TBIL.TO vs. MNU-U.TO

Last updated Jun 4, 2026

TBIL.TO (Harvest Canadian T-Bill ETF) and MNU-U.TO (Purpose USD Cash Management ETF) are both exchange-traded funds - TBIL.TO is a Money Market fund actively managed by Harvest, while MNU-U.TO is a Ultrashort Bond fund actively managed by Purpose Investments. Both are actively managed. Over the past year, TBIL.TO returned 2.28% vs 4.15% for MNU-U.TO. At a correlation of -0.01, they often move in opposite directions. TBIL.TO charges 0.00%/yr vs 0.20%/yr for MNU-U.TO.

Performance

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

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

Different Trading Currencies

TBIL.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, TBIL.TO achieves a 0.83% return, which is significantly lower than MNU-U.TO's 2.42% return.

TBIL.TO

• 1D: 0.00%
• 1M: 0.16%
• YTD: 0.83%
• 6M: 1.04%
• 1Y: 2.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

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

	2026 (YTD)	2025	2024
TBIL.TO Harvest Canadian T-Bill ETF	0.83%	2.60%	9.21%
MNU-U.TO Purpose USD Cash Management ETF	2.42%	-1.74%	10.96%

Correlation

The correlation between TBIL.TO and MNU-U.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 Jan 17, 2024	-0.01

Return for Risk

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

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

TBIL.TO

TBIL.TO Risk / Return Rank: 99
TBIL.TO Sharpe Ratio Rank: 99
TBIL.TO Sortino Ratio Rank: 99
TBIL.TO Omega Ratio Rank: 99
TBIL.TO Calmar Ratio Rank: 100
TBIL.TO Martin Ratio Rank: 99

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.

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

This table presents a comparison of risk-adjusted performance metrics for Harvest Canadian T-Bill ETF (TBIL.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.

	TBIL.TO	MNU-U.TO	Difference
Sharpe ratio Return per unit of total volatility	8.01	0.91	+7.10
Sortino ratio Return per unit of downside risk	19.26	1.27	+18.00
Omega ratio Gain probability vs. loss probability	4.08	1.16	+2.92
Calmar ratio Return relative to maximum drawdown	57.46	1.04	+56.43
Martin ratio Return relative to average drawdown	258.77	2.70	+256.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current TBIL.TO Sharpe Ratio is 8.01, which is higher than the MNU-U.TO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of TBIL.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

	TBIL.TO	MNU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.01	0.91	+7.10
Sharpe Ratio (All Time) Calculated using the full available price history	5.26	0.85	+4.41

Drawdowns

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

The maximum TBIL.TO drawdown since its inception was -0.38%, smaller than the maximum MNU-U.TO drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for TBIL.TO and MNU-U.TO.

Drawdown Indicators

	TBIL.TO	MNU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.38%	-5.44%	+5.06%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-4.02%	+3.98%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.44%	—
Current Drawdown Current decline from peak	0.00%	-0.58%	+0.58%
Average Drawdown Average peak-to-trough decline	-0.00%	-1.70%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.54%	-1.53%

Volatility

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

The current volatility for Harvest Canadian T-Bill ETF (TBIL.TO) is 0.04%, while Purpose USD Cash Management ETF (MNU-U.TO) has a volatility of 0.83%. This indicates that TBIL.TO experiences smaller price fluctuations and is considered to be less risky than MNU-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL.TO	MNU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.04%	0.83%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	3.46%	-3.28%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	4.59%	-4.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.08%	5.28%	-4.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.08%	5.28%	-4.20%

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

TBIL.TO has a 0.00% expense ratio, which is lower than MNU-U.TO's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

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

TBIL.TO's dividend yield for the trailing twelve months is around 2.27%, less than MNU-U.TO's 2.79% yield.

Position	TTM	2025	2024	2023
MNU-U.TO Purpose USD Cash Management ETF	2.79%	2.98%	4.25%	2.69%
TBIL.TO Harvest Canadian T-Bill ETF	2.27%	2.57%	8.81%	0.00%

Frequently Asked Questions

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

TBIL.TO and MNU-U.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, TBIL.TO or MNU-U.TO?

On fees, TBIL.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

TBIL.TO is cheaper with a 0.00% expense ratio, compared with 0.20% for MNU-U.TO.

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

TBIL.TO is categorized as Money Market, while MNU-U.TO is Ultrashort Bond. They also come from different issuers: Harvest and Purpose Investments. Their fees differ too: 0.00% for TBIL.TO and 0.20% for MNU-U.TO.