MIX.TO vs. PFMN.TO

Last updated Jun 4, 2026

MIX.TO (Hamilton Enhanced Mixed Asset ETF) and PFMN.TO (PICTON Market Neutral Equity Alternative Fund) are both exchange-traded funds - MIX.TO is a Diversified Portfolio fund tracking the Solactive Hamilton Mixed Asset Index, while PFMN.TO is a Long-Short fund actively managed by Picton Mahoney. MIX.TO is passively managed, while PFMN.TO is actively managed. Over the past year, MIX.TO returned 28.31% vs 4.37% for PFMN.TO. At a 0.26 correlation, their price movements are largely independent. MIX.TO charges 0.00%/yr vs 4.27%/yr for PFMN.TO.

Performance

MIX.TO vs. PFMN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Mixed Asset ETF (MIX.TO) and PICTON Market Neutral Equity Alternative Fund (PFMN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MIX.TO achieves a 8.17% return, which is significantly higher than PFMN.TO's 1.49% return.

MIX.TO

• 1D: -0.70%
• 1M: 3.91%
• YTD: 8.17%
• 6M: 7.84%
• 1Y: 28.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PFMN.TO

• 1D: -0.18%
• 1M: 1.87%
• YTD: 1.49%
• 6M: 2.01%
• 1Y: 4.37%
• 3Y*: 7.28%
• 5Y*: 6.60%
• 10Y*: —

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

MIX.TO vs. PFMN.TO - Yearly Performance Comparison

	2026 (YTD)	2025
MIX.TO Hamilton Enhanced Mixed Asset ETF	8.17%	25.24%
PFMN.TO PICTON Market Neutral Equity Alternative Fund	1.49%	3.96%

Correlation

The correlation between MIX.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 (All Time) Calculated using the full available price history since Apr 29, 2025	0.26

Return for Risk

MIX.TO vs. PFMN.TO — Risk / Return Rank

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

MIX.TO

MIX.TO Risk / Return Rank: 63
MIX.TO Sharpe Ratio Rank: 67
MIX.TO Sortino Ratio Rank: 66
MIX.TO Omega Ratio Rank: 66
MIX.TO Calmar Ratio Rank: 54
MIX.TO Martin Ratio Rank: 62

PFMN.TO

PFMN.TO Risk / Return Rank: 26
PFMN.TO Sharpe Ratio Rank: 26
PFMN.TO Sortino Ratio Rank: 25
PFMN.TO Omega Ratio Rank: 24
PFMN.TO Calmar Ratio Rank: 26
PFMN.TO Martin Ratio Rank: 29

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.

MIX.TO vs. PFMN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Mixed Asset ETF (MIX.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.

	MIX.TO	PFMN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	0.94	+1.28
Sortino ratio: Return per unit of downside risk	3.02	1.40	+1.62
Omega ratio: Gain probability vs. loss probability	1.40	1.16	+0.24
Calmar ratio: Return relative to maximum drawdown	2.66	1.26	+1.40
Martin ratio: Return relative to average drawdown	11.08	4.31	+6.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MIX.TO vs. PFMN.TO - Sharpe Ratio Comparison

The current MIX.TO Sharpe Ratio is 2.22, which is higher than the PFMN.TO Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of MIX.TO and PFMN.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.

Sharpe Ratios by Period

	MIX.TO	PFMN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	0.94	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.53	0.79	+1.74

Drawdowns

MIX.TO vs. PFMN.TO - Drawdown Comparison

The maximum MIX.TO drawdown since its inception was -10.71%, smaller than the maximum PFMN.TO drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for MIX.TO and PFMN.TO.

Drawdown Indicators

	MIX.TO	PFMN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.71%	-13.04%	+2.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-3.49%	-7.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.85%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-4.24%	—
Current Drawdown Current decline from peak	-0.70%	-0.24%	-0.46%
Average Drawdown Average peak-to-trough decline	-1.38%	-1.19%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	1.02%	+1.54%

Volatility

MIX.TO vs. PFMN.TO - Volatility Comparison

Hamilton Enhanced Mixed Asset ETF (MIX.TO) has a higher volatility of 4.07% compared to PICTON Market Neutral Equity Alternative Fund (PFMN.TO) at 1.73%. This indicates that MIX.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.

Volatility by Period

	MIX.TO	PFMN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	1.73%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	3.56%	+6.95%
Volatility (1Y) Calculated over the trailing 1-year period	12.82%	4.69%	+8.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	7.80%	+4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.63%	9.78%	+2.85%

MIX.TO vs. PFMN.TO - Expense Ratio Comparison

MIX.TO has a 0.00% expense ratio, which is lower than PFMN.TO's 4.27% expense ratio.

Dividends

MIX.TO vs. PFMN.TO - Dividend Comparison

MIX.TO's dividend yield for the trailing twelve months is around 1.57%, more than PFMN.TO's 0.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
MIX.TO Hamilton Enhanced Mixed Asset ETF	1.57%	1.23%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both MIX.TO and PFMN.TO in my portfolio?

MIX.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.

Which ETF is better, MIX.TO or PFMN.TO?

On fees, MIX.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MIX.TO or PFMN.TO?

MIX.TO is cheaper with a 0.00% expense ratio, compared with 4.27% for PFMN.TO.

What is the main difference between MIX.TO and PFMN.TO?

MIX.TO is categorized as Diversified Portfolio, while PFMN.TO is Long-Short. They also come from different issuers: Hamilton and Picton Mahoney. Their fees differ too: 0.00% for MIX.TO and 4.27% for PFMN.TO.