PAYF.TO vs. PMM.TO

Last updated Jun 4, 2026

PAYF.TO (Purpose Enhanced Premium Yield Fund) and PMM.TO (Purpose Multi-Strategy Market Neutral Fund) are both exchange-traded funds - PAYF.TO is a fund fund, while PMM.TO is a Long-Short fund actively managed by Purpose Investments. Over the past 5 years, PAYF.TO returned 7.53%/yr vs 7.10%/yr for PMM.TO. At a 0.18 correlation, their price movements are largely independent.

Performance

PAYF.TO vs. PMM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Enhanced Premium Yield Fund (PAYF.TO) and Purpose Multi-Strategy Market Neutral Fund (PMM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAYF.TO achieves a 2.34% return, which is significantly lower than PMM.TO's 5.69% return.

PAYF.TO

• 1D: -0.05%
• 1M: 1.73%
• YTD: 2.34%
• 6M: 2.55%
• 1Y: 7.36%
• 3Y*: 11.09%
• 5Y*: 7.53%
• 10Y*: —

PMM.TO

• 1D: -0.54%
• 1M: 3.07%
• YTD: 5.69%
• 6M: 3.53%
• 1Y: 17.19%
• 3Y*: 11.58%
• 5Y*: 7.10%
• 10Y*: 3.51%

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

PAYF.TO vs. PMM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PAYF.TO Purpose Enhanced Premium Yield Fund	2.34%	10.00%	11.61%	13.50%	-3.26%	8.85%	2.97%	5.92%
PMM.TO Purpose Multi-Strategy Market Neutral Fund	5.69%	6.07%	20.49%	5.85%	-3.80%	6.01%	-14.11%	-2.50%

Correlation

The correlation between PAYF.TO and PMM.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since May 27, 2019	0.18

PAYF.TO vs. PMM.TO - Sectors Allocation Comparison

Sectors	PAYF.TO	PMM.TO
Technology	31.1%	32.5%
Financial Services	16.9%	12.4%
Healthcare	13.7%	8.5%
Consumer Cyclical	13.1%	11.5%
Consumer Defensive	8.5%	4.6%
Communication Services	7.7%	11.5%
Industrials	3.6%	10.0%
Utilities	2.2%	1.8%
Real Estate	2.0%	1.7%
Basic Materials	0.6%	2.3%
Energy	0.4%	3.1%

Return for Risk

PAYF.TO vs. PMM.TO — Risk / Return Rank

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

PAYF.TO

PAYF.TO Risk / Return Rank: 31
PAYF.TO Sharpe Ratio Rank: 31
PAYF.TO Sortino Ratio Rank: 31
PAYF.TO Omega Ratio Rank: 35
PAYF.TO Calmar Ratio Rank: 27
PAYF.TO Martin Ratio Rank: 32

PMM.TO

PMM.TO Risk / Return Rank: 64
PMM.TO Sharpe Ratio Rank: 54
PMM.TO Sortino Ratio Rank: 51
PMM.TO Omega Ratio Rank: 54
PMM.TO Calmar Ratio Rank: 87
PMM.TO Martin Ratio Rank: 74

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.

PAYF.TO vs. PMM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Enhanced Premium Yield Fund (PAYF.TO) and Purpose Multi-Strategy Market Neutral Fund (PMM.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.

	PAYF.TO	PMM.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.86	-0.72
Sortino ratio: Return per unit of downside risk	1.68	2.51	-0.83
Omega ratio: Gain probability vs. loss probability	1.23	1.34	-0.10
Calmar ratio: Return relative to maximum drawdown	1.29	5.03	-3.73
Martin ratio: Return relative to average drawdown	4.72	13.86	-9.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAYF.TO vs. PMM.TO - Sharpe Ratio Comparison

The current PAYF.TO Sharpe Ratio is 1.14, which is lower than the PMM.TO Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of PAYF.TO and PMM.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

	PAYF.TO	PMM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.86	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.73	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.30	+0.46

Drawdowns

PAYF.TO vs. PMM.TO - Drawdown Comparison

The maximum PAYF.TO drawdown since its inception was -17.09%, smaller than the maximum PMM.TO drawdown of -23.50%. Use the drawdown chart below to compare losses from any high point for PAYF.TO and PMM.TO.

Drawdown Indicators

	PAYF.TO	PMM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.09%	-23.50%	+6.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-3.50%	-2.22%
Max Drawdown (3Y) Largest decline over 3 years	-11.66%	-9.87%	-1.79%
Max Drawdown (5Y) Largest decline over 5 years	-11.66%	-11.18%	-0.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-23.50%	—
Current Drawdown Current decline from peak	-0.16%	-0.54%	+0.38%
Average Drawdown Average peak-to-trough decline	-1.88%	-7.97%	+6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.26%	+0.30%

Volatility

PAYF.TO vs. PMM.TO - Volatility Comparison

The current volatility for Purpose Enhanced Premium Yield Fund (PAYF.TO) is 1.55%, while Purpose Multi-Strategy Market Neutral Fund (PMM.TO) has a volatility of 2.01%. This indicates that PAYF.TO experiences smaller price fluctuations and is considered to be less risky than PMM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAYF.TO	PMM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	2.01%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	5.76%	6.27%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	6.51%	9.45%	-2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.69%	9.76%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.58%	10.13%	-0.55%

Dividends

PAYF.TO vs. PMM.TO - Dividend Comparison

PAYF.TO's dividend yield for the trailing twelve months is around 8.91%, while PMM.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAYF.TO Purpose Enhanced Premium Yield Fund	8.91%	8.78%	8.86%	8.94%	8.02%	7.17%	7.27%	4.05%	0.00%	0.00%
PMM.TO Purpose Multi-Strategy Market Neutral Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.92%	2.44%

Frequently Asked Questions

Can I hold both PAYF.TO and PMM.TO in my portfolio?

PAYF.TO and PMM.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.