PAYF.TO vs. PYF.TO
PAYF.TO (Purpose Enhanced Premium Yield Fund) and PYF.TO (Purpose Premium Yield Fund Series ETF) are both exchange-traded funds - PAYF.TO is a Derivative Income fund actively managed by Purpose Investments Inc., while PYF.TO is a Diversified Portfolio fund actively managed by Purpose Investments. Both are actively managed. Over the past 5 years, PAYF.TO returned 7.55%/yr vs 6.00%/yr for PYF.TO. At a 0.36 correlation, their price movements are largely independent. PAYF.TO charges 0.94%/yr vs 0.78%/yr for PYF.TO.
Performance
PAYF.TO vs. PYF.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 higher than PYF.TO's 2.39% 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%
PYF.TO
- 1D
- 0.24%
- 1M
- 0.91%
- 6M
- 2.14%
- YTD
- 2.39%
- 1Y
- 3.22%
- 3Y*
- 6.37%
- 5Y*
- 6.00%
- 10Y*
- 4.61%
- ALL TIME*
- 4.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$14.58K | CA$14.42K | CA$25.69K | |
| CA$132.75K | CA$156.88K | CA$433.79K |
PAYF.TO vs. PYF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PAYF.TO Purpose Enhanced Premium Yield Fund | 3.05% | 9.96% | 11.58% | 13.46% | -3.26% | 8.85% | 2.97% | 5.92% |
PYF.TO Purpose Premium Yield Fund Series ETF | 2.39% | 5.45% | 7.42% | 8.40% | 5.25% | 4.95% | -1.59% | 4.44% |
Correlation
The correlation between PAYF.TO and PYF.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since May 24, 2019 | 0.36 |
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Return for Risk
PAYF.TO vs. PYF.TO — Risk / Return Rank
PAYF.TO
PYF.TO
PAYF.TO vs. PYF.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 Premium Yield Fund Series ETF (PYF.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 | PYF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.19 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 1.53 | -0.66 |
| Martin ratioReturn relative to average drawdown | 3.13 | 4.07 | -0.94 |
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Drawdowns
PAYF.TO vs. PYF.TO - Drawdown Comparison
The maximum PAYF.TO drawdown since its inception was -17.09%, smaller than the maximum PYF.TO drawdown of -20.53%. Use the drawdown chart below to compare losses from any high point for PAYF.TO and PYF.TO.
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Drawdown Indicators
| PAYF.TO | PYF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -20.53% | +3.44% |
Max Drawdown (1Y)Largest decline over 1 year | -5.73% | -2.11% | -3.62% |
Max Drawdown (3Y)Largest decline over 3 years | -11.66% | -5.57% | -6.09% |
Max Drawdown (5Y)Largest decline over 5 years | -11.66% | -5.57% | -6.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.53% | — |
Current DrawdownCurrent decline from peak | -0.91% | -0.06% | -0.85% |
Average DrawdownAverage peak-to-trough decline | -1.85% | -0.97% | -0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 0.79% | +0.80% |
Volatility
PAYF.TO vs. PYF.TO - Volatility Comparison
Purpose Enhanced Premium Yield Fund (PAYF.TO) has a higher volatility of 2.31% compared to Purpose Premium Yield Fund Series ETF (PYF.TO) at 1.11%. This indicates that PAYF.TO's price experiences larger fluctuations and is considered to be riskier than PYF.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 | PYF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 1.11% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 6.35% | 2.81% | +3.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.02% | 3.28% | +3.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.66% | 5.26% | +4.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.51% | 6.67% | +2.84% |
PAYF.TO vs. PYF.TO - Expense Ratio Comparison
PAYF.TO has a 0.94% expense ratio, which is higher than PYF.TO's 0.78% expense ratio.
Dividends
PAYF.TO vs. PYF.TO - Dividend Comparison
PAYF.TO's dividend yield for the trailing twelve months is around 8.88%, more than PYF.TO's 7.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
PAYF.TO Purpose Enhanced Premium Yield Fund | 8.88% | 8.75% | 8.82% | 8.91% | 8.02% | 7.17% | 7.27% | 4.05% | 0.00% | 0.00% | 0.00% |
PYF.TO Purpose Premium Yield Fund Series ETF | 7.19% | 7.84% | 7.66% | 7.47% | 5.78% | 5.74% | 5.69% | 5.29% | 5.38% | 5.83% | 6.59% |
Frequently Asked Questions
PAYF.TO and PYF.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PYF.TO is cheaper at 0.78% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PYF.TO is cheaper with a 0.78% expense ratio, compared with 0.94% for PAYF.TO.
PAYF.TO is categorized as Derivative Income, while PYF.TO is Diversified Portfolio. They also come from different issuers: Purpose Investments Inc. and Purpose Investments. Their fees differ too: 0.94% for PAYF.TO and 0.78% for PYF.TO.
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