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PFAE.TO vs. CMAG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PFAE.TO vs. CMAG.TO

Last updated Jul 25, 2026
Documentation

PFAE.TO (PICTON Long Short Equity (130/30) Alternative Fund) and CMAG.TO (CI Munro Alternative Global Growth Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, PFAE.TO returned 14.86%/yr vs 10.22%/yr for CMAG.TO. At a 0.35 correlation, their price movements are largely independent.

Performance

PFAE.TO vs. CMAG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in PICTON Long Short Equity (130/30) Alternative Fund (PFAE.TO) and CI Munro Alternative Global Growth Fund (CMAG.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PFAE.TO achieves a 12.75% return, which is significantly higher than CMAG.TO's 9.85% return.

PFAE.TO

1D
0.62%
1M
1.17%
6M
8.12%
YTD
12.75%
1Y
28.43%
3Y*
23.18%
5Y*
14.86%
10Y*
—
ALL TIME*
17.02%

CMAG.TO

1D
0.04%
1M
-5.48%
6M
8.31%
YTD
9.85%
1Y
14.04%
3Y*
22.44%
5Y*
10.22%
10Y*
—
ALL TIME*
14.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

CMAG.TO

CI Munro Alternative Global Growth Fund
CA$107.01KCA$247.67KCA$200.38K

PFAE.TO

PICTON Long Short Equity (130/30) Alternative Fund
CA$123.45KCA$195.19KCA$237.15K

PFAE.TO vs. CMAG.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
PFAE.TO
PICTON Long Short Equity (130/30) Alternative Fund		12.75%25.47%28.53%12.08%-7.08%24.90%18.78%
CMAG.TO
CI Munro Alternative Global Growth Fund		9.85%13.08%37.11%16.07%-19.04%9.21%34.62%

Correlation

The correlation between PFAE.TO and CMAG.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

Correlation (3Y)
Calculated over the trailing 3-year period

0.40

Correlation (5Y)
Calculated over the trailing 5-year period

0.39

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2020

0.35

Compare stocks, funds, or ETFs

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PICTON Long Short Equity (130/30) Alternative Fund

CI Munro Alternative Global Growth Fund

Often compared with PFAE.TO:
PFAE.TO vs. PFLS.TOPFAE.TO vs. PFMN.TOPFAE.TO vs. EMA-PC.TOPFAE.TO vs. BNPFAE.TO vs. PPAPFAE.TO vs. ITAPFAE.TO vs. ENB.TO
Often compared with CMAG.TO:
CMAG.TO vs. EHE.TOCMAG.TO vs. ARB.TOCMAG.TO vs. FCLS.NEOCMAG.TO vs. FGLS.NEOCMAG.TO vs. FSF.TOCMAG.TO vs. CMNY.TOCMAG.TO vs. PFMN.TO

Return for Risk

PFAE.TO vs. CMAG.TO — 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: 8383
Overall Rank
PFAE.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
PFAE.TO Sortino Ratio Rank: 8383
Sortino Ratio Rank
PFAE.TO Omega Ratio Rank: 8282
Omega Ratio Rank
PFAE.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
PFAE.TO Martin Ratio Rank: 8888
Martin Ratio Rank
CMAG.TO
CMAG.TO Risk / Return Rank: 3030
Overall Rank
CMAG.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
CMAG.TO Sortino Ratio Rank: 2727
Sortino Ratio Rank
CMAG.TO Omega Ratio Rank: 2727
Omega Ratio Rank
CMAG.TO Calmar Ratio Rank: 3535
Calmar Ratio Rank
CMAG.TO Martin Ratio Rank: 3232
Martin Ratio Rank
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. CMAG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PICTON Long Short Equity (130/30) Alternative Fund (PFAE.TO) and CI Munro Alternative Global Growth Fund (CMAG.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.

PFAE.TOCMAG.TODifference
Sharpe ratioReturn per unit of total volatility
1.95
0.66

+1.28

Sortino ratioReturn per unit of downside risk
2.72
1.01

+1.71

Omega ratioGain probability vs. loss probability

1.35

1.13

+0.22

Calmar ratioReturn relative to maximum drawdown

2.83

1.22

+1.61

Martin ratioReturn relative to average drawdown

13.09

3.13

+9.96

PFAE.TO vs. CMAG.TO - Sharpe Ratio Comparison

The current PFAE.TO Sharpe Ratio is 1.95, which is higher than the CMAG.TO Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of PFAE.TO and CMAG.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.

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Drawdowns

PFAE.TO vs. CMAG.TO - Drawdown Comparison

The maximum PFAE.TO drawdown since its inception was -31.50%, which is greater than CMAG.TO's maximum drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for PFAE.TO and CMAG.TO.

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Drawdown Indicators

PFAE.TOCMAG.TODifference

Max Drawdown

Largest peak-to-trough decline

-31.50%

-23.94%

-7.56%

Max Drawdown (1Y)

Largest decline over 1 year

-10.08%

-11.54%

+1.46%

Max Drawdown (3Y)

Largest decline over 3 years

-14.92%

-18.87%

+3.95%

Max Drawdown (5Y)

Largest decline over 5 years

-17.79%

-23.94%

+6.15%

Current Drawdown

Current decline from peak

-0.84%

-8.19%

+7.35%

Average Drawdown

Average peak-to-trough decline

-3.74%

-8.10%

+4.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.18%

4.49%

-2.31%

Volatility

PFAE.TO vs. CMAG.TO - Volatility Comparison

The current volatility for PICTON Long Short Equity (130/30) Alternative Fund (PFAE.TO) is 2.56%, while CI Munro Alternative Global Growth Fund (CMAG.TO) has a volatility of 8.74%. This indicates that PFAE.TO experiences smaller price fluctuations and is considered to be less risky than CMAG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PFAE.TOCMAG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.56%

8.74%

-6.18%

Volatility (6M)

Calculated over the trailing 6-month period

11.20%

18.53%

-7.33%

Volatility (1Y)

Calculated over the trailing 1-year period

14.69%

21.31%

-6.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.41%

17.32%

-0.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.14%

17.25%

+0.89%

Dividends

PFAE.TO vs. CMAG.TO - Dividend Comparison

PFAE.TO's dividend yield for the trailing twelve months is around 0.30%, while CMAG.TO has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019
CMAG.TO
CI Munro Alternative Global Growth Fund		0.00%0.21%0.00%0.00%0.00%0.00%0.00%0.00%
PFAE.TO
PICTON Long Short Equity (130/30) Alternative Fund		0.30%0.34%0.03%0.69%0.55%0.00%0.00%0.95%

Frequently Asked Questions

PFAE.TO and CMAG.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: PICTON Investments and CI.

Portfolio Optimizer

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