02%
- ALL TIME*
- 2.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$14.58K | CA$14.42K | CA$25.69K | |
| CA$31.97K | CA$21.56K | CA$18.22K |
PAYF.TO vs. PBD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PAYF.TO Purpose Enhanced Premium Yield Fund | 3.05% | 9.96% | 11.58% | 13.46% | -3.26% | 8.85% | 2.97% | 5.92% |
PBD.TO Purpose Total Return Bond Fund | 0.08% | 4.22% | 4.89% | 4.80% | -6.19% | 0.05% | 6.85% | 1.56% |
Correlation
The correlation between PAYF.TO and PBD.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 24, 2019 | 0.17 |
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Return for Risk
PAYF.TO vs. PBD.TO — Risk / Return Rank
PAYF.TO
PBD.TO
PAYF.TO vs. PBD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Enhanced Premium Yield Fund (PAYF.TO) and Purpose Total Return Bond Fund (PBD.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 | PBD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.07 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 0.71 | +0.16 |
| Martin ratioReturn relative to average drawdown | 3.13 | 2.55 | +0.57 |
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Drawdowns
PAYF.TO vs. PBD.TO - Drawdown Comparison
The maximum PAYF.TO drawdown since its inception was -17.09%, roughly equal to the maximum PBD.TO drawdown of -17.68%. Use the drawdown chart below to compare losses from any high point for PAYF.TO and PBD.TO.
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Drawdown Indicators
| PAYF.TO | PBD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -17.68% | +0.59% |
Max Drawdown (1Y)Largest decline over 1 year | -5.73% | -2.19% | -3.54% |
Max Drawdown (3Y)Largest decline over 3 years | -11.66% | -3.41% | -8.25% |
Max Drawdown (5Y)Largest decline over 5 years | -11.66% | -10.12% | -1.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.68% | — |
Current DrawdownCurrent decline from peak | -0.91% | -1.40% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -1.85% | -2.34% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 0.61% | +0.98% |
Volatility
PAYF.TO vs. PBD.TO - Volatility Comparison
Purpose Enhanced Premium Yield Fund (PAYF.TO) has a higher volatility of 2.31% compared to Purpose Total Return Bond Fund (PBD.TO) at 1.25%. This indicates that PAYF.TO's price experiences larger fluctuations and is considered to be riskier than PBD.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 | PBD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 1.25% | +1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 6.35% | 2.82% | +3.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.02% | 3.85% | +3.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.66% | 4.81% | +4.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.51% | 6.79% | +2.72% |
PAYF.TO vs. PBD.TO - Expense Ratio Comparison
PAYF.TO has a 0.94% expense ratio, which is higher than PBD.TO's 0.88% expense ratio.
Dividends
PAYF.TO vs. PBD.TO - Dividend Comparison
PAYF.TO's dividend yield for the trailing twelve months is around 8.88%, more than PBD.TO's 4.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAYF.TO Purpose Enhanced Premium Yield Fund | 8.88% | 8.75% | 8.82% | 8.91% | 8.02% | 7.17% | 7.27% | 4.05% | 0.00% | 0.00% | 0.00% | 0.00% |
PBD.TO Purpose Total Return Bond Fund | 4.36% | 4.28% | 4.27% | 4.25% | 3.80% | 3.43% | 3.32% | 3.68% | 3.85% | 4.50% | 3.68% | 3.81% |
Frequently Asked Questions
PAYF.TO and PBD.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PBD.TO is cheaper at 0.88% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBD.TO is cheaper with a 0.88% expense ratio, compared with 0.94% for PAYF.TO.
PAYF.TO is categorized as Derivative Income, while PBD.TO is Multisector Bonds. Their fees differ too: 0.94% for PAYF.TO and 0.88% for PBD.TO.
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