PHE.TO vs. BND.TO

Last updated Jul 25, 2026

PHE.TO (Purpose Tactical Hedged Equity Fund) and BND.TO (Purpose Global Bond Fund) are both exchange-traded funds - PHE.TO is a Equity Hedged fund actively managed by Purpose Investments Inc., while BND.TO is a Global Bonds fund actively managed by Purpose Investments Inc.. Both are actively managed. Over the past 10 years, PHE.TO returned 6.87%/yr vs 2.74%/yr for BND.TO. At a 0.11 correlation, their price movements are largely independent. PHE.TO charges 0.98%/yr vs 0.45%/yr for BND.TO.

Performance

PHE.TO vs. BND.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 Purpose Global Bond Fund (BND.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 higher than BND.TO's 0.04% return. Over the past 10 years, PHE.TO has outperformed BND.TO with an annualized return of 6.87%, while BND.TO has yielded a comparatively lower 2.74% annualized 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%

BND.TO

• 1D: 0.06%
• 1M: -1.48%
• 6M: -0.46%
• YTD: 0.04%
• 1Y: 3.42%
• 3Y*: 6.60%
• 5Y*: 2.85%
• 10Y*: 2.74%
• ALL TIME*: 2.97%

*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)
BND.TO Purpose Global Bond Fund	CA$1.16M	CA$839.27K	CA$802.49K
PHE.TO Purpose Tactical Hedged Equity Fund	CA$420.41	CA$976.01	CA$1.79K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHE.TO Purpose Tactical Hedged Equity Fund	1.54%	12.04%	12.63%	10.64%	-9.81%	20.76%	2.62%	8.65%	-7.89%	8.79%
BND.TO Purpose Global Bond Fund	0.04%	7.26%	7.49%	8.45%	-7.80%	2.62%	6.14%	4.16%	-0.91%	1.72%

Correlation

The correlation between PHE.TO and BND.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	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 28, 2015	0.11

The correlation between PHE.TO and BND.TO shifts across timeframes, from 0.11 (all time) to 0.21 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PHE.TO vs. BND.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

BND.TO

BND.TO Risk / Return Rank: 41
BND.TO Sharpe Ratio Rank: 44
BND.TO Sortino Ratio Rank: 41
BND.TO Omega Ratio Rank: 42
BND.TO Calmar Ratio Rank: 35
BND.TO Martin Ratio Rank: 43

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. BND.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Tactical Hedged Equity Fund (PHE.TO) and Purpose Global Bond Fund (BND.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	BND.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.07	-0.09
Sortino ratio: Return per unit of downside risk	1.48	1.51	-0.03
Omega ratio: Gain probability vs. loss probability	1.17	1.20	-0.02
Calmar ratio: Return relative to maximum drawdown	1.12	1.20	-0.08
Martin ratio: Return relative to average drawdown	4.50	4.70	-0.20

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

The current PHE.TO Sharpe Ratio is 0.98, which is comparable to the BND.TO Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of PHE.TO and BND.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. BND.TO - Drawdown Comparison

The maximum PHE.TO drawdown since its inception was -22.37%, which is greater than BND.TO's maximum drawdown of -16.55%. Use the drawdown chart below to compare losses from any high point for PHE.TO and BND.TO.

Drawdown Indicators

	PHE.TO	BND.TO	Difference
Max Drawdown Largest peak-to-trough decline	-22.37%	-16.55%	-5.82%
Max Drawdown (1Y) Largest decline over 1 year	-6.54%	-2.87%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-11.34%	-4.46%	-6.88%
Max Drawdown (5Y) Largest decline over 5 years	-17.48%	-12.43%	-5.05%
Max Drawdown (10Y) Largest decline over 10 years	-21.38%	-16.55%	-4.83%
Current Drawdown Current decline from peak	-0.97%	-1.74%	+0.77%
Average Drawdown Average peak-to-trough decline	-5.22%	-2.09%	-3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	0.73%	+0.89%

Volatility

PHE.TO vs. BND.TO - Volatility Comparison

Purpose Tactical Hedged Equity Fund (PHE.TO) has a higher volatility of 1.77% compared to Purpose Global Bond Fund (BND.TO) at 0.98%. This indicates that PHE.TO's price experiences larger fluctuations and is considered to be riskier than BND.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHE.TO	BND.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	0.98%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	5.81%	2.81%	+3.00%
Volatility (1Y) Calculated over the trailing 1-year period	7.47%	3.22%	+4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.63%	5.11%	+4.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.14%	5.16%	+4.98%

PHE.TO vs. BND.TO - Expense Ratio Comparison

PHE.TO has a 0.98% expense ratio, which is higher than BND.TO's 0.45% expense ratio.

Dividends

PHE.TO vs. BND.TO - Dividend Comparison

PHE.TO has not paid dividends to shareholders, while BND.TO's dividend yield for the trailing twelve months is around 5.94%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND.TO Purpose Global Bond Fund	5.94%	5.70%	5.24%	5.20%	4.14%	3.67%	3.48%	3.11%	3.96%	3.47%	3.26%	0.53%
PHE.TO Purpose Tactical Hedged Equity Fund	0.00%	0.20%	0.00%	0.00%	0.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

PHE.TO and BND.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.

Which ETF is better, PHE.TO or BND.TO?

On fees, BND.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, PHE.TO or BND.TO?

BND.TO is cheaper with a 0.45% expense ratio, compared with 0.98% for PHE.TO.

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

PHE.TO is categorized as Equity Hedged, while BND.TO is Global Bonds. Their fees differ too: 0.98% for PHE.TO and 0.45% for BND.TO.