PBD.TO vs. SYLD.TO

Last updated Jul 25, 2026

PBD.TO (Purpose Total Return Bond Fund) and SYLD.TO (Purpose Strategic Yield Fund) are both exchange-traded funds - PBD.TO is a Multisector Bonds fund actively managed by Purpose Investments Inc., while SYLD.TO is a High Yield Bonds fund actively managed by Purpose Investments Inc.. Both are actively managed. Over the past 5 years, PBD.TO returned 1.51%/yr vs 4.88%/yr for SYLD.TO. At a 0.13 correlation, their price movements are largely independent. PBD.TO charges 0.88%/yr vs 0.95%/yr for SYLD.TO.

Performance

PBD.TO vs. SYLD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Total Return Bond Fund (PBD.TO) and Purpose Strategic Yield Fund (SYLD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBD.TO achieves a 0.08% return, which is significantly lower than SYLD.TO's 3.38% return.

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%

SYLD.TO

• 1D: -0.10%
• 1M: 0.03%
• 6M: 2.66%
• YTD: 3.38%
• 1Y: 9.54%
• 3Y*: 10.24%
• 5Y*: 4.88%
• 10Y*: —
• ALL TIME*: 6.24%

*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)
PBD.TO Purpose Total Return Bond Fund	CA$31.97K	CA$21.56K	CA$18.22K
SYLD.TO Purpose Strategic Yield Fund	CA$51.46K	CA$69.71K	CA$109.09K

PBD.TO vs. SYLD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PBD.TO Purpose Total Return Bond Fund	0.08%	4.22%	4.89%	4.80%	-6.19%	0.05%	6.85%	6.23%	-1.98%
SYLD.TO Purpose Strategic Yield Fund	3.38%	10.15%	13.23%	6.84%	-8.64%	12.53%	10.72%	8.65%	-3.02%

Correlation

The correlation between PBD.TO and SYLD.TO is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018	0.13

Return for Risk

PBD.TO vs. SYLD.TO — Risk / Return Rank

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

PBD.TO

PBD.TO Risk / Return Rank: 22
PBD.TO Sharpe Ratio Rank: 21
PBD.TO Sortino Ratio Rank: 19
PBD.TO Omega Ratio Rank: 19
PBD.TO Calmar Ratio Rank: 24
PBD.TO Martin Ratio Rank: 29

SYLD.TO

SYLD.TO Risk / Return Rank: 96
SYLD.TO Sharpe Ratio Rank: 95
SYLD.TO Sortino Ratio Rank: 97
SYLD.TO Omega Ratio Rank: 96
SYLD.TO Calmar Ratio Rank: 96
SYLD.TO Martin Ratio Rank: 97

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.

PBD.TO vs. SYLD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Total Return Bond Fund (PBD.TO) and Purpose Strategic Yield Fund (SYLD.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.

	PBD.TO	SYLD.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.41	2.87	-2.47
Sortino ratio: Return per unit of downside risk	0.61	4.78	-4.17
Omega ratio: Gain probability vs. loss probability	1.07	1.60	-0.53
Calmar ratio: Return relative to maximum drawdown	0.71	6.91	-6.20
Martin ratio: Return relative to average drawdown	2.55	27.25	-24.69

PBD.TO vs. SYLD.TO - Sharpe Ratio Comparison

The current PBD.TO Sharpe Ratio is 0.41, which is lower than the SYLD.TO Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of PBD.TO and SYLD.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

PBD.TO vs. SYLD.TO - Drawdown Comparison

The maximum PBD.TO drawdown since its inception was -17.68%, smaller than the maximum SYLD.TO drawdown of -32.17%. Use the drawdown chart below to compare losses from any high point for PBD.TO and SYLD.TO.

Drawdown Indicators

	PBD.TO	SYLD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.68%	-32.17%	+14.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.19%	-1.39%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-3.41%	-3.40%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-10.12%	-9.48%	-0.64%
Max Drawdown (10Y) Largest decline over 10 years	-17.68%	—	—
Current Drawdown Current decline from peak	-1.40%	-0.25%	-1.15%
Average Drawdown Average peak-to-trough decline	-2.34%	-2.56%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.35%	+0.26%

Volatility

PBD.TO vs. SYLD.TO - Volatility Comparison

Purpose Total Return Bond Fund (PBD.TO) has a higher volatility of 1.25% compared to Purpose Strategic Yield Fund (SYLD.TO) at 0.61%. This indicates that PBD.TO's price experiences larger fluctuations and is considered to be riskier than SYLD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBD.TO	SYLD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	0.61%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	2.82%	1.98%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	3.43%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.81%	4.49%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.79%	10.06%	-3.27%

PBD.TO vs. SYLD.TO - Expense Ratio Comparison

PBD.TO has a 0.88% expense ratio, which is lower than SYLD.TO's 0.95% expense ratio.

Dividends

PBD.TO vs. SYLD.TO - Dividend Comparison

PBD.TO's dividend yield for the trailing twelve months is around 4.36%, less than SYLD.TO's 5.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SYLD.TO Purpose Strategic Yield Fund	5.82%	5.85%	6.07%	6.45%	6.46%	5.56%	5.91%	6.13%	4.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBD.TO and SYLD.TO in my portfolio?

PBD.TO and SYLD.TO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBD.TO or SYLD.TO?

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.

Which ETF is cheaper, PBD.TO or SYLD.TO?

PBD.TO is cheaper with a 0.88% expense ratio, compared with 0.95% for SYLD.TO.

What is the main difference between PBD.TO and SYLD.TO?

PBD.TO is categorized as Multisector Bonds, while SYLD.TO is High Yield Bonds. Their fees differ too: 0.88% for PBD.TO and 0.95% for SYLD.TO.