ACO-X.TO vs. PFAE.TO

Last updated Jun 5, 2026

ACO-X.TO (ATCO Ltd) is a stock, while PFAE.TO (Picton Mahoney Fortified Active Extension Alternative Fund) is fund fund. Over the past 5 years, ACO-X.TO returned 14.87%/yr vs 15.68%/yr for PFAE.TO. At a 0.09 correlation, their price movements are largely independent.

Performance

ACO-X.TO vs. PFAE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in ATCO Ltd (ACO-X.TO) and Picton Mahoney Fortified Active Extension Alternative Fund (PFAE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACO-X.TO achieves a 28.83% return, which is significantly higher than PFAE.TO's 11.53% return.

ACO-X.TO

• 1D: 0.96%
• 1M: 5.12%
• YTD: 28.83%
• 6M: 35.16%
• 1Y: 44.76%
• 3Y*: 25.12%
• 5Y*: 14.87%
• 10Y*: 9.11%

PFAE.TO

• 1D: 0.80%
• 1M: 6.05%
• YTD: 11.53%
• 6M: 12.55%
• 1Y: 32.15%
• 3Y*: 23.91%
• 5Y*: 15.68%
• 10Y*: —

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

ACO-X.TO vs. PFAE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ACO-X.TO ATCO Ltd	28.83%	23.29%	28.83%	-4.25%	3.50%	22.23%	-23.55%	16.80%
PFAE.TO Picton Mahoney Fortified Active Extension Alternative Fund	11.53%	25.47%	28.53%	12.08%	-6.88%	24.90%	21.52%	6.33%

Correlation

The correlation between ACO-X.TO and PFAE.TO is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jul 26, 2019	0.09

The correlation between ACO-X.TO and PFAE.TO shifts across timeframes, from -0.05 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ACO-X.TO vs. PFAE.TO — Risk / Return Rank

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

ACO-X.TO

ACO-X.TO Risk / Return Rank: 93
ACO-X.TO Sharpe Ratio Rank: 94
ACO-X.TO Sortino Ratio Rank: 94
ACO-X.TO Omega Ratio Rank: 93
ACO-X.TO Calmar Ratio Rank: 93
ACO-X.TO Martin Ratio Rank: 92

PFAE.TO

PFAE.TO Risk / Return Rank: 70
PFAE.TO Sharpe Ratio Rank: 69
PFAE.TO Sortino Ratio Rank: 68
PFAE.TO Omega Ratio Rank: 68
PFAE.TO Calmar Ratio Rank: 66
PFAE.TO Martin Ratio Rank: 79

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.

ACO-X.TO vs. PFAE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ATCO Ltd (ACO-X.TO) and Picton Mahoney Fortified Active Extension Alternative Fund (PFAE.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.

	ACO-X.TO	PFAE.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.94	2.23	+0.71
Sortino ratio: Return per unit of downside risk	3.91	3.09	+0.83
Omega ratio: Gain probability vs. loss probability	1.51	1.40	+0.11
Calmar ratio: Return relative to maximum drawdown	5.75	3.25	+2.50
Martin ratio: Return relative to average drawdown	14.29	15.13	-0.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACO-X.TO vs. PFAE.TO - Sharpe Ratio Comparison

The current ACO-X.TO Sharpe Ratio is 2.94, which is higher than the PFAE.TO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of ACO-X.TO and PFAE.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

	ACO-X.TO	PFAE.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.94	2.23	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	1.14	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	1.25	-0.97

Drawdowns

ACO-X.TO vs. PFAE.TO - Drawdown Comparison

The maximum ACO-X.TO drawdown since its inception was -84.73%, which is greater than PFAE.TO's maximum drawdown of -31.50%. Use the drawdown chart below to compare losses from any high point for ACO-X.TO and PFAE.TO.

Drawdown Indicators

	ACO-X.TO	PFAE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-84.73%	-31.50%	-53.23%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-10.08%	+2.25%
Max Drawdown (3Y) Largest decline over 3 years	-17.85%	-14.92%	-2.93%
Max Drawdown (5Y) Largest decline over 5 years	-26.84%	-17.77%	-9.07%
Max Drawdown (10Y) Largest decline over 10 years	-48.31%	—	—
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-30.10%	-3.42%	-26.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.15%	+1.00%

Volatility

ACO-X.TO vs. PFAE.TO - Volatility Comparison

ATCO Ltd (ACO-X.TO) has a higher volatility of 5.83% compared to Picton Mahoney Fortified Active Extension Alternative Fund (PFAE.TO) at 3.40%. This indicates that ACO-X.TO's price experiences larger fluctuations and is considered to be riskier than PFAE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACO-X.TO	PFAE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	3.40%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	11.57%	10.93%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	15.33%	14.70%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.75%	18.79%	-3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.58%	22.52%	-1.94%

Dividends

ACO-X.TO vs. PFAE.TO - Dividend Comparison

ACO-X.TO's dividend yield for the trailing twelve months is around 2.86%, more than PFAE.TO's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACO-X.TO ATCO Ltd	2.86%	3.58%	4.12%	4.92%	4.36%	4.20%	4.77%	3.25%	3.91%	2.92%	2.55%	2.78%
PFAE.TO Picton Mahoney Fortified Active Extension Alternative Fund	0.31%	0.34%	0.03%	0.69%	0.76%	0.00%	0.00%	1.30%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ACO-X.TO and PFAE.TO in my portfolio?

ACO-X.TO and PFAE.TO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.