PSA.TO vs. BND.TO

Last updated Aug 4, 2026

PSA.TO (Purpose High Interest Savings Fund) and BND.TO (Purpose Global Bond Fund) are both exchange-traded funds - PSA.TO is a Money Market fund actively managed by Purpose, while BND.TO is a Global Bonds fund actively managed by Purpose. Both are actively managed. Over the past 10 years, PSA.TO returned 2.27%/yr vs 2.78%/yr for BND.TO. Their 0.01 correlation means their historical movements had little consistent relationship. PSA.TO charges 0.17%/yr vs 0.45%/yr for BND.TO.

Performance

PSA.TO vs. BND.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose High Interest Savings Fund (PSA.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, PSA.TO achieves a 1.27% return, which is significantly higher than BND.TO's 0.22% return. Over the past 10 years, PSA.TO has underperformed BND.TO with an annualized return of 2.27%, while BND.TO has yielded a comparatively higher 2.78% annualized return.

PSA.TO

• 1D: 0.02%
• 1M: 0.18%
• 6M: 1.09%
• YTD: 1.27%
• 1Y: 2.27%
• 3Y*: 3.57%
• 5Y*: 3.23%
• 10Y*: 2.27%
• ALL TIME*: 2.03%

BND.TO

• 1D: -0.11%
• 1M: -1.51%
• 6M: -0.09%
• YTD: 0.22%
• 1Y: 3.10%
• 3Y*: 6.74%
• 5Y*: 2.90%
• 10Y*: 2.78%
• ALL TIME*: 2.98%

*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$509.73K	CA$810.65K	CA$795.74K
PSA.TO Purpose High Interest Savings Fund	CA$5.09M	CA$4.76M	CA$5.03M

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSA.TO Purpose High Interest Savings Fund	1.27%	2.64%	4.55%	5.13%	2.32%	0.61%	0.93%	2.22%	1.65%	1.08%
BND.TO Purpose Global Bond Fund	0.22%	7.26%	7.49%	8.45%	-7.80%	2.62%	6.14%	4.16%	-0.91%	1.72%

Correlation

The correlation between PSA.TO and BND.TO is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.13
Correlation (3Y) Balances recent behavior with more history.	0.00
Correlation (5Y) Shows whether the relationship held over a longer period.	0.01
Correlation (10Y) Provides a long-term view across more market conditions.	0.02
Correlation (All Time) Calculated using the full available price history since Oct 28, 2015	0.01

The correlation between PSA.TO and BND.TO shifts across timeframes, from -0.13 (1 year) to 0.02 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

PSA.TO vs. BND.TO — Risk / Return Rank

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

PSA.TO

PSA.TO Risk / Return Rank: 100
PSA.TO Sharpe Ratio Rank: 99
PSA.TO Sortino Ratio Rank: 99
PSA.TO Omega Ratio Rank: 99
PSA.TO Calmar Ratio Rank: 100
PSA.TO Martin Ratio Rank: 100

BND.TO

BND.TO Risk / Return Rank: 37
BND.TO Sharpe Ratio Rank: 39
BND.TO Sortino Ratio Rank: 37
BND.TO Omega Ratio Rank: 37
BND.TO Calmar Ratio Rank: 32
BND.TO Martin Ratio Rank: 39

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.

PSA.TO vs. BND.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose High Interest Savings Fund (PSA.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.

	PSA.TO	BND.TO	Difference
Sharpe ratio: Return per unit of total volatility	9.55	0.98	+8.57
Sortino ratio: Return per unit of downside risk	24.07	1.39	+22.68
Omega ratio: Gain probability vs. loss probability	5.98	1.18	+4.81
Calmar ratio: Return relative to maximum drawdown	116.94	1.11	+115.83
Martin ratio: Return relative to average drawdown	370.70	4.16	+366.53

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

The current PSA.TO Sharpe Ratio is 9.55, which is higher than the BND.TO Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of PSA.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

PSA.TO vs. BND.TO - Drawdown Comparison

The maximum PSA.TO drawdown since its inception was -0.04%, smaller than the maximum BND.TO drawdown of -16.55%. Use the drawdown chart below to compare losses from any high point for PSA.TO and BND.TO.

Drawdown Indicators

	PSA.TO	BND.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-16.55%	+16.51%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-2.87%	+2.85%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	-4.33%	+4.31%
Max Drawdown (5Y) Largest decline over 5 years	-0.04%	-12.43%	+12.39%
Max Drawdown (10Y) Largest decline over 10 years	-0.04%	-16.55%	+16.51%
Current Drawdown Current decline from peak	0.00%	-1.56%	+1.56%
Average Drawdown Average peak-to-trough decline	0.00%	-2.09%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.76%	-0.75%

Volatility

PSA.TO vs. BND.TO - Volatility Comparison

The current volatility for Purpose High Interest Savings Fund (PSA.TO) is 0.06%, while Purpose Global Bond Fund (BND.TO) has a volatility of 1.04%. This indicates that PSA.TO experiences smaller price fluctuations and is considered to be less risky than BND.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSA.TO	BND.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	1.04%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	2.81%	-2.65%
Volatility (1Y) Calculated over the trailing 1-year period	0.25%	3.23%	-2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.29%	5.11%	-4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.25%	5.15%	-4.90%

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

PSA.TO has a 0.17% expense ratio, which is lower than BND.TO's 0.45% expense ratio.

Dividends

PSA.TO vs. BND.TO - Dividend Comparison

PSA.TO's dividend yield for the trailing twelve months is around 2.26%, less than BND.TO's 5.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND.TO Purpose Global Bond Fund	5.93%	5.70%	5.24%	5.20%	4.14%	3.67%	3.48%	3.11%	3.96%	3.47%	3.26%	0.53%
PSA.TO Purpose High Interest Savings Fund	2.26%	2.61%	4.46%	5.05%	2.26%	0.59%	0.94%	2.18%	1.66%	1.07%	0.99%	1.07%

Frequently Asked Questions

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

PSA.TO and BND.TO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, PSA.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PSA.TO or BND.TO?

PSA.TO is cheaper with a 0.17% expense ratio, compared with 0.45% for BND.TO.

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

PSA.TO is categorized as Money Market, while BND.TO is Global Bonds. Their fees differ too: 0.17% for PSA.TO and 0.45% for BND.TO.