PAYF.TO vs. HLIF.TO
PAYF.TO (Purpose Enhanced Premium Yield Fund) and HLIF.TO (Harvest Canadian Equity Income Leaders ETF Class A) are both Derivative Income funds. Both are actively managed. Over the past 3 years, PAYF.TO returned 9.76%/yr vs 20.94%/yr for HLIF.TO. At a 0.39 correlation, their price movements are largely independent. PAYF.TO charges 0.94%/yr vs 0.79%/yr for HLIF.TO.
Performance
PAYF.TO vs. HLIF.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 HLIF.TO's 20.71% 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%
HLIF.TO
- 1D
- 0.86%
- 1M
- 3.52%
- 6M
- 17.85%
- YTD
- 20.71%
- 1Y
- 37.14%
- 3Y*
- 20.94%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$95.81K | CA$121.96K | CA$179.07K | |
| CA$14.58K | CA$14.42K | CA$25.69K |
PAYF.TO vs. HLIF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PAYF.TO Purpose Enhanced Premium Yield Fund | 3.05% | 9.96% | 11.58% | 13.46% | 3.72% |
HLIF.TO Harvest Canadian Equity Income Leaders ETF Class A | 20.71% | 25.43% | 17.21% | 6.13% | -2.97% |
Correlation
The correlation between PAYF.TO and HLIF.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2022 | 0.39 |
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Return for Risk
PAYF.TO vs. HLIF.TO — Risk / Return Rank
PAYF.TO
HLIF.TO
PAYF.TO vs. HLIF.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 Canadian Equity Income Leaders ETF Class A (HLIF.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 | HLIF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.41 | ||
| Sortino ratioReturn per unit of downside risk | -6.52 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 2.03 | -0.89 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 12.07 | -11.20 |
| Martin ratioReturn relative to average drawdown | 3.13 | 59.07 | -55.94 |
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Drawdowns
PAYF.TO vs. HLIF.TO - Drawdown Comparison
The maximum PAYF.TO drawdown since its inception was -17.09%, which is greater than HLIF.TO's maximum drawdown of -11.12%. Use the drawdown chart below to compare losses from any high point for PAYF.TO and HLIF.TO.
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Drawdown Indicators
| PAYF.TO | HLIF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -11.12% | -5.97% |
Max Drawdown (1Y)Largest decline over 1 year | -5.73% | -3.09% | -2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -11.66% | -9.96% | -1.70% |
Max Drawdown (5Y)Largest decline over 5 years | -11.66% | — | — |
Current DrawdownCurrent decline from peak | -0.91% | -0.23% | -0.68% |
Average DrawdownAverage peak-to-trough decline | -1.85% | -1.96% | +0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 0.63% | +0.96% |
Volatility
PAYF.TO vs. HLIF.TO - Volatility Comparison
The current volatility for Purpose Enhanced Premium Yield Fund (PAYF.TO) is 2.31%, while Harvest Canadian Equity Income Leaders ETF Class A (HLIF.TO) has a volatility of 2.45%. This indicates that PAYF.TO experiences smaller price fluctuations and is considered to be less risky than HLIF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAYF.TO | HLIF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 2.45% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 6.35% | 6.03% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.02% | 7.28% | -0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.66% | 10.39% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.51% | 10.39% | -0.88% |
PAYF.TO vs. HLIF.TO - Expense Ratio Comparison
PAYF.TO has a 0.94% expense ratio, which is higher than HLIF.TO's 0.79% expense ratio.
Dividends
PAYF.TO vs. HLIF.TO - Dividend Comparison
PAYF.TO's dividend yield for the trailing twelve months is around 8.88%, more than HLIF.TO's 5.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HLIF.TO Harvest Canadian Equity Income Leaders ETF Class A | 5.93% | 6.26% | 7.33% | 7.96% | 3.91% | 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 HLIF.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HLIF.TO is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HLIF.TO is cheaper with a 0.79% 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 0.79% for HLIF.TO.
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