SBT.TO vs. PMM.TO

Last updated Jun 4, 2026

SBT.TO (Purpose Silver Bullion Fund) and PMM.TO (Purpose Multi-Strategy Market Neutral Fund) are both exchange-traded funds - SBT.TO is a Silver fund tracking the LBMA Silver Price, while PMM.TO is a Long-Short fund actively managed by Purpose Investments. SBT.TO is passively managed, while PMM.TO is actively managed. Over the past 10 years, SBT.TO returned 13.84%/yr vs 3.51%/yr for PMM.TO. At a correlation of -0.01, they often move in opposite directions.

Performance

SBT.TO vs. PMM.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 Multi-Strategy Market Neutral Fund (PMM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBT.TO achieves a 2.24% return, which is significantly lower than PMM.TO's 5.69% return. Over the past 10 years, SBT.TO has outperformed PMM.TO with an annualized return of 13.84%, while PMM.TO has yielded a comparatively lower 3.51% annualized 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%

PMM.TO

• 1D: -0.54%
• 1M: 3.07%
• YTD: 5.69%
• 6M: 3.53%
• 1Y: 17.19%
• 3Y*: 11.58%
• 5Y*: 7.10%
• 10Y*: 3.51%

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

SBT.TO vs. PMM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBT.TO Purpose Silver Bullion Fund	2.24%	137.07%	18.55%	-0.86%	1.99%	-13.18%	48.01%	13.31%	-12.82%	-17.07%
PMM.TO Purpose Multi-Strategy Market Neutral Fund	5.69%	6.07%	20.49%	5.85%	-3.80%	6.01%	-14.11%	1.88%	-2.86%	6.56%

Correlation

The correlation between SBT.TO and PMM.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 (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 30, 2016	-0.01

Return for Risk

SBT.TO vs. PMM.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

PMM.TO

PMM.TO Risk / Return Rank: 64
PMM.TO Sharpe Ratio Rank: 54
PMM.TO Sortino Ratio Rank: 51
PMM.TO Omega Ratio Rank: 54
PMM.TO Calmar Ratio Rank: 87
PMM.TO Martin Ratio Rank: 74

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. PMM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Silver Bullion Fund (SBT.TO) and Purpose Multi-Strategy Market Neutral Fund (PMM.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	PMM.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.86	-0.06
Sortino ratio: Return per unit of downside risk	2.02	2.51	-0.49
Omega ratio: Gain probability vs. loss probability	1.34	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	2.48	5.03	-2.54
Martin ratio: Return relative to average drawdown	5.33	13.86	-8.53
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. PMM.TO - Sharpe Ratio Comparison

The current SBT.TO Sharpe Ratio is 1.80, which is comparable to the PMM.TO Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of SBT.TO and PMM.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	PMM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.86	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.73	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.35	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.30	-0.09

Drawdowns

SBT.TO vs. PMM.TO - Drawdown Comparison

The maximum SBT.TO drawdown since its inception was -47.82%, which is greater than PMM.TO's maximum drawdown of -23.50%. Use the drawdown chart below to compare losses from any high point for SBT.TO and PMM.TO.

Drawdown Indicators

	SBT.TO	PMM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-47.82%	-23.50%	-24.32%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-3.50%	-39.19%
Max Drawdown (3Y) Largest decline over 3 years	-42.69%	-9.87%	-32.82%
Max Drawdown (5Y) Largest decline over 5 years	-42.69%	-11.18%	-31.51%
Max Drawdown (10Y) Largest decline over 10 years	-47.82%	-23.50%	-24.32%
Current Drawdown Current decline from peak	-37.47%	-0.54%	-36.93%
Average Drawdown Average peak-to-trough decline	-16.92%	-7.97%	-8.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.84%	1.26%	+18.58%

Volatility

SBT.TO vs. PMM.TO - Volatility Comparison

Purpose Silver Bullion Fund (SBT.TO) has a higher volatility of 17.19% compared to Purpose Multi-Strategy Market Neutral Fund (PMM.TO) at 2.01%. This indicates that SBT.TO's price experiences larger fluctuations and is considered to be riskier than PMM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBT.TO	PMM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.19%	2.01%	+15.18%
Volatility (6M) Calculated over the trailing 6-month period	57.92%	6.27%	+51.65%
Volatility (1Y) Calculated over the trailing 1-year period	59.01%	9.45%	+49.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.64%	9.76%	+26.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.58%	10.13%	+56.45%

Dividends

SBT.TO vs. PMM.TO - Dividend Comparison

Neither SBT.TO nor PMM.TO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMM.TO Purpose Multi-Strategy Market Neutral Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.92%	2.44%
SBT.TO Purpose Silver Bullion Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SBT.TO and PMM.TO in my portfolio?

SBT.TO and PMM.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.

What is the main difference between SBT.TO and PMM.TO?

SBT.TO is categorized as Silver, while PMM.TO is Long-Short.