PAYF.TO vs. CNQE.TO
PAYF.TO (Purpose Enhanced Premium Yield Fund) and CNQE.TO (Harvest CNQ Enhanced High Income Shares ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.11, they often move in opposite directions. PAYF.TO charges 0.94%/yr vs 0.40%/yr for CNQE.TO.
Performance
PAYF.TO vs. CNQE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PAYF.TO achieves a 3.05% return, which is significantly lower than CNQE.TO's 38.89% return.
PAYF.TO
- 1D
- 0.27%
- 1M
- 1.03%
- 6M
- 3.10%
- YTD
- 3.05%
- 1Y
- 4.97%
- 3Y*
- 9.76%
- 5Y*
- 7.55%
- 10Y*
- —
- ALL TIME*
- 7.21%
CNQE.TO
- 1D
- -0.85%
- 1M
- 20.49%
- 6M
- 30.71%
- YTD
- 38.89%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$83.57K | CA$141.08K | CA$120.49K | |
| CA$14.58K | CA$14.42K | CA$25.69K |
PAYF.TO vs. CNQE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PAYF.TO Purpose Enhanced Premium Yield Fund | 3.05% | 1.03% |
CNQE.TO Harvest CNQ Enhanced High Income Shares ETF | 38.89% | 15.75% |
Correlation
The correlation between PAYF.TO and CNQE.TO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 21, 2025 | -0.11 |
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Return for Risk
PAYF.TO vs. CNQE.TO — Risk / Return Rank
PAYF.TO
CNQE.TO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PAYF.TO vs. CNQE.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Enhanced Premium Yield Fund (PAYF.TO) and Harvest CNQ Enhanced High Income Shares ETF (CNQE.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.
| PAYF.TO | CNQE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.14 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | — | — |
| Martin ratioReturn relative to average drawdown | 3.13 | — | — |
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Drawdowns
PAYF.TO vs. CNQE.TO - Drawdown Comparison
The maximum PAYF.TO drawdown since its inception was -17.09%, smaller than the maximum CNQE.TO drawdown of -22.31%. Use the drawdown chart below to compare losses from any high point for PAYF.TO and CNQE.TO.
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Drawdown Indicators
| PAYF.TO | CNQE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -22.31% | +5.22% |
Max Drawdown (1Y)Largest decline over 1 year | -5.73% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -11.66% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.66% | — | — |
Current DrawdownCurrent decline from peak | -0.91% | -6.39% | +5.48% |
Average DrawdownAverage peak-to-trough decline | -1.85% | -5.77% | +3.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | — | — |
Volatility
PAYF.TO vs. CNQE.TO - Volatility Comparison
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Volatility by Period
| PAYF.TO | CNQE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 6.35% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.02% | 33.59% | -26.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.66% | 33.59% | -23.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.51% | 33.59% | -24.08% |
PAYF.TO vs. CNQE.TO - Expense Ratio Comparison
PAYF.TO has a 0.94% expense ratio, which is higher than CNQE.TO's 0.40% expense ratio.
Dividends
PAYF.TO vs. CNQE.TO - Dividend Comparison
PAYF.TO's dividend yield for the trailing twelve months is around 8.88%, less than CNQE.TO's 11.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CNQE.TO Harvest CNQ Enhanced High Income Shares ETF | 11.09% | 4.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PAYF.TO Purpose Enhanced Premium Yield Fund | 8.88% | 8.75% | 8.82% | 8.91% | 8.02% | 7.17% | 7.27% | 4.05% |
Frequently Asked Questions
PAYF.TO and CNQE.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNQE.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNQE.TO is cheaper with a 0.40% expense ratio, compared with 0.94% for PAYF.TO.
They also come from different issuers: Purpose Investments Inc. and Harvest. Their fees differ too: 0.94% for PAYF.TO and 0.40% for CNQE.TO.
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