CMAG.TO vs. PMM.TO
CMAG.TO (CI Munro Alternative Global Growth Fund) and PMM.TO (Purpose Multi-Strategy Market Neutral Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, CMAG.TO returned 13.00%/yr vs 7.19%/yr for PMM.TO. At a 0.26 correlation, their price movements are largely independent.
Performance
CMAG.TO vs. PMM.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 PMM.TO's 7.24% 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*
- —
PMM.TO
- 1D
- -0.32%
- 1M
- 1.98%
- YTD
- 7.24%
- 6M
- 6.88%
- 1Y
- 16.80%
- 3Y*
- 12.03%
- 5Y*
- 7.19%
- 10Y*
- 3.62%
CMAG.TO vs. PMM.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% |
PMM.TO Purpose Multi-Strategy Market Neutral Fund | 7.24% | 6.07% | 20.49% | 5.85% | -3.80% | 6.01% | -13.68% |
Correlation
The correlation between CMAG.TO and PMM.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
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. PMM.TO — Risk / Return Rank
CMAG.TO
PMM.TO
CMAG.TO vs. PMM.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 Purpose Multi-Strategy Market Neutral Fund (PMM.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 | PMM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.35 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 5.19 | -2.95 |
| Martin ratioReturn relative to average drawdown | 6.23 | 14.44 | -8.21 |
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Drawdowns
CMAG.TO vs. PMM.TO - Drawdown Comparison
The maximum CMAG.TO drawdown since its inception was -23.94%, roughly equal to the maximum PMM.TO drawdown of -23.50%. Use the drawdown chart below to compare losses from any high point for CMAG.TO and PMM.TO.
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Drawdown Indicators
| CMAG.TO | PMM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.94% | -23.50% | -0.44% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -3.50% | -8.04% |
Max Drawdown (3Y)Largest decline over 3 years | -18.87% | -9.87% | -9.00% |
Max Drawdown (5Y)Largest decline over 5 years | -23.94% | -11.18% | -12.76% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.50% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.32% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -7.90% | -0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 1.25% | +2.89% |
Volatility
CMAG.TO vs. PMM.TO - Volatility Comparison
CI Munro Alternative Global Growth Fund (CMAG.TO) has a higher volatility of 9.23% compared to Purpose Multi-Strategy Market Neutral Fund (PMM.TO) at 3.45%. This indicates that CMAG.TO's price experiences larger fluctuations and is considered to be riskier than PMM.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 | PMM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.23% | 3.45% | +5.78% |
Volatility (6M)Calculated over the trailing 6-month period | 17.19% | 6.45% | +10.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.04% | 9.52% | +10.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.02% | 9.94% | +7.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.07% | 10.11% | +6.96% |
Dividends
CMAG.TO vs. PMM.TO - Dividend Comparison
Neither CMAG.TO nor PMM.TO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 0.00% | 0.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PMM.TO Purpose Multi-Strategy Market Neutral Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.92% | 2.44% |
Frequently Asked Questions
CMAG.TO and PMM.TO have a correlation of 0.22, 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 Purpose Investments.
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