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PICTON Long Short Equity (130/30) Alternative Fund (PFAE.TO) Diversifiers

ETF · Currency in CAD · Last updated Jul 25, 2026

The PICTON Long Short Equity (130/30) Alternative Fund (PFAE) seeks consistent long-term capital appreciation and attractive risk-adjusted returns with volatility similar to traditional equity markets. It normally combines about 130% long equity exposure with about 30% short exposure across Canadian and global equities.

Looking to diversify beyond PFAE.TO? The ETFs below have the lowest correlation with PFAE.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from PFAE.TO.

Best Diversifiers for PFAE.TO

1 ETFs have low correlation with PFAE.TO (below 0.3), 0 of which are negatively correlated. The least correlated is Accelerate Canadian Long Short Equity Fund (ATSX.TO) (Long-Short) with a 1Y correlation of 0.25, roughly unchanged from 0.17 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
ATSX.TO
Accelerate Canadian Long Short Equity Fund0.250.130.17
94
Long-Short, Canada Equities, Multi-factor, Actively ManagedPFAE.TO vs ATSX.TO
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ...0.400.400.41
98
Quality Factor, Dividend, Large Cap Value EquitiesPFAE.TO vs XDIV.TO
VIDY.TO
Vanguard FTSE Developed ex North America High Divi...0.490.420.40
88
Foreign Large Cap Equities, DividendPFAE.TO vs VIDY.TO
TPU.TO
TD U.S. Equity Index ETF0.550.470.42
73
Large Cap Blend EquitiesPFAE.TO vs TPU.TO
PFLS.TO
PICTON Long Short Equity Alternative Fund0.680.480.47
75
Long-Short, Canada Equities, Global Equities, Actively ManagedPFAE.TO vs PFLS.TO
See all 10 diversifiers for PFAE.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from PFAE.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PFAE.TO and solid risk/return profiles. The least correlated is ATCO Ltd (ACO-X.TO) (Utilities) with a 1Y correlation of -0.07, down from 0.08 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
ACO-X.TO
ATCO Ltd-0.070.060.08
98
Utilities
ENB.TO
Enbridge Inc.0.010.160.22
93
Energy
EMA-PC.TO
Emera Incorporated0.030.100.14
94
Utilities

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Diversification Analysis

Build a portfolio that complements PFAE.TO

Add PFAE.TO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with PFAE.TO