SBT.TO vs. MNU-U.TO

Last updated Jun 4, 2026

SBT.TO (Purpose Silver Bullion Fund) and MNU-U.TO (Purpose USD Cash Management ETF) are both exchange-traded funds - SBT.TO is a Silver fund tracking the LBMA Silver Price, while MNU-U.TO is a Ultrashort Bond fund actively managed by Purpose Investments. SBT.TO is passively managed, while MNU-U.TO is actively managed. Over the past 3 years, SBT.TO returned 42.09%/yr vs 4.82%/yr for MNU-U.TO. At a correlation of -0.20, they often move in opposite directions. SBT.TO charges 0.36%/yr vs 0.20%/yr for MNU-U.TO.

Performance

SBT.TO vs. MNU-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Silver Bullion Fund (SBT.TO) and Purpose USD Cash Management ETF (MNU-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SBT.TO is traded in CAD, while MNU-U.TO is traded in USD. To make them comparable, the MNU-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SBT.TO achieves a 2.24% return, which is significantly lower than MNU-U.TO's 2.42% return.

SBT.TO

• 1D: -2.53%
• 1M: 0.38%
• YTD: 2.24%
• 6M: 24.07%
• 1Y: 105.34%
• 3Y*: 42.09%
• 5Y*: 18.84%
• 10Y*: 13.84%

MNU-U.TO

• 1D: 0.42%
• 1M: 2.21%
• YTD: 2.42%
• 6M: 0.89%
• 1Y: 4.15%
• 3Y*: 4.82%
• 5Y*: —
• 10Y*: —

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

SBT.TO vs. MNU-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SBT.TO Purpose Silver Bullion Fund	2.24%	137.07%	18.55%	-4.36%
MNU-U.TO Purpose USD Cash Management ETF	2.42%	-1.74%	13.18%	0.54%

Correlation

The correlation between SBT.TO and MNU-U.TO is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (All Time) Calculated using the full available price history since May 1, 2023	-0.20

Return for Risk

SBT.TO vs. MNU-U.TO — Risk / Return Rank

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

SBT.TO

SBT.TO Risk / Return Rank: 46
SBT.TO Sharpe Ratio Rank: 52
SBT.TO Sortino Ratio Rank: 39
SBT.TO Omega Ratio Rank: 55
SBT.TO Calmar Ratio Rank: 50
SBT.TO Martin Ratio Rank: 34

MNU-U.TO

MNU-U.TO Risk / Return Rank: 99
MNU-U.TO Sharpe Ratio Rank: 99
MNU-U.TO Sortino Ratio Rank: 99
MNU-U.TO Omega Ratio Rank: 99
MNU-U.TO Calmar Ratio Rank: 98
MNU-U.TO Martin Ratio Rank: 99

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.

SBT.TO vs. MNU-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Silver Bullion Fund (SBT.TO) and Purpose USD Cash Management ETF (MNU-U.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.

	SBT.TO	MNU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.80	0.91	+0.89
Sortino ratio: Return per unit of downside risk	2.02	1.27	+0.76
Omega ratio: Gain probability vs. loss probability	1.34	1.16	+0.18
Calmar ratio: Return relative to maximum drawdown	2.48	1.04	+1.45
Martin ratio: Return relative to average drawdown	5.33	2.70	+2.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBT.TO vs. MNU-U.TO - Sharpe Ratio Comparison

The current SBT.TO Sharpe Ratio is 1.80, which is higher than the MNU-U.TO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of SBT.TO and MNU-U.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

	SBT.TO	MNU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	0.91	+0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.85	-0.64

Drawdowns

SBT.TO vs. MNU-U.TO - Drawdown Comparison

The maximum SBT.TO drawdown since its inception was -47.82%, which is greater than MNU-U.TO's maximum drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for SBT.TO and MNU-U.TO.

Drawdown Indicators

	SBT.TO	MNU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-47.82%	-5.44%	-42.38%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-4.02%	-38.67%
Max Drawdown (3Y) Largest decline over 3 years	-42.69%	-5.44%	-37.25%
Max Drawdown (5Y) Largest decline over 5 years	-42.69%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.82%	—	—
Current Drawdown Current decline from peak	-37.47%	-0.58%	-36.89%
Average Drawdown Average peak-to-trough decline	-16.92%	-1.70%	-15.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.84%	1.54%	+18.30%

Volatility

SBT.TO vs. MNU-U.TO - Volatility Comparison

Purpose Silver Bullion Fund (SBT.TO) has a higher volatility of 17.19% compared to Purpose USD Cash Management ETF (MNU-U.TO) at 0.83%. This indicates that SBT.TO's price experiences larger fluctuations and is considered to be riskier than MNU-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBT.TO	MNU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.19%	0.83%	+16.36%
Volatility (6M) Calculated over the trailing 6-month period	57.92%	3.46%	+54.46%
Volatility (1Y) Calculated over the trailing 1-year period	59.01%	4.59%	+54.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.64%	5.28%	+31.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.58%	5.28%	+61.30%

SBT.TO vs. MNU-U.TO - Expense Ratio Comparison

SBT.TO has a 0.36% expense ratio, which is higher than MNU-U.TO's 0.20% expense ratio.

Dividends

SBT.TO vs. MNU-U.TO - Dividend Comparison

SBT.TO has not paid dividends to shareholders, while MNU-U.TO's dividend yield for the trailing twelve months is around 2.79%.

Position	TTM	2025	2024	2023
MNU-U.TO Purpose USD Cash Management ETF	2.79%	2.98%	4.25%	2.69%
SBT.TO Purpose Silver Bullion Fund	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SBT.TO and MNU-U.TO in my portfolio?

SBT.TO and MNU-U.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.

Which ETF is better, SBT.TO or MNU-U.TO?

On fees, MNU-U.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SBT.TO or MNU-U.TO?

MNU-U.TO is cheaper with a 0.20% expense ratio, compared with 0.36% for SBT.TO.

What is the main difference between SBT.TO and MNU-U.TO?

SBT.TO is categorized as Silver, while MNU-U.TO is Ultrashort Bond. Their fees differ too: 0.36% for SBT.TO and 0.20% for MNU-U.TO.