PSA.TO vs. ZUCM.TO

Last updated Jun 4, 2026

PSA.TO (Purpose High Interest Savings Fund) and ZUCM.TO (BMO USD Cash Management ETF) are both Money Market funds. Both are actively managed. Over the past year, PSA.TO returned 2.35% vs 5.27% for ZUCM.TO. At a correlation of -0.05, they often move in opposite directions. PSA.TO charges 0.17%/yr vs 0.14%/yr for ZUCM.TO.

Performance

PSA.TO vs. ZUCM.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 BMO USD Cash Management ETF (ZUCM.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 ZUCM.TO's 2.78% 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%

ZUCM.TO

• 1D: 0.39%
• 1M: 2.35%
• YTD: 2.78%
• 6M: 1.28%
• 1Y: 5.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
PSA.TO Purpose High Interest Savings Fund	0.89%	2.64%	4.56%	1.31%
ZUCM.TO BMO USD Cash Management ETF	2.78%	-0.61%	14.39%	-1.38%

Correlation

The correlation between PSA.TO and ZUCM.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 (All Time) Calculated using the full available price history since Oct 3, 2023	-0.05

Return for Risk

PSA.TO vs. ZUCM.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

ZUCM.TO

ZUCM.TO Risk / Return Rank: 31
ZUCM.TO Sharpe Ratio Rank: 34
ZUCM.TO Sortino Ratio Rank: 31
ZUCM.TO Omega Ratio Rank: 32
ZUCM.TO Calmar Ratio Rank: 30
ZUCM.TO Martin Ratio Rank: 28

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. ZUCM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose High Interest Savings Fund (PSA.TO) and BMO USD Cash Management ETF (ZUCM.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	ZUCM.TO	Difference
Sharpe ratio: Return per unit of total volatility	10.34	1.19	+9.14
Sortino ratio: Return per unit of downside risk	28.20	1.65	+26.55
Omega ratio: Gain probability vs. loss probability	6.27	1.21	+5.06
Calmar ratio: Return relative to maximum drawdown	117.76	1.43	+116.33
Martin ratio: Return relative to average drawdown	422.79	3.82	+418.97
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. ZUCM.TO - Sharpe Ratio Comparison

The current PSA.TO Sharpe Ratio is 10.34, which is higher than the ZUCM.TO Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of PSA.TO and ZUCM.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	ZUCM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.34	1.19	+9.14
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	1.03	+8.23

Drawdowns

PSA.TO vs. ZUCM.TO - Drawdown Comparison

The maximum PSA.TO drawdown since its inception was -0.04%, smaller than the maximum ZUCM.TO drawdown of -5.81%. Use the drawdown chart below to compare losses from any high point for PSA.TO and ZUCM.TO.

Drawdown Indicators

	PSA.TO	ZUCM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-5.81%	+5.77%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-3.69%	+3.67%
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%	-1.72%	+1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.38%	-1.37%

Volatility

PSA.TO vs. ZUCM.TO - Volatility Comparison

The current volatility for Purpose High Interest Savings Fund (PSA.TO) is 0.06%, while BMO USD Cash Management ETF (ZUCM.TO) has a volatility of 0.75%. This indicates that PSA.TO experiences smaller price fluctuations and is considered to be less risky than ZUCM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSA.TO	ZUCM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.75%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	3.23%	-3.07%
Volatility (1Y) Calculated over the trailing 1-year period	0.23%	4.43%	-4.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.27%	5.34%	-5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.24%	5.34%	-5.10%

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

PSA.TO has a 0.17% expense ratio, which is higher than ZUCM.TO's 0.14% 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. ZUCM.TO - Dividend Comparison

PSA.TO's dividend yield for the trailing twelve months is around 2.33%, less than ZUCM.TO's 3.81% 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%	4.47%	5.05%	2.26%	0.59%	0.94%	2.18%	1.66%	1.07%	0.99%	1.07%
ZUCM.TO BMO USD Cash Management ETF	3.81%	4.19%	4.88%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

PSA.TO and ZUCM.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.

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

On fees, ZUCM.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZUCM.TO is cheaper with a 0.14% expense ratio, compared with 0.17% for PSA.TO.

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

They also come from different issuers: Purpose Investments and BMO. Their fees differ too: 0.17% for PSA.TO and 0.14% for ZUCM.TO.