ARB.TO vs. PFMN.TO
ARB.TO (Accelerate Arbitrage Fund) and PFMN.TO (PICTON Market Neutral Equity Alternative Fund) are both Long-Short funds. ARB.TO is passively managed, while PFMN.TO is actively managed. Over the past 5 years, ARB.TO returned 3.81%/yr vs 6.55%/yr for PFMN.TO. At a 0.04 correlation, their price movements are largely independent. ARB.TO charges 1.38%/yr vs 4.27%/yr for PFMN.TO.
Performance
ARB.TO vs. PFMN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ARB.TO achieves a 0.86% return, which is significantly lower than PFMN.TO's 2.36% return.
ARB.TO
- 1D
- -0.33%
- 1M
- -0.58%
- 6M
- -0.75%
- YTD
- 0.86%
- 1Y
- 2.61%
- 3Y*
- 6.52%
- 5Y*
- 3.81%
- 10Y*
- —
PFMN.TO
- 1D
- -0.42%
- 1M
- -0.66%
- 6M
- 1.04%
- YTD
- 2.36%
- 1Y
- 4.87%
- 3Y*
- 7.59%
- 5Y*
- 6.55%
- 10Y*
- —
ARB.TO vs. PFMN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ARB.TO Accelerate Arbitrage Fund | 0.86% | 10.14% | 5.29% | 3.48% | -1.10% | 6.94% | 31.16% |
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 2.36% | 4.83% | 15.09% | 3.13% | 5.43% | 6.10% | 22.64% |
Correlation
The correlation between ARB.TO and PFMN.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2020 | 0.04 |
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Return for Risk
ARB.TO vs. PFMN.TO — Risk / Return Rank
ARB.TO
PFMN.TO
ARB.TO vs. PFMN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Accelerate Arbitrage Fund (ARB.TO) and PICTON Market Neutral Equity Alternative Fund (PFMN.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ARB.TO | PFMN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.18 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 1.40 | -0.35 |
| Martin ratioReturn relative to average drawdown | 2.17 | 4.78 | -2.62 |
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Drawdowns
ARB.TO vs. PFMN.TO - Drawdown Comparison
The maximum ARB.TO drawdown since its inception was -13.46%, roughly equal to the maximum PFMN.TO drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for ARB.TO and PFMN.TO.
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Drawdown Indicators
| ARB.TO | PFMN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.46% | -13.04% | -0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -2.50% | -3.49% | +0.99% |
Max Drawdown (3Y)Largest decline over 3 years | -2.50% | -3.85% | +1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -5.18% | -4.24% | -0.94% |
Current DrawdownCurrent decline from peak | -1.29% | -1.61% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -5.69% | -1.17% | -4.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.02% | +0.19% |
Volatility
ARB.TO vs. PFMN.TO - Volatility Comparison
Accelerate Arbitrage Fund (ARB.TO) has a higher volatility of 1.89% compared to PICTON Market Neutral Equity Alternative Fund (PFMN.TO) at 1.14%. This indicates that ARB.TO's price experiences larger fluctuations and is considered to be riskier than PFMN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARB.TO | PFMN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 1.14% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 5.33% | 3.72% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.37% | 4.75% | +3.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 7.72% | -0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.34% | 9.71% | -1.37% |
ARB.TO vs. PFMN.TO - Expense Ratio Comparison
ARB.TO has a 1.38% expense ratio, which is lower than PFMN.TO's 4.27% expense ratio.
Dividends
ARB.TO vs. PFMN.TO - Dividend Comparison
ARB.TO's dividend yield for the trailing twelve months is around 3.79%, more than PFMN.TO's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ARB.TO Accelerate Arbitrage Fund | 3.79% | 3.75% | 3.98% | 3.56% | 3.09% | 2.63% | 1.24% | 0.00% |
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 0.78% | 0.80% | 0.00% | 1.28% | 0.00% | 0.00% | 0.00% | 0.09% |
Frequently Asked Questions
ARB.TO and PFMN.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ARB.TO is cheaper at 1.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ARB.TO is cheaper with a 1.38% expense ratio, compared with 4.27% for PFMN.TO.
Their fees differ too: 1.38% for ARB.TO and 4.27% for PFMN.TO.
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