SBT.TO vs. PSU-U.TO

Last updated Jun 4, 2026

SBT.TO (Purpose Silver Bullion Fund) and PSU-U.TO (Purpose US Cash Fund) are both exchange-traded funds - SBT.TO is a Silver fund tracking the LBMA Silver Price, while PSU-U.TO is a Money Market fund actively managed by Purpose Investments. SBT.TO is passively managed, while PSU-U.TO is actively managed. Over the past 5 years, SBT.TO returned 18.84%/yr vs 5.60%/yr for PSU-U.TO. At a correlation of -0.16, they often move in opposite directions. SBT.TO charges 0.36%/yr vs 0.17%/yr for PSU-U.TO.

Performance

SBT.TO vs. PSU-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 US Cash Fund (PSU-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with SBT.TO having a 2.24% return and PSU-U.TO slightly higher at 2.34%.

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%

PSU-U.TO

• 1D: 0.43%
• 1M: 2.22%
• YTD: 2.34%
• 6M: 0.82%
• 1Y: 4.06%
• 3Y*: 4.57%
• 5Y*: 5.60%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SBT.TO Purpose Silver Bullion Fund	2.24%	137.07%	18.55%	-0.86%	1.99%	-13.18%	48.01%	13.31%	-12.82%
PSU-U.TO Purpose US Cash Fund	2.34%	-1.75%	12.58%	1.64%	8.73%	-0.62%	-1.27%	-3.31%	7.52%

Correlation

The correlation between SBT.TO and PSU-U.TO is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (5Y) Calculated over the trailing 5-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Mar 1, 2018	-0.16

The correlation between SBT.TO and PSU-U.TO shifts across timeframes, from -0.27 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SBT.TO vs. PSU-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

PSU-U.TO

PSU-U.TO Risk / Return Rank: 99
PSU-U.TO Sharpe Ratio Rank: 99
PSU-U.TO Sortino Ratio Rank: 99
PSU-U.TO Omega Ratio Rank: 99
PSU-U.TO Calmar Ratio Rank: 99
PSU-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. PSU-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 US Cash Fund (PSU-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	PSU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.80	0.89	+0.91
Sortino ratio: Return per unit of downside risk	2.02	1.24	+0.79
Omega ratio: Gain probability vs. loss probability	1.34	1.16	+0.19
Calmar ratio: Return relative to maximum drawdown	2.48	1.00	+1.48
Martin ratio: Return relative to average drawdown	5.33	2.59	+2.74
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. PSU-U.TO - Sharpe Ratio Comparison

The current SBT.TO Sharpe Ratio is 1.80, which is higher than the PSU-U.TO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of SBT.TO and PSU-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	PSU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	0.89	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.89	-0.37
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	0.46	-0.25

Drawdowns

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

The maximum SBT.TO drawdown since its inception was -47.82%, which is greater than PSU-U.TO's maximum drawdown of -16.93%. Use the drawdown chart below to compare losses from any high point for SBT.TO and PSU-U.TO.

Drawdown Indicators

	SBT.TO	PSU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-47.82%	-16.93%	-30.89%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-4.07%	-38.62%
Max Drawdown (3Y) Largest decline over 3 years	-42.69%	-5.47%	-37.22%
Max Drawdown (5Y) Largest decline over 5 years	-42.69%	-5.47%	-37.22%
Max Drawdown (10Y) Largest decline over 10 years	-47.82%	—	—
Current Drawdown Current decline from peak	-37.47%	-0.70%	-36.77%
Average Drawdown Average peak-to-trough decline	-16.92%	-4.87%	-12.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.84%	1.57%	+18.27%

Volatility

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

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

Volatility by Period

	SBT.TO	PSU-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%	3.44%	+54.48%
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%	6.32%	+30.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.58%	6.56%	+60.02%

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

SBT.TO has a 0.36% expense ratio, which is higher than PSU-U.TO's 0.17% expense ratio.

Dividends

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

SBT.TO has not paid dividends to shareholders, while PSU-U.TO's dividend yield for the trailing twelve months is around 2.70%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PSU-U.TO Purpose US Cash Fund	2.70%	2.90%	3.65%	3.87%	1.45%	0.29%	0.41%	1.70%	1.20%
SBT.TO Purpose Silver Bullion Fund	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 PSU-U.TO in my portfolio?

SBT.TO and PSU-U.TO have a correlation of -0.27, 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 PSU-U.TO?

On fees, PSU-U.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

PSU-U.TO is cheaper with a 0.17% expense ratio, compared with 0.36% for SBT.TO.

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

SBT.TO is categorized as Silver, while PSU-U.TO is Money Market. Their fees differ too: 0.36% for SBT.TO and 0.17% for PSU-U.TO.