PHE.TO vs. BGU.TO

Last updated Jul 25, 2026

PHE.TO (Purpose Tactical Hedged Equity Fund) and BGU.TO (Bristol Gate Concentrated US Equity ETF) are both exchange-traded funds - PHE.TO is a Equity Hedged fund actively managed by Purpose Investments Inc., while BGU.TO is a Large Cap Blend Equities fund actively managed by Bristol Gate. Both are actively managed. Over the past 5 years, PHE.TO returned 6.27%/yr vs 9.36%/yr for BGU.TO. At a 0.25 correlation, their price movements are largely independent.

Performance

PHE.TO vs. BGU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Tactical Hedged Equity Fund (PHE.TO) and Bristol Gate Concentrated US Equity ETF (BGU.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHE.TO achieves a 1.54% return, which is significantly lower than BGU.TO's 7.79% return.

PHE.TO

• 1D: -0.37%
• 1M: 0.99%
• 6M: 1.69%
• YTD: 1.54%
• 1Y: 7.28%
• 3Y*: 9.65%
• 5Y*: 6.27%
• 10Y*: 6.87%
• ALL TIME*: 5.80%

BGU.TO

• 1D: 0.53%
• 1M: 0.66%
• 6M: 4.68%
• YTD: 7.79%
• 1Y: 11.81%
• 3Y*: 13.21%
• 5Y*: 9.36%
• 10Y*: —
• ALL TIME*: 12.21%

*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)
BGU.TO Bristol Gate Concentrated US Equity ETF	CA$47.88K	CA$32.35K	CA$60.60K
PHE.TO Purpose Tactical Hedged Equity Fund	CA$420.41	CA$976.01	CA$1.79K

PHE.TO vs. BGU.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PHE.TO Purpose Tactical Hedged Equity Fund	1.54%	12.04%	12.63%	10.64%	-9.81%	20.76%	2.62%	8.65%	-6.67%
BGU.TO Bristol Gate Concentrated US Equity ETF	7.79%	4.62%	18.85%	20.28%	-13.23%	30.22%	8.27%	30.25%	2.31%

Correlation

The correlation between PHE.TO and BGU.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Mar 5, 2018	0.25

The correlation between PHE.TO and BGU.TO shifts across timeframes, from 0.10 (1 year) to 0.30 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PHE.TO vs. BGU.TO — Risk / Return Rank

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

PHE.TO

PHE.TO Risk / Return Rank: 38
PHE.TO Sharpe Ratio Rank: 39
PHE.TO Sortino Ratio Rank: 39
PHE.TO Omega Ratio Rank: 36
PHE.TO Calmar Ratio Rank: 33
PHE.TO Martin Ratio Rank: 41

BGU.TO

BGU.TO Risk / Return Rank: 34
BGU.TO Sharpe Ratio Rank: 37
BGU.TO Sortino Ratio Rank: 36
BGU.TO Omega Ratio Rank: 37
BGU.TO Calmar Ratio Rank: 31
BGU.TO Martin Ratio Rank: 31

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.

PHE.TO vs. BGU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Tactical Hedged Equity Fund (PHE.TO) and Bristol Gate Concentrated US Equity ETF (BGU.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.

	PHE.TO	BGU.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.98	0.91	+0.07
Sortino ratio: Return per unit of downside risk	1.48	1.37	+0.11
Omega ratio: Gain probability vs. loss probability	1.17	1.17	0.00
Calmar ratio: Return relative to maximum drawdown	1.12	1.07	+0.05
Martin ratio: Return relative to average drawdown	4.50	2.96	+1.54

PHE.TO vs. BGU.TO - Sharpe Ratio Comparison

The current PHE.TO Sharpe Ratio is 0.98, which is comparable to the BGU.TO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of PHE.TO and BGU.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

PHE.TO vs. BGU.TO - Drawdown Comparison

The maximum PHE.TO drawdown since its inception was -22.37%, smaller than the maximum BGU.TO drawdown of -31.66%. Use the drawdown chart below to compare losses from any high point for PHE.TO and BGU.TO.

Drawdown Indicators

	PHE.TO	BGU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-22.37%	-31.66%	+9.29%
Max Drawdown (1Y) Largest decline over 1 year	-6.54%	-11.12%	+4.58%
Max Drawdown (3Y) Largest decline over 3 years	-11.34%	-17.03%	+5.69%
Max Drawdown (5Y) Largest decline over 5 years	-17.48%	-25.46%	+7.98%
Max Drawdown (10Y) Largest decline over 10 years	-21.38%	—	—
Current Drawdown Current decline from peak	-0.97%	-1.53%	+0.56%
Average Drawdown Average peak-to-trough decline	-5.22%	-5.23%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	4.00%	-2.38%

Volatility

PHE.TO vs. BGU.TO - Volatility Comparison

The current volatility for Purpose Tactical Hedged Equity Fund (PHE.TO) is 1.77%, while Bristol Gate Concentrated US Equity ETF (BGU.TO) has a volatility of 3.28%. This indicates that PHE.TO experiences smaller price fluctuations and is considered to be less risky than BGU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHE.TO	BGU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	3.28%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	5.81%	10.01%	-4.20%
Volatility (1Y) Calculated over the trailing 1-year period	7.47%	13.01%	-5.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.63%	15.99%	-6.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.14%	18.32%	-8.18%

Dividends

PHE.TO vs. BGU.TO - Dividend Comparison

Neither PHE.TO nor BGU.TO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BGU.TO Bristol Gate Concentrated US Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%
PHE.TO Purpose Tactical Hedged Equity Fund	0.00%	0.20%	0.00%	0.00%	0.76%

Frequently Asked Questions

Can I hold both PHE.TO and BGU.TO in my portfolio?

PHE.TO and BGU.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between PHE.TO and BGU.TO?

PHE.TO is categorized as Equity Hedged, while BGU.TO is Large Cap Blend Equities. They also come from different issuers: Purpose Investments Inc. and Bristol Gate.