PSA.TO vs. XSP.TO
PSA.TO (Purpose High Interest Savings Fund) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - PSA.TO is a Money Market fund actively managed by Purpose Investments, while XSP.TO is a S&P 500 fund tracking the S&P 500 Index. PSA.TO is actively managed, while XSP.TO is passively managed. Over the past 10 years, PSA.TO returned 2.26%/yr vs 13.40%/yr for XSP.TO. At a 0.02 correlation, their price movements are largely independent. PSA.TO charges 0.17%/yr vs 0.09%/yr for XSP.TO.
Performance
PSA.TO vs. XSP.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PSA.TO achieves a 0.97% return, which is significantly lower than XSP.TO's 7.74% return. Over the past 10 years, PSA.TO has underperformed XSP.TO with an annualized return of 2.26%, while XSP.TO has yielded a comparatively higher 13.40% annualized return.
PSA.TO
- 1D
- 0.02%
- 1M
- 0.19%
- YTD
- 0.97%
- 6M
- 1.10%
- 1Y
- 2.34%
- 3Y*
- 3.71%
- 5Y*
- 3.18%
- 10Y*
- 2.26%
XSP.TO
- 1D
- 0.50%
- 1M
- -1.00%
- YTD
- 7.74%
- 6M
- 7.98%
- 1Y
- 23.01%
- 3Y*
- 18.82%
- 5Y*
- 11.07%
- 10Y*
- 13.40%
PSA.TO vs. XSP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSA.TO Purpose High Interest Savings Fund | 0.97% | 2.64% | 4.55% | 5.13% | 2.32% | 0.61% | 0.93% | 2.22% | 1.65% | 1.08% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 7.74% | 15.68% | 23.39% | 24.33% | -19.32% | 24.27% | 15.16% | 29.37% | -6.25% | 20.69% |
Correlation
The correlation between PSA.TO and XSP.TO is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2013 | 0.02 |
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Return for Risk
PSA.TO vs. XSP.TO — Risk / Return Rank
PSA.TO
XSP.TO
PSA.TO vs. XSP.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose High Interest Savings Fund (PSA.TO) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.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 | XSP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.90 | ||
| Sortino ratioReturn per unit of downside risk | +22.14 | ||
| Omega ratioGain probability vs. loss probability | 6.11 | 1.32 | +4.79 |
| Calmar ratioReturn relative to maximum drawdown | 119.32 | 2.30 | +117.02 |
| Martin ratioReturn relative to average drawdown | 370.97 | 10.35 | +360.62 |
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Drawdowns
PSA.TO vs. XSP.TO - Drawdown Comparison
The maximum PSA.TO drawdown since its inception was -0.04%, smaller than the maximum XSP.TO drawdown of -57.71%. Use the drawdown chart below to compare losses from any high point for PSA.TO and XSP.TO.
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Drawdown Indicators
| PSA.TO | XSP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.04% | -57.71% | +57.67% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -9.41% | +9.39% |
Max Drawdown (3Y)Largest decline over 3 years | -0.02% | -18.77% | +18.75% |
Max Drawdown (5Y)Largest decline over 5 years | -0.04% | -27.51% | +27.47% |
Max Drawdown (10Y)Largest decline over 10 years | -0.04% | -36.05% | +36.01% |
Current DrawdownCurrent decline from peak | 0.00% | -2.45% | +2.45% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -9.46% | +9.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 2.09% | -2.08% |
Volatility
PSA.TO vs. XSP.TO - Volatility Comparison
The current volatility for Purpose High Interest Savings Fund (PSA.TO) is 0.06%, while iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a volatility of 4.61%. This indicates that PSA.TO experiences smaller price fluctuations and is considered to be less risky than XSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSA.TO | XSP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 4.61% | -4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 0.17% | 9.66% | -9.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.25% | 12.22% | -11.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.29% | 16.87% | -16.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.25% | 18.24% | -17.99% |
PSA.TO vs. XSP.TO - Expense Ratio Comparison
PSA.TO has a 0.17% expense ratio, which is higher than XSP.TO's 0.09% expense ratio. However, 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. XSP.TO - Dividend Comparison
PSA.TO's dividend yield for the trailing twelve months is around 2.33%, more than XSP.TO's 1.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSA.TO Purpose High Interest Savings Fund | 2.33% | 2.61% | 4.46% | 5.05% | 2.26% | 0.59% | 0.94% | 2.18% | 1.66% | 1.07% | 0.99% | 1.07% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 1.14% | 1.23% | 1.09% | 1.18% | 1.37% | 1.01% | 1.31% | 1.73% | 1.86% | 1.45% | 1.76% | 1.88% |
Frequently Asked Questions
PSA.TO and XSP.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.17% for PSA.TO.
PSA.TO is categorized as Money Market, while XSP.TO is S&P 500. They also come from different issuers: Purpose Investments and iShares. Their fees differ too: 0.17% for PSA.TO and 0.09% for XSP.TO.
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