VDY.TO vs. MNY.TO

Last updated Jun 4, 2026

VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) and MNY.TO (Purpose Cash Management Fund) are both exchange-traded funds - VDY.TO is a Dividend fund tracking the FTSE Canada High Dividend Yield Index, while MNY.TO is a Money Market fund actively managed by Purpose Investments. VDY.TO is passively managed, while MNY.TO is actively managed. Over the past 3 years, VDY.TO returned 26.00%/yr vs 3.91%/yr for MNY.TO. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.22% expense ratio.

Performance

VDY.TO vs. MNY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and Purpose Cash Management Fund (MNY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VDY.TO achieves a 20.59% return, which is significantly higher than MNY.TO's 0.95% return.

VDY.TO

• 1D: -0.07%
• 1M: 4.52%
• YTD: 20.59%
• 6M: 22.32%
• 1Y: 46.18%
• 3Y*: 26.00%
• 5Y*: 17.21%
• 10Y*: 14.02%

MNY.TO

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.95%
• 6M: 1.22%
• 1Y: 2.59%
• 3Y*: 3.91%
• 5Y*: —
• 10Y*: —

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

VDY.TO vs. MNY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	20.59%	29.20%	20.71%	8.40%	-1.90%
MNY.TO Purpose Cash Management Fund	0.95%	3.03%	4.69%	5.03%	1.54%

Correlation

The correlation between VDY.TO and MNY.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 (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Sep 15, 2022	0.03

Return for Risk

VDY.TO vs. MNY.TO — Risk / Return Rank

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

VDY.TO

VDY.TO Risk / Return Rank: 98
VDY.TO Sharpe Ratio Rank: 98
VDY.TO Sortino Ratio Rank: 98
VDY.TO Omega Ratio Rank: 98
VDY.TO Calmar Ratio Rank: 98
VDY.TO Martin Ratio Rank: 98

MNY.TO

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

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.

VDY.TO vs. MNY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and Purpose Cash Management Fund (MNY.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.

	VDY.TO	MNY.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.65	16.08	-10.43
Sortino ratio: Return per unit of downside risk	8.14	52.31	-44.17
Omega ratio: Gain probability vs. loss probability	2.14	22.32	-20.18
Calmar ratio: Return relative to maximum drawdown	14.88	65.02	-50.13
Martin ratio: Return relative to average drawdown	60.75	605.87	-545.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VDY.TO vs. MNY.TO - Sharpe Ratio Comparison

The current VDY.TO Sharpe Ratio is 5.65, which is lower than the MNY.TO Sharpe Ratio of 16.08. The chart below compares the historical Sharpe Ratios of VDY.TO and MNY.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

	VDY.TO	MNY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.65	16.08	-10.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.50	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	11.02	-10.18

Drawdowns

VDY.TO vs. MNY.TO - Drawdown Comparison

The maximum VDY.TO drawdown since its inception was -39.21%, which is greater than MNY.TO's maximum drawdown of -0.24%. Use the drawdown chart below to compare losses from any high point for VDY.TO and MNY.TO.

Drawdown Indicators

	VDY.TO	MNY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.21%	-0.24%	-38.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.12%	-0.04%	-3.08%
Max Drawdown (3Y) Largest decline over 3 years	-10.87%	-0.10%	-10.77%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.21%	—	—
Current Drawdown Current decline from peak	-0.77%	0.00%	-0.77%
Average Drawdown Average peak-to-trough decline	-4.61%	-0.00%	-4.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	0.00%	+0.76%

Volatility

VDY.TO vs. MNY.TO - Volatility Comparison

Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) has a higher volatility of 3.31% compared to Purpose Cash Management Fund (MNY.TO) at 0.03%. This indicates that VDY.TO's price experiences larger fluctuations and is considered to be riskier than MNY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VDY.TO	MNY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	0.03%	+3.28%
Volatility (6M) Calculated over the trailing 6-month period	6.87%	0.12%	+6.75%
Volatility (1Y) Calculated over the trailing 1-year period	8.21%	0.16%	+8.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.56%	0.37%	+11.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	0.37%	+15.59%

VDY.TO vs. MNY.TO - Expense Ratio Comparison

Both VDY.TO and MNY.TO have an expense ratio of 0.22%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VDY.TO vs. MNY.TO - Dividend Comparison

VDY.TO's dividend yield for the trailing twelve months is around 2.90%, more than MNY.TO's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNY.TO Purpose Cash Management Fund	2.56%	2.93%	4.71%	4.85%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	2.90%	3.59%	4.40%	4.64%	4.42%	3.58%	4.59%	4.25%	4.43%	3.82%	3.25%	4.11%

Frequently Asked Questions

Can I hold both VDY.TO and MNY.TO in my portfolio?

VDY.TO and MNY.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.

Which ETF is better, VDY.TO or MNY.TO?

Both ETFs have the same 0.22% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VDY.TO or MNY.TO?

VDY.TO and MNY.TO have the same expense ratio: 0.22% per year.

What is the main difference between VDY.TO and MNY.TO?

VDY.TO is categorized as Dividend, while MNY.TO is Money Market. They also come from different issuers: Vanguard and Purpose Investments.