PDIV.TO vs. BMAX

Last updated Jun 4, 2026

PDIV.TO (Purpose Enhanced Dividend Fund ETF) and BMAX (REX Bitcoin Corporate Treasury Convertible Bond ETF) are both exchange-traded funds - PDIV.TO is a Dividend fund actively managed by Purpose Investments, while BMAX is a Convertible Bonds fund actively managed by REX. Both are actively managed. At a 0.25 correlation, their price movements are largely independent. PDIV.TO charges 0.77%/yr vs 1.14%/yr for BMAX.

Performance

PDIV.TO vs. BMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Enhanced Dividend Fund ETF (PDIV.TO) and REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

PDIV.TO

• 1D: -0.52%
• 1M: 2.70%
• YTD: 7.12%
• 6M: 7.91%
• 1Y: 18.80%
• 3Y*: 11.94%
• 5Y*: 8.07%
• 10Y*: 9.28%

BMAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PDIV.TO vs. BMAX - Yearly Performance Comparison

	2026 (YTD)	2025
PDIV.TO Purpose Enhanced Dividend Fund ETF	7.12%	13.74%
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	3.60%	-16.97%

Correlation

The correlation between PDIV.TO and BMAX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Mar 17, 2025	0.25

Return for Risk

PDIV.TO vs. BMAX — Risk / Return Rank

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

PDIV.TO

PDIV.TO Risk / Return Rank: 82
PDIV.TO Sharpe Ratio Rank: 84
PDIV.TO Sortino Ratio Rank: 85
PDIV.TO Omega Ratio Rank: 89
PDIV.TO Calmar Ratio Rank: 72
PDIV.TO Martin Ratio Rank: 81

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.

PDIV.TO vs. BMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Enhanced Dividend Fund ETF (PDIV.TO) and REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX). 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.

	PDIV.TO	BMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.78	—	—
Sortino ratio: Return per unit of downside risk	3.86	—	—
Omega ratio: Gain probability vs. loss probability	1.56	—	—
Calmar ratio: Return relative to maximum drawdown	3.62	—	—
Martin ratio: Return relative to average drawdown	15.98	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PDIV.TO	BMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	—	—

Drawdowns

Drawdown Indicators

	PDIV.TO	BMAX	Difference
Max Drawdown Largest peak-to-trough decline	-30.64%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.64%	—	—
Current Drawdown Current decline from peak	-1.27%	—	—
Average Drawdown Average peak-to-trough decline	-4.35%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	—	—

Volatility

Volatility by Period

	PDIV.TO	BMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.36%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.79%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.87%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.89%	—	—

PDIV.TO vs. BMAX - Expense Ratio Comparison

PDIV.TO has a 0.77% expense ratio, which is lower than BMAX's 1.14% expense ratio.

Dividends

PDIV.TO vs. BMAX - Dividend Comparison

PDIV.TO's dividend yield for the trailing twelve months is around 11.85%, while BMAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PDIV.TO Purpose Enhanced Dividend Fund ETF	11.85%	12.24%	12.35%	11.84%	6.38%	5.59%	6.33%	5.85%	6.80%	25.71%	5.38%	8.10%

Frequently Asked Questions

Can I hold both PDIV.TO and BMAX in my portfolio?

PDIV.TO and BMAX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PDIV.TO or BMAX?

On fees, PDIV.TO is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PDIV.TO or BMAX?

PDIV.TO is cheaper with a 0.77% expense ratio, compared with 1.14% for BMAX.

What is the main difference between PDIV.TO and BMAX?

PDIV.TO is categorized as Dividend, while BMAX is Convertible Bonds. They also come from different issuers: Purpose Investments and REX. Their fees differ too: 0.77% for PDIV.TO and 1.14% for BMAX.