PFAE.TO vs. BMO

Last updated Jun 5, 2026

PFAE.TO (Picton Mahoney Fortified Active Extension Alternative Fund) is fund fund, while BMO (Bank of Montreal) is a stock. Over the past 5 years, PFAE.TO returned 15.68%/yr vs 17.65%/yr for BMO. At a 0.33 correlation, their price movements are largely independent.

Performance

PFAE.TO vs. BMO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Picton Mahoney Fortified Active Extension Alternative Fund (PFAE.TO) and Bank of Montreal (BMO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PFAE.TO is traded in CAD, while BMO is traded in USD. To make them comparable, the BMO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PFAE.TO achieves a 11.53% return, which is significantly lower than BMO's 31.24% return.

PFAE.TO

• 1D: 0.80%
• 1M: 6.05%
• YTD: 11.53%
• 6M: 12.55%
• 1Y: 32.15%
• 3Y*: 23.91%
• 5Y*: 15.68%
• 10Y*: —

BMO

• 1D: 1.88%
• 1M: 11.74%
• YTD: 31.24%
• 6M: 32.17%
• 1Y: 61.10%
• 3Y*: 31.80%
• 5Y*: 17.65%
• 10Y*: 15.79%

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

PFAE.TO vs. BMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PFAE.TO Picton Mahoney Fortified Active Extension Alternative Fund	11.53%	25.47%	28.53%	12.08%	-6.88%	24.90%	21.52%	6.33%
BMO Bank of Montreal	31.24%	33.19%	11.82%	12.70%	-6.17%	46.81%	1.59%	2.88%

Correlation

The correlation between PFAE.TO and BMO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jul 26, 2019	0.33

The correlation between PFAE.TO and BMO shifts across timeframes, from 0.33 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PFAE.TO vs. BMO — Risk / Return Rank

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

PFAE.TO

PFAE.TO Risk / Return Rank: 70
PFAE.TO Sharpe Ratio Rank: 69
PFAE.TO Sortino Ratio Rank: 68
PFAE.TO Omega Ratio Rank: 68
PFAE.TO Calmar Ratio Rank: 66
PFAE.TO Martin Ratio Rank: 79

BMO

BMO Risk / Return Rank: 94
BMO Sharpe Ratio Rank: 95
BMO Sortino Ratio Rank: 95
BMO Omega Ratio Rank: 94
BMO Calmar Ratio Rank: 92
BMO Martin Ratio Rank: 95

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.

PFAE.TO vs. BMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Picton Mahoney Fortified Active Extension Alternative Fund (PFAE.TO) and Bank of Montreal (BMO). 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.

	PFAE.TO	BMO	Difference
Sharpe ratio: Return per unit of total volatility	2.23	3.48	-1.25
Sortino ratio: Return per unit of downside risk	3.09	4.50	-1.41
Omega ratio: Gain probability vs. loss probability	1.40	1.60	-0.20
Calmar ratio: Return relative to maximum drawdown	3.25	6.06	-2.82
Martin ratio: Return relative to average drawdown	15.13	21.83	-6.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFAE.TO vs. BMO - Sharpe Ratio Comparison

The current PFAE.TO Sharpe Ratio is 2.23, which is lower than the BMO Sharpe Ratio of 3.48. The chart below compares the historical Sharpe Ratios of PFAE.TO and BMO, 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

	PFAE.TO	BMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	3.48	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.14	0.96	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.82	+0.43

Drawdowns

PFAE.TO vs. BMO - Drawdown Comparison

The maximum PFAE.TO drawdown since its inception was -31.50%, smaller than the maximum BMO drawdown of -45.69%. Use the drawdown chart below to compare losses from any high point for PFAE.TO and BMO.

Drawdown Indicators

	PFAE.TO	BMO	Difference
Max Drawdown Largest peak-to-trough decline	-31.50%	-45.69%	+14.19%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-10.13%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-14.92%	-16.55%	+1.63%
Max Drawdown (5Y) Largest decline over 5 years	-17.77%	-27.22%	+9.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.69%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.42%	-6.27%	+2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.81%	-0.66%

Volatility

PFAE.TO vs. BMO - Volatility Comparison

The current volatility for Picton Mahoney Fortified Active Extension Alternative Fund (PFAE.TO) is 3.40%, while Bank of Montreal (BMO) has a volatility of 5.67%. This indicates that PFAE.TO experiences smaller price fluctuations and is considered to be less risky than BMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFAE.TO	BMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	5.67%	-2.27%
Volatility (6M) Calculated over the trailing 6-month period	10.93%	14.69%	-3.76%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	17.64%	-2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	18.41%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.52%	20.64%	+1.88%

Dividends

PFAE.TO vs. BMO - Dividend Comparison

PFAE.TO's dividend yield for the trailing twelve months is around 0.31%, less than BMO's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMO Bank of Montreal	2.91%	3.55%	4.60%	4.76%	4.62%	3.95%	4.15%	3.96%	4.78%	4.45%	4.73%	5.74%
PFAE.TO Picton Mahoney Fortified Active Extension Alternative Fund	0.31%	0.34%	0.03%	0.69%	0.76%	0.00%	0.00%	1.30%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFAE.TO and BMO in my portfolio?

PFAE.TO and BMO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.