PHE.TO vs. THU.TO

Last updated Aug 2, 2026

PHE.TO (Purpose Tactical Hedged Equity Fund) and THU.TO (TD U.S. Equity CAD Hedged Index ETF) are both exchange-traded funds - PHE.TO is a Equity Hedged fund actively managed by Purpose, while THU.TO is a Large Cap Blend Equities fund tracking the Solactive US Large Cap Hedged to CAD Index (CA NTR). PHE.TO is actively managed, while THU.TO is passively managed. Over the past 10 years, PHE.TO returned 7.11%/yr vs 13.32%/yr for THU.TO. Their 0.23 correlation means their historical movements had little consistent relationship. PHE.TO charges 0.98%/yr vs 0.07%/yr for THU.TO.

Performance

PHE.TO vs. THU.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 TD U.S. Equity CAD Hedged Index ETF (THU.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 2.81% return, which is significantly lower than THU.TO's 8.99% return. Over the past 10 years, PHE.TO has underperformed THU.TO with an annualized return of 7.11%, while THU.TO has yielded a comparatively higher 13.32% annualized return.

PHE.TO

• 1D: 1.45%
• 1M: 1.67%
• 6M: 2.79%
• YTD: 2.81%
• 1Y: 8.39%
• 3Y*: 9.92%
• 5Y*: 6.23%
• 10Y*: 7.11%
• ALL TIME*: 5.89%

THU.TO

• 1D: 0.94%
• 1M: -0.06%
• 6M: 7.71%
• YTD: 8.99%
• 1Y: 18.82%
• 3Y*: 17.72%
• 5Y*: 10.70%
• 10Y*: 13.32%
• ALL TIME*: 13.44%

*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)
PHE.TO Purpose Tactical Hedged Equity Fund	CA$66.46K	CA$30.59K	CA$12.26K
THU.TO TD U.S. Equity CAD Hedged Index ETF	CA$72.29K	CA$67.73K	CA$117.49K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHE.TO Purpose Tactical Hedged Equity Fund	2.81%	12.04%	12.63%	10.64%	-9.81%	20.76%	2.62%	8.65%	-7.89%	8.79%
THU.TO TD U.S. Equity CAD Hedged Index ETF	8.99%	15.44%	23.50%	26.50%	-21.80%	27.16%	18.06%	29.00%	-6.79%	20.92%

Correlation

The correlation between PHE.TO and THU.TO is 0.10, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.10
Correlation (3Y) Balances recent behavior with more history.	0.21
Correlation (5Y) Shows whether the relationship held over a longer period.	0.31
Correlation (10Y) Provides a long-term view across more market conditions.	0.23
Correlation (All Time) Calculated using the full available price history since Mar 30, 2016	0.23

The correlation between PHE.TO and THU.TO shifts across timeframes, from 0.10 (1 year) to 0.31 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

PHE.TO

PHE.TO Risk / Return Rank: 41
PHE.TO Sharpe Ratio Rank: 42
PHE.TO Sortino Ratio Rank: 43
PHE.TO Omega Ratio Rank: 39
PHE.TO Calmar Ratio Rank: 35
PHE.TO Martin Ratio Rank: 44

THU.TO

THU.TO Risk / Return Rank: 53
THU.TO Sharpe Ratio Rank: 53
THU.TO Sortino Ratio Rank: 51
THU.TO Omega Ratio Rank: 50
THU.TO Calmar Ratio Rank: 49
THU.TO Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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

This table presents a comparison of risk-adjusted performance metrics for Purpose Tactical Hedged Equity Fund (PHE.TO) and TD U.S. Equity CAD Hedged Index ETF (THU.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	THU.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.30	-0.24
Sortino ratio: Return per unit of downside risk	1.61	1.86	-0.24
Omega ratio: Gain probability vs. loss probability	1.19	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	1.23	1.78	-0.55
Martin ratio: Return relative to average drawdown	4.95	7.41	-2.46

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

The current PHE.TO Sharpe Ratio is 1.06, which is comparable to the THU.TO Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of PHE.TO and THU.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. THU.TO - Drawdown Comparison

The maximum PHE.TO drawdown since its inception was -22.37%, smaller than the maximum THU.TO drawdown of -34.64%. Use the drawdown chart below to compare losses from any high point for PHE.TO and THU.TO.

Drawdown Indicators

	PHE.TO	THU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-22.37%	-34.64%	+12.27%
Max Drawdown (1Y) Largest decline over 1 year	-6.54%	-9.59%	+3.05%
Max Drawdown (3Y) Largest decline over 3 years	-11.34%	-19.16%	+7.82%
Max Drawdown (5Y) Largest decline over 5 years	-17.48%	-26.37%	+8.89%
Max Drawdown (10Y) Largest decline over 10 years	-21.38%	-34.64%	+13.26%
Current Drawdown Current decline from peak	0.00%	-1.70%	+1.70%
Average Drawdown Average peak-to-trough decline	-5.22%	-4.80%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	2.30%	-0.67%

Volatility

PHE.TO vs. THU.TO - Volatility Comparison

The current volatility for Purpose Tactical Hedged Equity Fund (PHE.TO) is 2.27%, while TD U.S. Equity CAD Hedged Index ETF (THU.TO) has a volatility of 3.41%. This indicates that PHE.TO experiences smaller price fluctuations and is considered to be less risky than THU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHE.TO	THU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	3.41%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	10.33%	-4.34%
Volatility (1Y) Calculated over the trailing 1-year period	7.62%	13.13%	-5.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.64%	16.72%	-7.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.14%	17.42%	-7.28%

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

PHE.TO has a 0.98% expense ratio, which is higher than THU.TO's 0.07% expense ratio.

Dividends

PHE.TO vs. THU.TO - Dividend Comparison

PHE.TO has not paid dividends to shareholders, while THU.TO's dividend yield for the trailing twelve months is around 0.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
THU.TO TD U.S. Equity CAD Hedged Index ETF	0.97%	1.05%	1.25%	1.20%	1.42%	1.00%	1.28%	1.21%	1.66%	1.54%	1.37%

Frequently Asked Questions

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

PHE.TO and THU.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.

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

On fees, THU.TO is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PHE.TO or THU.TO?

THU.TO is cheaper with a 0.07% expense ratio, compared with 0.98% for PHE.TO.

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

PHE.TO is categorized as Equity Hedged, while THU.TO is Large Cap Blend Equities. They also come from different issuers: Purpose and TD. Their fees differ too: 0.98% for PHE.TO and 0.07% for THU.TO.