PSU-U.TO vs. SGOV

Last updated Jul 18, 2026

PSU-U.TO (Purpose US Cash Fund) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - PSU-U.TO is a Money Market fund actively managed by Purpose Investments, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. PSU-U.TO is actively managed, while SGOV is passively managed. Over the past 5 years, PSU-U.TO returned 3.71%/yr vs 3.63%/yr for SGOV. At a 0.40 correlation, their price movements are largely independent. PSU-U.TO charges 0.17%/yr vs 0.09%/yr for SGOV.

Performance

PSU-U.TO vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Purpose US Cash Fund (PSU-U.TO) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PSU-U.TO having a 1.90% return and SGOV slightly higher at 1.98%.

PSU-U.TO

• 1D: 0.04%
• 1M: 0.31%
• 6M: 1.76%
• YTD: 1.90%
• 1Y: 3.73%
• 3Y*: 4.60%
• 5Y*: 3.71%
• 10Y*: 2.25%

SGOV

• 1D: 0.03%
• 1M: 0.32%
• 6M: 1.79%
• YTD: 1.98%
• 1Y: 3.89%
• 3Y*: 4.67%
• 5Y*: 3.63%
• 10Y*: —

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

PSU-U.TO vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PSU-U.TO Purpose US Cash Fund	1.90%	4.16%	5.09%	5.34%	1.95%	0.26%	0.19%
SGOV iShares 0-3 Month Treasury Bond ETF	1.98%	4.24%	5.27%	5.12%	1.58%	0.04%	0.04%

Correlation

The correlation between PSU-U.TO and SGOV is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since May 28, 2020	0.40

Return for Risk

PSU-U.TO vs. SGOV — Risk / Return Rank

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

PSU-U.TO

PSU-U.TO Risk / Return Rank: 100
PSU-U.TO Sharpe Ratio Rank: 100
PSU-U.TO Sortino Ratio Rank: 100
PSU-U.TO Omega Ratio Rank: 100
PSU-U.TO Calmar Ratio Rank: 100
PSU-U.TO Martin Ratio Rank: 100

SGOV

SGOV Risk / Return Rank: 100
SGOV Sharpe Ratio Rank: 100
SGOV Sortino Ratio Rank: 100
SGOV Omega Ratio Rank: 100
SGOV Calmar Ratio Rank: 100
SGOV 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.

PSU-U.TO vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose US Cash Fund (PSU-U.TO) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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.

	PSU-U.TO	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	17.75	20.89	-3.14
Sortino ratio: Return per unit of downside risk	86.61	384.82	-298.21
Omega ratio: Gain probability vs. loss probability	43.12	385.05	-341.94
Calmar ratio: Return relative to maximum drawdown	81.45	393.03	-311.58
Martin ratio: Return relative to average drawdown	736.42	6,226.73	-5,490.32

PSU-U.TO vs. SGOV - Sharpe Ratio Comparison

The current PSU-U.TO Sharpe Ratio is 17.75, which is comparable to the SGOV Sharpe Ratio of 20.89. The chart below compares the historical Sharpe Ratios of PSU-U.TO and SGOV, 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

PSU-U.TO vs. SGOV - Drawdown Comparison

The maximum PSU-U.TO drawdown since its inception was -0.16%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for PSU-U.TO and SGOV.

Drawdown Indicators

	PSU-U.TO	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-0.16%	-0.03%	-0.13%
Max Drawdown (1Y) Largest decline over 1 year	-0.05%	-0.01%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-0.05%	-0.01%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-0.06%	-0.03%	-0.03%
Max Drawdown (10Y) Largest decline over 10 years	-0.16%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.00%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

PSU-U.TO vs. SGOV - Volatility Comparison

Purpose US Cash Fund (PSU-U.TO) has a higher volatility of 0.06% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that PSU-U.TO's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSU-U.TO	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.05%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	0.13%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	0.21%	0.19%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.26%	0.24%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.26%	0.24%	+0.02%

PSU-U.TO vs. SGOV - Expense Ratio Comparison

PSU-U.TO has a 0.17% expense ratio, which is higher than SGOV'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

PSU-U.TO vs. SGOV - Dividend Comparison

PSU-U.TO's dividend yield for the trailing twelve months is around 3.68%, less than SGOV's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PSU-U.TO Purpose US Cash Fund	3.68%	4.04%	5.01%	5.22%	1.89%	0.26%	0.55%	2.26%	1.09%
SGOV iShares 0-3 Month Treasury Bond ETF	3.80%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSU-U.TO and SGOV in my portfolio?

PSU-U.TO and SGOV have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PSU-U.TO or SGOV?

On fees, SGOV is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PSU-U.TO or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.17% for PSU-U.TO.

What is the main difference between PSU-U.TO and SGOV?

PSU-U.TO is categorized as Money Market, while SGOV is Ultrashort Bond. They also come from different issuers: Purpose Investments and iShares. Their fees differ too: 0.17% for PSU-U.TO and 0.09% for SGOV.