HDGE.TO vs. PFAE.TO

Last updated Jul 25, 2026

HDGE.TO (Accelerate Absolute Return Fund) and PFAE.TO (PICTON Long Short Equity (130/30) Alternative Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, HDGE.TO returned 13.68%/yr vs 14.86%/yr for PFAE.TO. At a 0.09 correlation, their price movements are largely independent. HDGE.TO charges 3.95%/yr vs 1.45%/yr for PFAE.TO.

Performance

HDGE.TO vs. PFAE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Accelerate Absolute Return Fund (HDGE.TO) and PICTON Long Short Equity (130/30) Alternative Fund (PFAE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDGE.TO achieves a 0.87% return, which is significantly lower than PFAE.TO's 12.75% return.

HDGE.TO

• 1D: -0.54%
• 1M: -1.49%
• 6M: 3.31%
• YTD: 0.87%
• 1Y: 7.70%
• 3Y*: 9.13%
• 5Y*: 13.68%
• 10Y*: —
• ALL TIME*: 6.67%

PFAE.TO

• 1D: 0.62%
• 1M: 1.17%
• 6M: 8.12%
• YTD: 12.75%
• 1Y: 28.43%
• 3Y*: 23.18%
• 5Y*: 14.86%
• 10Y*: —
• ALL TIME*: 17.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HDGE.TO Accelerate Absolute Return Fund	CA$3.92K	CA$12.94K	CA$12.62K
PFAE.TO PICTON Long Short Equity (130/30) Alternative Fund	CA$123.45K	CA$195.19K	CA$237.15K

HDGE.TO vs. PFAE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HDGE.TO Accelerate Absolute Return Fund	0.87%	3.68%	22.91%	3.36%	15.47%	27.57%	-20.14%	0.51%
PFAE.TO PICTON Long Short Equity (130/30) Alternative Fund	12.75%	25.47%	28.53%	12.08%	-7.08%	24.90%	21.52%	5.10%

Correlation

The correlation between HDGE.TO and PFAE.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jul 12, 2019	0.09

Return for Risk

HDGE.TO vs. PFAE.TO — Risk / Return Rank

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

HDGE.TO

HDGE.TO Risk / Return Rank: 25
HDGE.TO Sharpe Ratio Rank: 25
HDGE.TO Sortino Ratio Rank: 23
HDGE.TO Omega Ratio Rank: 24
HDGE.TO Calmar Ratio Rank: 27
HDGE.TO Martin Ratio Rank: 28

PFAE.TO

PFAE.TO Risk / Return Rank: 83
PFAE.TO Sharpe Ratio Rank: 84
PFAE.TO Sortino Ratio Rank: 83
PFAE.TO Omega Ratio Rank: 82
PFAE.TO Calmar Ratio Rank: 77
PFAE.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.

HDGE.TO vs. PFAE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Accelerate Absolute Return Fund (HDGE.TO) and PICTON Long Short Equity (130/30) Alternative Fund (PFAE.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.

	HDGE.TO	PFAE.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.95	-1.39
Sortino ratio: Return per unit of downside risk	0.86	2.72	-1.86
Omega ratio: Gain probability vs. loss probability	1.11	1.35	-0.24
Calmar ratio: Return relative to maximum drawdown	0.85	2.83	-1.98
Martin ratio: Return relative to average drawdown	2.31	13.09	-10.78

HDGE.TO vs. PFAE.TO - Sharpe Ratio Comparison

The current HDGE.TO Sharpe Ratio is 0.56, which is lower than the PFAE.TO Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of HDGE.TO and PFAE.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.

Drawdowns

HDGE.TO vs. PFAE.TO - Drawdown Comparison

The maximum HDGE.TO drawdown since its inception was -29.81%, smaller than the maximum PFAE.TO drawdown of -31.50%. Use the drawdown chart below to compare losses from any high point for HDGE.TO and PFAE.TO.

Drawdown Indicators

	HDGE.TO	PFAE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-29.81%	-31.50%	+1.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-10.08%	+1.01%
Max Drawdown (3Y) Largest decline over 3 years	-12.20%	-14.92%	+2.72%
Max Drawdown (5Y) Largest decline over 5 years	-13.69%	-17.79%	+4.10%
Current Drawdown Current decline from peak	-3.68%	-0.84%	-2.84%
Average Drawdown Average peak-to-trough decline	-8.58%	-3.74%	-4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	2.18%	+1.16%

Volatility

HDGE.TO vs. PFAE.TO - Volatility Comparison

Accelerate Absolute Return Fund (HDGE.TO) has a higher volatility of 4.43% compared to PICTON Long Short Equity (130/30) Alternative Fund (PFAE.TO) at 2.56%. This indicates that HDGE.TO's price experiences larger fluctuations and is considered to be riskier than PFAE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDGE.TO	PFAE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	2.56%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	11.20%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	13.92%	14.69%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	16.41%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	18.14%	-0.88%

HDGE.TO vs. PFAE.TO - Expense Ratio Comparison

HDGE.TO has a 3.95% expense ratio, which is higher than PFAE.TO's 1.45% expense ratio.

Dividends

HDGE.TO vs. PFAE.TO - Dividend Comparison

HDGE.TO's dividend yield for the trailing twelve months is around 1.45%, more than PFAE.TO's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HDGE.TO Accelerate Absolute Return Fund	1.45%	1.45%	1.48%	2.10%	2.14%	2.05%	3.01%	0.99%
PFAE.TO PICTON Long Short Equity (130/30) Alternative Fund	0.30%	0.34%	0.03%	0.69%	0.55%	0.00%	0.00%	0.95%

Frequently Asked Questions

Can I hold both HDGE.TO and PFAE.TO in my portfolio?

HDGE.TO and PFAE.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDGE.TO or PFAE.TO?

On fees, PFAE.TO is cheaper at 1.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDGE.TO or PFAE.TO?

PFAE.TO is cheaper with a 1.45% expense ratio, compared with 3.95% for HDGE.TO.

What is the main difference between HDGE.TO and PFAE.TO?

They also come from different issuers: Accelerate Financial Technologies Inc. and PICTON Investments. Their fees differ too: 3.95% for HDGE.TO and 1.45% for PFAE.TO.