PSA.TO vs. MCAD.TO

Last updated Jun 4, 2026

PSA.TO (Purpose High Interest Savings Fund) and MCAD.TO (Evolve Premium Cash Management ETF) are both funds - PSA.TO is a Money Market fund actively managed by Purpose Investments, while MCAD.TO is a Short-Term Bond fund actively managed by Evolve. Both are actively managed. Over the past year, PSA.TO returned 2.35% vs 2.47% for MCAD.TO. At a 0.18 correlation, their price movements are largely independent. PSA.TO charges 0.17%/yr vs 0.20%/yr for MCAD.TO.

Performance

PSA.TO vs. MCAD.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 Evolve Premium Cash Management ETF (MCAD.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 0.89% return, which is significantly lower than MCAD.TO's 0.94% return.

PSA.TO

• 1D: 0.00%
• 1M: 0.17%
• YTD: 0.89%
• 6M: 1.08%
• 1Y: 2.35%
• 3Y*: 3.73%
• 5Y*: 3.17%
• 10Y*: 2.25%

MCAD.TO

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.94%
• 6M: 1.14%
• 1Y: 2.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)	2025	2024	2023
PSA.TO Purpose High Interest Savings Fund	0.89%	2.64%	4.56%	2.61%
MCAD.TO Evolve Premium Cash Management ETF	0.94%	2.85%	4.88%	2.30%

Correlation

The correlation between PSA.TO and MCAD.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023	0.18

Return for Risk

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

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

PSA.TO

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

MCAD.TO

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

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.

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

This table presents a comparison of risk-adjusted performance metrics for Purpose High Interest Savings Fund (PSA.TO) and Evolve Premium Cash Management ETF (MCAD.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.

	PSA.TO	MCAD.TO	Difference
Sharpe ratio Return per unit of total volatility	10.34	6.11	+4.23
Sortino ratio Return per unit of downside risk	28.20	9.51	+18.69
Omega ratio Gain probability vs. loss probability	6.27	4.85	+1.42
Calmar ratio Return relative to maximum drawdown	117.76	15.55	+102.21
Martin ratio Return relative to average drawdown	422.79	86.93	+335.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current PSA.TO Sharpe Ratio is 10.34, which is higher than the MCAD.TO Sharpe Ratio of 6.11. The chart below compares the historical Sharpe Ratios of PSA.TO and MCAD.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.

Sharpe Ratios by Period

	PSA.TO	MCAD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.34	6.11	+4.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	11.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	9.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	9.26	5.78	+3.48

Drawdowns

PSA.TO vs. MCAD.TO - Drawdown Comparison

The maximum PSA.TO drawdown since its inception was -0.04%, smaller than the maximum MCAD.TO drawdown of -0.43%. Use the drawdown chart below to compare losses from any high point for PSA.TO and MCAD.TO.

Drawdown Indicators

	PSA.TO	MCAD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-0.43%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.16%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-0.04%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.02%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.03%	-0.02%

Volatility

PSA.TO vs. MCAD.TO - Volatility Comparison

Purpose High Interest Savings Fund (PSA.TO) has a higher volatility of 0.06% compared to Evolve Premium Cash Management ETF (MCAD.TO) at 0.04%. This indicates that PSA.TO's price experiences larger fluctuations and is considered to be riskier than MCAD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSA.TO	MCAD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.04%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	0.32%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	0.23%	0.41%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.27%	0.75%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.24%	0.75%	-0.51%

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

PSA.TO has a 0.17% expense ratio, which is lower than MCAD.TO's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PSA.TO vs. MCAD.TO - Dividend Comparison

PSA.TO's dividend yield for the trailing twelve months is around 2.33%, less than MCAD.TO's 2.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCAD.TO Evolve Premium Cash Management ETF	2.45%	2.83%	4.78%	2.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSA.TO Purpose High Interest Savings Fund	2.33%	2.61%	4.47%	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 MCAD.TO in my portfolio?

PSA.TO and MCAD.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.