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PMM.TO vs. SBT.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PMM.TO vs. SBT.TO

Last updated Jun 4, 2026

PMM.TO (Purpose Multi-Strategy Market Neutral Fund) and SBT.TO (Purpose Silver Bullion Fund) are both exchange-traded funds - PMM.TO is a Long-Short fund actively managed by Purpose Investments, while SBT.TO is a Silver fund tracking the LBMA Silver Price. PMM.TO is actively managed, while SBT.TO is passively managed. Over the past 10 years, PMM.TO returned 3.51%/yr vs 13.84%/yr for SBT.TO. At a correlation of -0.01, they often move in opposite directions.

Performance

PMM.TO vs. SBT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Multi-Strategy Market Neutral Fund (PMM.TO) and Purpose Silver Bullion Fund (SBT.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PMM.TO achieves a 5.69% return, which is significantly higher than SBT.TO's 2.24% return. Over the past 10 years, PMM.TO has underperformed SBT.TO with an annualized return of 3.51%, while SBT.TO has yielded a comparatively higher 13.84% annualized return.

PMM.TO

1D
-0.54%
1M
3.07%
YTD
5.69%
6M
3.53%
1Y
17.19%
3Y*
11.58%
5Y*
7.10%
10Y*
3.51%

SBT.TO

1D
-2.53%
1M
0.38%
YTD
2.24%
6M
24.07%
1Y
105.34%
3Y*
42.09%
5Y*
18.84%
10Y*
13.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PMM.TO vs. SBT.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PMM.TO
Purpose Multi-Strategy Market Neutral Fund		5.69%6.07%20.49%5.85%-3.80%6.01%-14.11%1.88%-2.86%6.56%
SBT.TO
Purpose Silver Bullion Fund		2.24%137.07%18.55%-0.86%1.99%-13.18%48.01%13.31%-12.82%-17.07%

Correlation

The correlation between PMM.TO and SBT.TO is 0.08, 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

0.08

Correlation (3Y)
Calculated over the trailing 3-year period

0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (10Y)
Calculated over the trailing 10-year period

-0.01

Correlation (All Time)
Calculated using the full available price history since May 30, 2016

-0.01

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Purpose Multi-Strategy Market Neutral Fund

Purpose Silver Bullion Fund

Often compared with PMM.TO:
PMM.TO vs. QLEIXPMM.TO vs. IS.TOPMM.TO vs. ZMMK.TOPMM.TO vs. BRKY.NEOPMM.TO vs. ^GSPCPMM.TO vs. YCST.NEOPMM.TO vs. PDIV.TO
Often compared with SBT.TO:
SBT.TO vs. SVR.TOSBT.TO vs. SLVSBT.TO vs. MNS.TOSBT.TO vs. PSLV.TOSBT.TO vs. SVR-C.TOSBT.TO vs. KILO.TOSBT.TO vs. GLD

Return for Risk

PMM.TO vs. SBT.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PMM.TO
PMM.TO Risk / Return Rank: 6464
Overall Rank
PMM.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
PMM.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
PMM.TO Omega Ratio Rank: 5454
Omega Ratio Rank
PMM.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
PMM.TO Martin Ratio Rank: 7474
Martin Ratio Rank
SBT.TO
SBT.TO Risk / Return Rank: 4646
Overall Rank
SBT.TO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
SBT.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
SBT.TO Omega Ratio Rank: 5555
Omega Ratio Rank
SBT.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
SBT.TO Martin Ratio Rank: 3434
Martin Ratio Rank
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.

PMM.TO vs. SBT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Multi-Strategy Market Neutral Fund (PMM.TO) and Purpose Silver Bullion Fund (SBT.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.

PMM.TOSBT.TODifference
Sharpe ratioReturn per unit of total volatility
1.86
1.80

+0.06

Sortino ratioReturn per unit of downside risk
2.51
2.02

+0.49

Omega ratioGain probability vs. loss probability

1.34

1.34

-0.01

Calmar ratioReturn relative to maximum drawdown

5.03

2.48

+2.54

Martin ratioReturn relative to average drawdown

13.86

5.33

+8.53

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMM.TO vs. SBT.TO - Sharpe Ratio Comparison

The current PMM.TO Sharpe Ratio is 1.86, which is comparable to the SBT.TO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of PMM.TO and SBT.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.

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Sharpe Ratios by Period

PMM.TOSBT.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.86

1.80

+0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.52

+0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

0.21

+0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.21

+0.09

Drawdowns

PMM.TO vs. SBT.TO - Drawdown Comparison

The maximum PMM.TO drawdown since its inception was -23.50%, smaller than the maximum SBT.TO drawdown of -47.82%. Use the drawdown chart below to compare losses from any high point for PMM.TO and SBT.TO.

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Drawdown Indicators

PMM.TOSBT.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.50%

-47.82%

+24.32%

Max Drawdown (1Y)

Largest decline over 1 year

-3.50%

-42.69%

+39.19%

Max Drawdown (3Y)

Largest decline over 3 years

-9.87%

-42.69%

+32.82%

Max Drawdown (5Y)

Largest decline over 5 years

-11.18%

-42.69%

+31.51%

Max Drawdown (10Y)

Largest decline over 10 years

-23.50%

-47.82%

+24.32%

Current Drawdown

Current decline from peak

-0.54%

-37.47%

+36.93%

Average Drawdown

Average peak-to-trough decline

-7.97%

-16.92%

+8.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.26%

19.84%

-18.58%

Volatility

PMM.TO vs. SBT.TO - Volatility Comparison

The current volatility for Purpose Multi-Strategy Market Neutral Fund (PMM.TO) is 2.01%, while Purpose Silver Bullion Fund (SBT.TO) has a volatility of 17.19%. This indicates that PMM.TO experiences smaller price fluctuations and is considered to be less risky than SBT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PMM.TOSBT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.01%

17.19%

-15.18%

Volatility (6M)

Calculated over the trailing 6-month period

6.27%

57.92%

-51.65%

Volatility (1Y)

Calculated over the trailing 1-year period

9.45%

59.01%

-49.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.76%

36.64%

-26.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.13%

66.58%

-56.45%

Dividends

PMM.TO vs. SBT.TO - Dividend Comparison

Neither PMM.TO nor SBT.TO has paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
PMM.TO
Purpose Multi-Strategy Market Neutral Fund		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.92%2.44%
SBT.TO
Purpose Silver Bullion Fund		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PMM.TO and SBT.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PMM.TO is categorized as Long-Short, while SBT.TO is Silver.

Portfolio Optimizer

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