AGF-B.TO vs. AD-UN.TO

Last updated Jun 4, 2026

AGF-B.TO (AGF Management Ltd) and AD-UN.TO (Alaris Equity Partners Income Trust) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, AGF-B.TO returned 19.05%/yr vs 5.99%/yr for AD-UN.TO. At a 0.27 correlation, their price movements are largely independent.

Performance

AGF-B.TO vs. AD-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in AGF Management Ltd (AGF-B.TO) and Alaris Equity Partners Income Trust (AD-UN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGF-B.TO achieves a 7.94% return, which is significantly lower than AD-UN.TO's 15.79% return. Over the past 10 years, AGF-B.TO has outperformed AD-UN.TO with an annualized return of 19.05%, while AD-UN.TO has yielded a comparatively lower 5.99% annualized return.

AGF-B.TO

• 1D: -0.58%
• 1M: 8.47%
• YTD: 7.94%
• 6M: 20.69%
• 1Y: 47.54%
• 3Y*: 41.47%
• 5Y*: 23.16%
• 10Y*: 19.05%

AD-UN.TO

• 1D: -1.06%
• 1M: 5.17%
• YTD: 15.79%
• 6M: 19.55%
• 1Y: 35.94%
• 3Y*: 24.59%
• 5Y*: 15.77%
• 10Y*: 5.99%

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

AGF-B.TO vs. AD-UN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGF-B.TO AGF Management Ltd	7.94%	59.26%	45.89%	15.54%	-10.40%	43.95%	1.07%	41.60%	-38.19%	36.77%
AD-UN.TO Alaris Equity Partners Income Trust	15.79%	15.38%	27.16%	10.82%	-7.62%	33.79%	-23.76%	40.26%	-9.96%	-6.82%

Correlation

The correlation between AGF-B.TO and AD-UN.TO is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008	0.27

Over the past year, AGF-B.TO and AD-UN.TO have become more correlated (0.50) than their long-term average of 0.27, meaning their price movements have been converging.

Fundamentals

Market Cap AGF-B.TO : CA$1.14B AD-UN.TO : CA$1.26B
EPS AGF-B.TO : CA$1.73 AD-UN.TO : CA$2.23
PE Ratio AGF-B.TO : 10.01 AD-UN.TO : 10.51
PEG Ratio AGF-B.TO : 0.26 AD-UN.TO : 31.53
PS Ratio AGF-B.TO : 2.06 AD-UN.TO : 5.17
PB Ratio AGF-B.TO : 0.95 AD-UN.TO : 1.10
Total Revenue (TTM) AGF-B.TO : CA$561.40M AD-UN.TO : CA$220.04M
Gross Profit (TTM) AGF-B.TO : CA$342.49M AD-UN.TO : CA$197.90M
EBITDA (TTM) AGF-B.TO : CA$163.56M AD-UN.TO : CA$179.07M

Return for Risk

AGF-B.TO vs. AD-UN.TO — Risk / Return Rank

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

AGF-B.TO

AGF-B.TO Risk / Return Rank: 76
AGF-B.TO Sharpe Ratio Rank: 81
AGF-B.TO Sortino Ratio Rank: 73
AGF-B.TO Omega Ratio Rank: 78
AGF-B.TO Calmar Ratio Rank: 73
AGF-B.TO Martin Ratio Rank: 77

AD-UN.TO

AD-UN.TO Risk / Return Rank: 86
AD-UN.TO Sharpe Ratio Rank: 88
AD-UN.TO Sortino Ratio Rank: 86
AD-UN.TO Omega Ratio Rank: 85
AD-UN.TO Calmar Ratio Rank: 81
AD-UN.TO Martin Ratio Rank: 88

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.

AGF-B.TO vs. AD-UN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AGF Management Ltd (AGF-B.TO) and Alaris Equity Partners Income Trust (AD-UN.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.

	AGF-B.TO	AD-UN.TO	Difference
Sharpe ratio Return per unit of total volatility	1.47	2.04	-0.58
Sortino ratio Return per unit of downside risk	1.89	2.83	-0.94
Omega ratio Gain probability vs. loss probability	1.29	1.36	-0.06
Calmar ratio Return relative to maximum drawdown	1.87	2.83	-0.97
Martin ratio Return relative to average drawdown	5.49	10.68	-5.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGF-B.TO vs. AD-UN.TO - Sharpe Ratio Comparison

The current AGF-B.TO Sharpe Ratio is 1.47, which is comparable to the AD-UN.TO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of AGF-B.TO and AD-UN.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

	AGF-B.TO	AD-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	2.04	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.70	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.19	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.44	-0.16

Drawdowns

AGF-B.TO vs. AD-UN.TO - Drawdown Comparison

The maximum AGF-B.TO drawdown since its inception was -90.57%, which is greater than AD-UN.TO's maximum drawdown of -74.93%. Use the drawdown chart below to compare losses from any high point for AGF-B.TO and AD-UN.TO.

Drawdown Indicators

	AGF-B.TO	AD-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-90.57%	-74.93%	-15.64%
Max Drawdown (1Y) Largest decline over 1 year	-25.57%	-12.74%	-12.83%
Max Drawdown (3Y) Largest decline over 3 years	-25.57%	-18.69%	-6.88%
Max Drawdown (5Y) Largest decline over 5 years	-29.90%	-29.73%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	-65.63%	-73.03%	+7.40%
Current Drawdown Current decline from peak	-15.87%	-2.46%	-13.41%
Average Drawdown Average peak-to-trough decline	-45.84%	-16.76%	-29.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.69%	3.37%	+5.32%

Volatility

AGF-B.TO vs. AD-UN.TO - Volatility Comparison

AGF Management Ltd (AGF-B.TO) has a higher volatility of 6.95% compared to Alaris Equity Partners Income Trust (AD-UN.TO) at 3.98%. This indicates that AGF-B.TO's price experiences larger fluctuations and is considered to be riskier than AD-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGF-B.TO	AD-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	3.98%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	26.95%	13.79%	+13.16%
Volatility (1Y) Calculated over the trailing 1-year period	32.66%	17.70%	+14.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.20%	22.64%	+6.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.83%	32.24%	+0.59%

Dividends

AGF-B.TO vs. AD-UN.TO - Dividend Comparison

AGF-B.TO's dividend yield for the trailing twelve months is around 2.95%, less than AD-UN.TO's 6.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AD-UN.TO Alaris Equity Partners Income Trust	6.07%	6.75%	7.10%	8.35%	8.29%	6.81%	8.76%	7.55%	9.57%	7.84%	7.49%	6.66%
AGF-B.TO AGF Management Ltd	2.95%	3.01%	4.26%	5.58%	5.52%	4.07%	5.26%	4.97%	6.64%	3.91%	3.83%	11.35%

Financials

AGF-B.TO vs. AD-UN.TO - Profitability Comparison

The chart below illustrates the profitability comparison between AGF Management Ltd and Alaris Equity Partners Income Trust over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AGF-B.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, AGF Management Ltd reported a gross profit of 73.16M and revenue of 143.70M. Therefore, the gross margin over that period was 50.9%.

AD-UN.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Alaris Equity Partners Income Trust reported a gross profit of 58.38M and revenue of 65.37M. Therefore, the gross margin over that period was 89.3%.

AGF-B.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, AGF Management Ltd reported an operating income of 33.41M and revenue of 143.70M, resulting in an operating margin of 23.3%.

AD-UN.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Alaris Equity Partners Income Trust reported an operating income of 47.42M and revenue of 65.37M, resulting in an operating margin of 72.5%.

AGF-B.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, AGF Management Ltd reported a net income of 18.04M and revenue of 143.70M, resulting in a net margin of 12.6%.

AD-UN.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Alaris Equity Partners Income Trust reported a net income of 40.41M and revenue of 65.37M, resulting in a net margin of 61.8%.

Frequently Asked Questions

Can I hold both AGF-B.TO and AD-UN.TO in my portfolio?

AGF-B.TO and AD-UN.TO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.