GLD vs. PFMN.TO
GLD (SPDR Gold Shares) and PFMN.TO (PICTON Market Neutral Equity Alternative Fund) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while PFMN.TO is a Long-Short fund actively managed by Picton Mahoney. GLD is passively managed, while PFMN.TO is actively managed. Over the past 5 years, GLD returned 17.08%/yr vs 3.49%/yr for PFMN.TO. At a 0.10 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 4.27%/yr for PFMN.TO.
Performance
GLD vs. PFMN.TO - Performance Comparison
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Different Trading Currencies
GLD is traded in USD, while PFMN.TO is traded in CAD. To make them comparable, the PFMN.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly lower than PFMN.TO's 0.75% return.
GLD
- 1D
- 0.06%
- 1M
- -7.37%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
PFMN.TO
- 1D
- -0.12%
- 1M
- 0.09%
- YTD
- 0.75%
- 6M
- 1.77%
- 1Y
- 3.66%
- 3Y*
- 6.31%
- 5Y*
- 3.49%
- 10Y*
- —
GLD vs. PFMN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 7.02% |
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 0.75% | 9.85% | 6.11% | 5.65% | -0.86% | 6.15% | 19.54% | 0.89% |
Correlation
The correlation between GLD and PFMN.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 | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019 | 0.10 |
The correlation between GLD and PFMN.TO shifts across timeframes, from 0.10 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. PFMN.TO — Risk / Return Rank
GLD
PFMN.TO
GLD vs. PFMN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.
| GLD | PFMN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.13 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 1.13 | -0.16 |
| Martin ratioReturn relative to average drawdown | 2.81 | 3.03 | -0.22 |
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Drawdowns
GLD vs. PFMN.TO - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, which is greater than PFMN.TO's maximum drawdown of -20.42%. Use the drawdown chart below to compare losses from any high point for GLD and PFMN.TO.
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Drawdown Indicators
| GLD | PFMN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -20.42% | -25.14% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -3.94% | -20.52% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -5.44% | -19.02% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -9.34% | -15.12% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | — | — |
Current DrawdownCurrent decline from peak | -22.05% | -0.69% | -21.36% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -2.47% | -13.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 1.47% | +7.02% |
Volatility
GLD vs. PFMN.TO - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 7.79% compared to PICTON Market Neutral Equity Alternative Fund (PFMN.TO) at 1.98%. This indicates that GLD'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
| GLD | PFMN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 1.98% | +5.81% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 4.62% | +19.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 6.11% | +21.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 9.51% | +8.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 11.74% | +4.34% |
GLD vs. PFMN.TO - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than PFMN.TO's 4.27% expense ratio.
Dividends
GLD vs. PFMN.TO - Dividend Comparison
GLD has not paid dividends to shareholders, while PFMN.TO's dividend yield for the trailing twelve months is around 0.77%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 0.77% | 0.80% | 0.00% | 1.28% | 0.00% | 0.00% | 0.00% | 0.09% |
Frequently Asked Questions
GLD and PFMN.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.
On fees, GLD is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLD is cheaper with a 0.40% expense ratio, compared with 4.27% for PFMN.TO.
GLD is categorized as Gold, while PFMN.TO is Long-Short. They also come from different issuers: State Street and Picton Mahoney. Their fees differ too: 0.40% for GLD and 4.27% for PFMN.TO.
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