NALT.TO vs. PFMS.TO

Last updated Aug 4, 2026

NALT.TO (NBI Liquid Alternatives ETF) and PFMS.TO (Picton Multi-Strategy Alternative Fund ETF) are both Multistrategy funds. Both are actively managed. Over the past 5 years, NALT.TO returned 2.43%/yr vs 6.24%/yr for PFMS.TO. Their 0.05 correlation means their historical movements had little consistent relationship. NALT.TO charges 0.67%/yr vs 4.83%/yr for PFMS.TO.

Performance

NALT.TO vs. PFMS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in NBI Liquid Alternatives ETF (NALT.TO) and Picton Multi-Strategy Alternative Fund ETF (PFMS.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NALT.TO achieves a 8.57% return, which is significantly higher than PFMS.TO's 7.43% return.

NALT.TO

• 1D: -0.52%
• 1M: 0.71%
• 6M: 7.31%
• YTD: 8.57%
• 1Y: 17.59%
• 3Y*: 1.93%
• 5Y*: 2.43%
• 10Y*: —
• ALL TIME*: 5.20%

PFMS.TO

• 1D: 0.19%
• 1M: 1.57%
• 6M: 3.65%
• YTD: 7.43%
• 1Y: 16.05%
• 3Y*: 12.43%
• 5Y*: 6.24%
• 10Y*: —
• ALL TIME*: 7.09%

*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)
NALT.TO NBI Liquid Alternatives ETF	CA$77.47K	CA$54.06K	CA$64.90K
PFMS.TO Picton Multi-Strategy Alternative Fund ETF	CA$50.37K	CA$34.59K	CA$33.22K

NALT.TO vs. PFMS.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NALT.TO NBI Liquid Alternatives ETF	8.57%	2.48%	-2.84%	-0.41%	8.72%	6.50%	10.45%	1.66%
PFMS.TO Picton Multi-Strategy Alternative Fund ETF	7.43%	16.36%	10.02%	3.06%	-7.15%	11.50%	8.34%	1.90%

Correlation

The correlation between NALT.TO and PFMS.TO is 0.15, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.15
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (5Y) Shows whether the relationship held over a longer period.	0.06
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.05

The correlation between NALT.TO and PFMS.TO shifts across timeframes, from 0.05 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NALT.TO vs. PFMS.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NALT.TO

NALT.TO Risk / Return Rank: 53
NALT.TO Sharpe Ratio Rank: 51
NALT.TO Sortino Ratio Rank: 50
NALT.TO Omega Ratio Rank: 52
NALT.TO Calmar Ratio Rank: 65
NALT.TO Martin Ratio Rank: 49

PFMS.TO

PFMS.TO Risk / Return Rank: 75
PFMS.TO Sharpe Ratio Rank: 66
PFMS.TO Sortino Ratio Rank: 77
PFMS.TO Omega Ratio Rank: 75
PFMS.TO Calmar Ratio Rank: 80
PFMS.TO Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NALT.TO vs. PFMS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NBI Liquid Alternatives ETF (NALT.TO) and Picton Multi-Strategy Alternative Fund ETF (PFMS.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.

	NALT.TO	PFMS.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.73	-0.32
Sortino ratio: Return per unit of downside risk	2.00	2.75	-0.75
Omega ratio: Gain probability vs. loss probability	1.26	1.35	-0.08
Calmar ratio: Return relative to maximum drawdown	2.53	3.18	-0.65
Martin ratio: Return relative to average drawdown	6.29	10.89	-4.60

NALT.TO vs. PFMS.TO - Sharpe Ratio Comparison

The current NALT.TO Sharpe Ratio is 1.41, which is comparable to the PFMS.TO Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of NALT.TO and PFMS.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

NALT.TO vs. PFMS.TO - Drawdown Comparison

The maximum NALT.TO drawdown since its inception was -21.56%, smaller than the maximum PFMS.TO drawdown of -23.00%. Use the drawdown chart below to compare losses from any high point for NALT.TO and PFMS.TO.

Drawdown Indicators

	NALT.TO	PFMS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.56%	-23.00%	+1.44%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-5.07%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-13.39%	-5.36%	-8.03%
Max Drawdown (5Y) Largest decline over 5 years	-15.00%	-13.11%	-1.89%
Current Drawdown Current decline from peak	-3.91%	-1.16%	-2.75%
Average Drawdown Average peak-to-trough decline	-4.91%	-3.79%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	1.48%	+0.96%

Volatility

NALT.TO vs. PFMS.TO - Volatility Comparison

NBI Liquid Alternatives ETF (NALT.TO) has a higher volatility of 1.94% compared to Picton Multi-Strategy Alternative Fund ETF (PFMS.TO) at 1.55%. This indicates that NALT.TO's price experiences larger fluctuations and is considered to be riskier than PFMS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NALT.TO	PFMS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.94%	1.55%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	6.27%	5.85%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	10.30%	9.30%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.92%	11.67%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.64%	13.69%	-1.05%

NALT.TO vs. PFMS.TO - Expense Ratio Comparison

NALT.TO has a 0.67% expense ratio, which is lower than PFMS.TO's 4.83% expense ratio.

Dividends

NALT.TO vs. PFMS.TO - Dividend Comparison

NALT.TO's dividend yield for the trailing twelve months is around 5.48%, while PFMS.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
NALT.TO NBI Liquid Alternatives ETF	5.48%	2.03%	2.40%	1.59%	0.95%	5.85%	6.98%	0.50%
PFMS.TO Picton Multi-Strategy Alternative Fund ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NALT.TO and PFMS.TO in my portfolio?

NALT.TO and PFMS.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, NALT.TO or PFMS.TO?

On fees, NALT.TO is cheaper at 0.67% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NALT.TO or PFMS.TO?

NALT.TO is cheaper with a 0.67% expense ratio, compared with 4.83% for PFMS.TO.

What is the main difference between NALT.TO and PFMS.TO?

They also come from different issuers: NBI and Picton. Their fees differ too: 0.67% for NALT.TO and 4.83% for PFMS.TO.