XFR.TO vs. MNY.TO
XFR.TO (iShares Floating Rate Index ETF) and MNY.TO (Purpose Cash Management Fund) are both exchange-traded funds - XFR.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD, while MNY.TO is a Money Market fund actively managed by Purpose Investments. XFR.TO is passively managed, while MNY.TO is actively managed. Over the past 3 years, XFR.TO returned 3.98%/yr vs 3.91%/yr for MNY.TO. At a 0.03 correlation, their price movements are largely independent. XFR.TO charges 0.14%/yr vs 0.22%/yr for MNY.TO.
Performance
XFR.TO vs. MNY.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XFR.TO achieves a 1.00% return, which is significantly higher than MNY.TO's 0.95% return.
XFR.TO
- 1D
- -0.05%
- 1M
- 0.21%
- YTD
- 1.00%
- 6M
- 1.33%
- 1Y
- 2.96%
- 3Y*
- 3.98%
- 5Y*
- 3.20%
- 10Y*
- 2.24%
MNY.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.95%
- 6M
- 1.22%
- 1Y
- 2.59%
- 3Y*
- 3.91%
- 5Y*
- —
- 10Y*
- —
XFR.TO vs. MNY.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XFR.TO iShares Floating Rate Index ETF | 1.00% | 3.33% | 4.57% | 5.29% | 1.24% |
MNY.TO Purpose Cash Management Fund | 0.95% | 3.03% | 4.69% | 5.03% | 1.54% |
Correlation
The correlation between XFR.TO and MNY.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 (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2022 | 0.03 |
The correlation between XFR.TO and MNY.TO shifts across timeframes, from -0.08 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XFR.TO vs. MNY.TO — Risk / Return Rank
XFR.TO
MNY.TO
XFR.TO vs. MNY.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Floating Rate Index ETF (XFR.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.
| XFR.TO | MNY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.96 | ||
| Sortino ratioReturn per unit of downside risk | -45.33 | ||
| Omega ratioGain probability vs. loss probability | 1.96 | 22.32 | -20.35 |
| Calmar ratioReturn relative to maximum drawdown | 29.79 | 65.02 | -35.22 |
| Martin ratioReturn relative to average drawdown | 88.61 | 605.87 | -517.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| XFR.TO | MNY.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.12 | 16.08 | -11.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.92 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.22 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.19 | 11.02 | -9.83 |
Drawdowns
XFR.TO vs. MNY.TO - Drawdown Comparison
The maximum XFR.TO drawdown since its inception was -4.12%, 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 XFR.TO and MNY.TO.
Loading charts...
Drawdown Indicators
| XFR.TO | MNY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -0.24% | -3.88% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -0.04% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -0.30% | -0.10% | -0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -0.30% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -4.12% | — | — |
Current DrawdownCurrent decline from peak | -0.05% | 0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -0.00% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.00% | +0.03% |
Volatility
XFR.TO vs. MNY.TO - Volatility Comparison
iShares Floating Rate Index ETF (XFR.TO) has a higher volatility of 0.18% compared to Purpose Cash Management Fund (MNY.TO) at 0.03%. This indicates that XFR.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.
Loading charts...
Volatility by Period
| XFR.TO | MNY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 0.03% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 0.48% | 0.12% | +0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.72% | 0.16% | +0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.82% | 0.37% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.85% | 0.37% | +1.48% |
XFR.TO vs. MNY.TO - Expense Ratio Comparison
XFR.TO has a 0.14% expense ratio, which is lower than MNY.TO's 0.22% 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
XFR.TO vs. MNY.TO - Dividend Comparison
XFR.TO's dividend yield for the trailing twelve months is around 2.77%, 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% |
XFR.TO iShares Floating Rate Index ETF | 2.77% | 3.23% | 4.93% | 4.91% | 1.85% | 0.30% | 1.07% | 1.96% | 1.60% | 0.95% | 0.77% | 0.94% |
Frequently Asked Questions
XFR.TO and MNY.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.
On fees, XFR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XFR.TO is cheaper with a 0.14% expense ratio, compared with 0.22% for MNY.TO.
XFR.TO is categorized as Canadian Government Bonds, while MNY.TO is Money Market. They also come from different issuers: iShares and Purpose Investments. Their fees differ too: 0.14% for XFR.TO and 0.22% for MNY.TO.
Find the right allocation for XFR.TO and MNY.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer