CMAG.TO vs. PFMN.TO
CMAG.TO (CI Munro Alternative Global Growth Fund) and PFMN.TO (PICTON Market Neutral Equity Alternative Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, CMAG.TO returned 13.00%/yr vs 6.69%/yr for PFMN.TO. At a 0.26 correlation, their price movements are largely independent.
Performance
CMAG.TO vs. PFMN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CMAG.TO achieves a 19.65% return, which is significantly higher than PFMN.TO's 4.04% return.
CMAG.TO
- 1D
- 1.88%
- 1M
- 4.29%
- YTD
- 19.65%
- 6M
- 18.78%
- 1Y
- 25.76%
- 3Y*
- 26.00%
- 5Y*
- 13.00%
- 10Y*
- —
PFMN.TO
- 1D
- 0.36%
- 1M
- 2.38%
- YTD
- 4.04%
- 6M
- 3.84%
- 1Y
- 6.72%
- 3Y*
- 8.09%
- 5Y*
- 6.69%
- 10Y*
- —
CMAG.TO vs. PFMN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 19.65% | 13.08% | 37.11% | 16.07% | -19.04% | 9.21% | 34.62% |
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 4.04% | 4.83% | 15.09% | 3.13% | 5.43% | 6.10% | 15.78% |
Correlation
The correlation between CMAG.TO and PFMN.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2020 | 0.26 |
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Return for Risk
CMAG.TO vs. PFMN.TO — Risk / Return Rank
CMAG.TO
PFMN.TO
CMAG.TO vs. PFMN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Munro Alternative Global Growth Fund (CMAG.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.
| CMAG.TO | PFMN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.26 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 1.93 | +0.31 |
| Martin ratioReturn relative to average drawdown | 6.23 | 6.79 | -0.55 |
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Drawdowns
CMAG.TO vs. PFMN.TO - Drawdown Comparison
The maximum CMAG.TO drawdown since its inception was -23.94%, which is greater than PFMN.TO's maximum drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for CMAG.TO and PFMN.TO.
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Drawdown Indicators
| CMAG.TO | PFMN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.94% | -13.04% | -10.90% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -3.49% | -8.05% |
Max Drawdown (3Y)Largest decline over 3 years | -18.87% | -3.85% | -15.02% |
Max Drawdown (5Y)Largest decline over 5 years | -23.94% | -4.24% | -19.70% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -1.18% | -6.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 0.99% | +3.15% |
Volatility
CMAG.TO vs. PFMN.TO - Volatility Comparison
CI Munro Alternative Global Growth Fund (CMAG.TO) has a higher volatility of 9.23% compared to PICTON Market Neutral Equity Alternative Fund (PFMN.TO) at 1.16%. This indicates that CMAG.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
| CMAG.TO | PFMN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.23% | 1.16% | +8.07% |
Volatility (6M)Calculated over the trailing 6-month period | 17.19% | 3.70% | +13.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.04% | 4.71% | +15.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.02% | 7.75% | +9.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.07% | 9.73% | +7.34% |
Dividends
CMAG.TO vs. PFMN.TO - Dividend Comparison
CMAG.TO has not paid dividends to shareholders, while PFMN.TO's dividend yield for the trailing twelve months is around 0.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 0.00% | 0.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 0.76% | 0.80% | 0.00% | 1.28% | 0.00% | 0.00% | 0.00% | 0.09% |
Frequently Asked Questions
CMAG.TO and PFMN.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: CI and Picton Mahoney.
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