UBIL-U.TO vs. MNU-U.TO

Last updated Jun 4, 2026

UBIL-U.TO (Global X 0-3 Month U.S. T-Bill ETF USD) and MNU-U.TO (Purpose USD Cash Management ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past 3 years, UBIL-U.TO returned 3.35%/yr vs 3.61%/yr for MNU-U.TO. At a 0.06 correlation, their price movements are largely independent. UBIL-U.TO charges 0.12%/yr vs 0.20%/yr for MNU-U.TO.

Performance

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

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.TO) and Purpose USD Cash Management ETF (MNU-U.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with UBIL-U.TO having a 1.08% return and MNU-U.TO slightly higher at 1.13%.

UBIL-U.TO

• 1D: 0.02%
• 1M: 0.23%
• YTD: 1.08%
• 6M: 1.34%
• 1Y: 2.84%
• 3Y*: 3.35%
• 5Y*: —
• 10Y*: —

MNU-U.TO

• 1D: 0.01%
• 1M: 0.21%
• YTD: 1.13%
• 6M: 1.28%
• 1Y: 2.83%
• 3Y*: 3.61%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
UBIL-U.TO Global X 0-3 Month U.S. T-Bill ETF USD	1.08%	2.99%	3.74%	2.57%
MNU-U.TO Purpose USD Cash Management ETF	1.13%	2.98%	4.23%	2.87%

Correlation

The correlation between UBIL-U.TO and MNU-U.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 28, 2023	0.06

The correlation between UBIL-U.TO and MNU-U.TO shifts across timeframes, from 0.06 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

UBIL-U.TO

UBIL-U.TO Risk / Return Rank: 99
UBIL-U.TO Sharpe Ratio Rank: 99
UBIL-U.TO Sortino Ratio Rank: 99
UBIL-U.TO Omega Ratio Rank: 99
UBIL-U.TO Calmar Ratio Rank: 99
UBIL-U.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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.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.

	UBIL-U.TO	MNU-U.TO	Difference
Sharpe ratio Return per unit of total volatility	8.69	7.16	+1.53
Sortino ratio Return per unit of downside risk	15.05	9.86	+5.19
Omega ratio Gain probability vs. loss probability	4.16	3.65	+0.50
Calmar ratio Return relative to maximum drawdown	36.27	17.71	+18.56
Martin ratio Return relative to average drawdown	152.88	96.29	+56.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current UBIL-U.TO Sharpe Ratio is 8.69, which is comparable to the MNU-U.TO Sharpe Ratio of 7.16. The chart below compares the historical Sharpe Ratios of UBIL-U.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

	UBIL-U.TO	MNU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.69	7.16	+1.53
Sharpe Ratio (All Time) Calculated using the full available price history	7.31	6.00	+1.31

Drawdowns

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

The maximum UBIL-U.TO drawdown since its inception was -0.20%, smaller than the maximum MNU-U.TO drawdown of -0.43%. Use the drawdown chart below to compare losses from any high point for UBIL-U.TO and MNU-U.TO.

Drawdown Indicators

	UBIL-U.TO	MNU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.20%	-0.43%	+0.23%
Max Drawdown (1Y) Largest decline over 1 year	-0.08%	-0.16%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-0.13%	-0.43%	+0.30%
Current Drawdown Current decline from peak	0.00%	-0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.02%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.03%	-0.01%

Volatility

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

Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.TO) has a higher volatility of 0.12% compared to Purpose USD Cash Management ETF (MNU-U.TO) at 0.09%. This indicates that UBIL-U.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

	UBIL-U.TO	MNU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	0.09%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.23%	0.28%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	0.33%	0.40%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.46%	0.61%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.46%	0.61%	-0.15%

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

UBIL-U.TO has a 0.12% 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

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

UBIL-U.TO's dividend yield for the trailing twelve months is around 2.72%, 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%
UBIL-U.TO Global X 0-3 Month U.S. T-Bill ETF USD	2.72%	2.97%	3.68%	2.73%

Frequently Asked Questions

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

UBIL-U.TO and MNU-U.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, UBIL-U.TO is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

UBIL-U.TO is cheaper with a 0.12% expense ratio, compared with 0.20% for MNU-U.TO.

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

They also come from different issuers: Global X and Purpose Investments. Their fees differ too: 0.12% for UBIL-U.TO and 0.20% for MNU-U.TO.