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Purpose Multi-Strategy Market Neutral Fund (PMM.TO) Alternatives

ETF · Currency in CAD · Last updated Jul 17, 2026

The Purpose Multi-Strategy Market Neutral Fund (PMM) is an actively managed Canadian ETF that seeks to generate positive absolute returns through a multi-asset long/short hedge fund strategy. The fund employs market-neutral approaches across equities, currencies, and commodities, using derivatives to invest in energy commodities, precious and base metals, agricultural commodities, and developed and emerging markets currencies. Managed by Purpose Investments Inc.

Purpose Multi-Strategy Market Neutral Fund (PMM.TO) belongs to the Long-Short category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with PMM.TO. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Best Risk-Adjusted Alternatives to PMM.TO

PMM.TO has a PortfoliosLab risk / return rank of 73. No ETFs in the Long-Short category have higher risk-adjusted ranks; the top alternatives shown here go as high as 38.

SymbolNameRisk / Return RankAUMInception
FCLS.NEO
Fidelity Canadian Long/Short Alternative ETF
38
—Feb 2024PMM.TO vs FCLS.NEO
PFMN.TO
PICTON Market Neutral Equity Alternative Fund
35
240.67MSep 2018PMM.TO vs PFMN.TO
CMAG.TO
CI Munro Alternative Global Growth Fund
26
153.60MJan 2021PMM.TO vs CMAG.TO
ARB.TO
Accelerate Arbitrage Fund
18
40.70M—PMM.TO vs ARB.TO

Top Performing PMM.TO Alternatives (YTD)

PMM.TO is at 6.44% YTD. There is 1 ETF in the Long-Short category with a higher YTD return, going as high as 9.64%.

SymbolNameYTD ReturnAUMInception
CMAG.TO
CI Munro Alternative Global Growth Fund
9.64%
153.60MJan 2021PMM.TO vs CMAG.TO
FCLS.NEO
Fidelity Canadian Long/Short Alternative ETF
6.24%
—Feb 2024PMM.TO vs FCLS.NEO
PFMN.TO
PICTON Market Neutral Equity Alternative Fund
2.36%
240.67MSep 2018PMM.TO vs PFMN.TO
ARB.TO
Accelerate Arbitrage Fund
0.86%
40.70M—PMM.TO vs ARB.TO

Lowest Volatility Alternatives to PMM.TO

PMM.TO has 9.49% 1-year volatility. There are 2 ETFs in the Long-Short category with lower 1-year volatility, going as low as 4.75%.

SymbolNameVolatility 1YAUMInception
PFMN.TO
PICTON Market Neutral Equity Alternative Fund4.75%240.67MSep 2018PMM.TO vs PFMN.TO
ARB.TO
Accelerate Arbitrage Fund8.37%40.70M—PMM.TO vs ARB.TO
FCLS.NEO
Fidelity Canadian Long/Short Alternative ETF15.82%—Feb 2024PMM.TO vs FCLS.NEO
CMAG.TO
CI Munro Alternative Global Growth Fund21.22%153.60MJan 2021PMM.TO vs CMAG.TO

Lowest Drawdown Alternatives to PMM.TO

PMM.TO has a 1-year max drawdown of -3.50%. There are 2 ETFs in the Long-Short category with shallower 1-year drawdowns, going as shallow as -2.50%.

SymbolNameMax Drawdown 1YAUMInception
ARB.TO
Accelerate Arbitrage Fund
-2.50%
40.70M—PMM.TO vs ARB.TO
PFMN.TO
PICTON Market Neutral Equity Alternative Fund
-3.49%
240.67MSep 2018PMM.TO vs PFMN.TO
CMAG.TO
CI Munro Alternative Global Growth Fund
-11.54%
153.60MJan 2021PMM.TO vs CMAG.TO
FCLS.NEO
Fidelity Canadian Long/Short Alternative ETF
-12.39%
—Feb 2024PMM.TO vs FCLS.NEO

Other ETFs from Purpose Investments

The 10 most viewed Purpose Investments ETFs shown here include KILO.TO, PSA.TO, BTCC.TO and span 7 categories. AUM among these funds goes as high as $4B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
KILO.TO
Purpose Gold Bullion FundGold, Precious Metals
19
-8.97%
1.00BOct 2018PMM.TO vs KILO.TO
PSA.TO
Purpose High Interest Savings FundMoney Market
99
1.17%
4.10BOct 2013PMM.TO vs PSA.TO
BTCC.TO
Purpose Bitcoin CAD ETF Currency Hedged UnitsCryptocurrency
1
-28.29%
1.70BFeb 2021PMM.TO vs BTCC.TO
MNY.TO
Purpose Cash Management FundMoney Market
100
1.23%
2.90BSep 2022PMM.TO vs MNY.TO
YTSL.NEO
Tesla (TSLA) Yield Shares Purpose ETFDerivative Income
36
-12.09%
437.60MDec 2022PMM.TO vs YTSL.NEO
SBT.TO
Purpose Silver Bullion FundSilver, Precious Metals
24
-23.80%
135.40MMay 2016PMM.TO vs SBT.TO
PDIV.TO
Purpose Enhanced Dividend Fund ETFDividend
93
10.88%
229.70MJan 2018PMM.TO vs PDIV.TO
YNVD.NEO
NVIDIA (NVDA) Yield Shares Purpose ETFDerivative Income
30
12.01%
205.90MJan 2024PMM.TO vs YNVD.NEO
BTCY.TO
Purpose Bitcoin Yield ETF - ETF Units
2
-31.23%
120.60MDec 2021PMM.TO vs BTCY.TO
KILO-B.TO
Purpose Gold Bullion Fund ETF Non-Currency HedgedGold, Precious Metals
26
-5.90%
—Oct 2018PMM.TO vs KILO-B.TO

Often Compared With PMM.TO

Investors most often compare PMM.TO with QLEIX, IS.TO, BRKY.NEO. These 20 comparison targets span 9 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
QLEIX
AQR Long-Short Equity FundLong-Short
68
-1.18%
—Jul 2013PMM.TO vs QLEIX
IS.TO
Infrastructure Dividend Split Corp
97
30.69%
——PMM.TO vs IS.TO
BRKY.NEO
Berkshire Hathaway Yield Shares Purpose ETFLarge Cap Blend Equities
12
-3.22%
53.50MDec 2022PMM.TO vs BRKY.NEO
ZMMK.TO
BMO Money Market Fund ETF SeriesMoney Market
99
1.25%
5.77BNov 2021PMM.TO vs ZMMK.TO
^GSPC
S&P 500 Index
67
10.05%
——PMM.TO vs ^GSPC
YCST.NEO
Costco (COST) Yield Shares Purpose ETFDerivative Income
9
10.90%
—Feb 2025PMM.TO vs YCST.NEO
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETFDerivative Income, Semiconductors
49
26.90%
—Feb 2025PMM.TO vs YAVG.NEO
SOLL.TO
Purpose Solana ETF Currency Hedged UnitsCryptocurrency
3
-39.16%
—Apr 2025PMM.TO vs SOLL.TO
ZLB.TO
BMO Low Volatility Canadian Equity ETFCanada Equities
57
8.92%
6.24BOct 2011PMM.TO vs ZLB.TO
PAYF.TO
Purpose Enhanced Premium Yield Fund
31
3.66%
83.70M—PMM.TO vs PAYF.TO
MNU-U.TO
Purpose USD Cash Management ETFUltrashort Bond, Money Market
100
1.98%
—Apr 2023PMM.TO vs MNU-U.TO
BTCC-B.TO
Purpose Bitcoin ETF Non-Currency Hedged UnitsCryptocurrency
2
-25.28%
—Feb 2021PMM.TO vs BTCC-B.TO
PRA.TO
Purpose Diversified Real Asset Fund
94
21.89%
320.70M—PMM.TO vs PRA.TO
PSU-U.TO
Purpose US Cash FundMoney Market
100
1.86%
877.00Feb 2016PMM.TO vs PSU-U.TO
PYF.TO
Purpose Premium Yield Fund Series ETFDiversified Portfolio
30
1.84%
685.40MNov 2018PMM.TO vs PYF.TO
ETHH.TO
Purpose Ether ETFCryptocurrency
4
-38.60%
—Oct 2021PMM.TO vs ETHH.TO
ETHY.TO
Purpose Ether Yield ETF - ETF UnitsCryptocurrency
4
-43.98%
83.80MDec 2021PMM.TO vs ETHY.TO
BTCC-U.TO
Purpose Bitcoin ETF Non-Currency Hedged UnitsCryptocurrency
2
-27.21%
—Feb 2021PMM.TO vs BTCC-U.TO
YAMZ.NEO
Amazon (AMZN) Yield Shares Purpose ETFDerivative Income
16
3.87%
107.40MDec 2022PMM.TO vs YAMZ.NEO
FGLS.NEO
Fidelity Global Value Long/Short Alternative ETFLong-Short
18
8.43%
1.16BFeb 2024PMM.TO vs FGLS.NEO

Compare PMM.TO with Any Fund or Stock

Compare PMM.TO with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

 

Diversifiers

Pair PMM.TO with funds that move differently

Purpose Multi-Strategy Market Neutral Fund alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to PMM.TO.

Explore PMM.TO Diversifiers