TCSH.TO vs. MNU-U.TO
TCSH.TO (TD Cash Management ETF) and MNU-U.TO (Purpose USD Cash Management ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past year, TCSH.TO returned 2.64% vs 7.38% for MNU-U.TO. At a 0.03 correlation, their price movements are largely independent. TCSH.TO charges 0.16%/yr vs 0.20%/yr for MNU-U.TO.
Performance
TCSH.TO vs. MNU-U.TO - Performance Comparison
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Different Trading Currencies
TCSH.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, TCSH.TO achieves a 1.14% return, which is significantly lower than MNU-U.TO's 5.34% return.
TCSH.TO
- 1D
- 0.01%
- 1M
- 0.19%
- 6M
- 1.20%
- YTD
- 1.14%
- 1Y
- 2.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MNU-U.TO
- 1D
- -0.09%
- 1M
- 1.58%
- 6M
- 3.86%
- YTD
- 5.34%
- 1Y
- 7.38%
- 3Y*
- 7.42%
- 5Y*
- —
- 10Y*
- —
TCSH.TO vs. MNU-U.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TCSH.TO TD Cash Management ETF | 1.14% | 3.09% | 4.22% |
MNU-U.TO Purpose USD Cash Management ETF | 5.34% | -0.55% | 11.21% |
Correlation
The correlation between TCSH.TO and MNU-U.TO is -0.02, 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 | -0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024 | 0.03 |
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Return for Risk
TCSH.TO vs. MNU-U.TO — Risk / Return Rank
TCSH.TO
MNU-U.TO
TCSH.TO vs. MNU-U.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD Cash Management ETF (TCSH.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.
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.
| TCSH.TO | MNU-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.26 | ||
| Sortino ratioReturn per unit of downside risk | +8.87 | ||
| Omega ratioGain probability vs. loss probability | 3.00 | 1.32 | +1.69 |
| Calmar ratioReturn relative to maximum drawdown | 26.51 | 1.97 | +24.55 |
| Martin ratioReturn relative to average drawdown | 110.39 | 5.41 | +104.98 |
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Drawdowns
TCSH.TO vs. MNU-U.TO - Drawdown Comparison
The maximum TCSH.TO drawdown since its inception was -0.54%, smaller than the maximum MNU-U.TO drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for TCSH.TO and MNU-U.TO.
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Drawdown Indicators
| TCSH.TO | MNU-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.54% | -6.27% | +5.73% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -3.77% | +3.67% |
Max Drawdown (3Y)Largest decline over 3 years | — | -6.27% | — |
Current DrawdownCurrent decline from peak | -0.00% | -0.41% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -1.82% | +1.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 1.37% | -1.35% |
Volatility
TCSH.TO vs. MNU-U.TO - Volatility Comparison
The current volatility for TD Cash Management ETF (TCSH.TO) is 0.08%, while Purpose USD Cash Management ETF (MNU-U.TO) has a volatility of 1.04%. This indicates that TCSH.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.
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Volatility by Period
| TCSH.TO | MNU-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 1.04% | -0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 0.26% | 3.22% | -2.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.44% | 4.30% | -3.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.68% | 5.36% | -4.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.68% | 5.36% | -4.68% |
TCSH.TO vs. MNU-U.TO - Expense Ratio Comparison
TCSH.TO has a 0.16% 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
TCSH.TO vs. MNU-U.TO - Dividend Comparison
TCSH.TO's dividend yield for the trailing twelve months is around 2.60%, less than MNU-U.TO's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
MNU-U.TO Purpose USD Cash Management ETF | 3.81% | 4.17% | 5.26% | 3.62% |
TCSH.TO TD Cash Management ETF | 2.60% | 3.03% | 4.21% | 0.00% |
Frequently Asked Questions
TCSH.TO and MNU-U.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TCSH.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TCSH.TO is cheaper with a 0.16% expense ratio, compared with 0.20% for MNU-U.TO.
They also come from different issuers: TD and Purpose Investments. Their fees differ too: 0.16% for TCSH.TO and 0.20% for MNU-U.TO.
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