PFAE.TO vs. CNAO.TO

Last updated Jul 25, 2026

PFAE.TO (PICTON Long Short Equity (130/30) Alternative Fund) and CNAO.TO (CI Alternative North American Opportunities Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, PFAE.TO returned 14.86%/yr vs 11.88%/yr for CNAO.TO. At a 0.16 correlation, their price movements are largely independent. PFAE.TO charges 1.45%/yr vs 1.21%/yr for CNAO.TO.

Performance

PFAE.TO vs. CNAO.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 Alternative North American Opportunities Fund (CNAO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFAE.TO achieves a 12.75% return, which is significantly higher than CNAO.TO's 5.63% 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%

CNAO.TO

• 1D: -1.36%
• 1M: 1.26%
• 6M: 5.41%
• YTD: 5.63%
• 1Y: 12.19%
• 3Y*: 17.49%
• 5Y*: 11.88%
• 10Y*: —
• ALL TIME*: 11.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CNAO.TO CI Alternative North American Opportunities Fund	CA$0.00	CA$0.00	CA$4.36K
PFAE.TO PICTON Long Short Equity (130/30) Alternative Fund	CA$123.45K	CA$195.19K	CA$237.15K

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

	2026 (YTD)	2025	2024	2023	2022	2021
PFAE.TO PICTON Long Short Equity (130/30) Alternative Fund	12.75%	25.47%	28.53%	12.08%	-7.08%	6.76%
CNAO.TO CI Alternative North American Opportunities Fund	5.63%	7.57%	31.71%	35.16%	-18.93%	7.41%

Correlation

The correlation between PFAE.TO and CNAO.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021	0.16

Return for Risk

PFAE.TO vs. CNAO.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: 83
PFAE.TO Sharpe Ratio Rank: 84
PFAE.TO Sortino Ratio Rank: 83
PFAE.TO Omega Ratio Rank: 82
PFAE.TO Calmar Ratio Rank: 77
PFAE.TO Martin Ratio Rank: 88

CNAO.TO

CNAO.TO Risk / Return Rank: 26
CNAO.TO Sharpe Ratio Rank: 28
CNAO.TO Sortino Ratio Rank: 27
CNAO.TO Omega Ratio Rank: 28
CNAO.TO Calmar Ratio Rank: 24
CNAO.TO Martin Ratio Rank: 25

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. CNAO.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 Alternative North American Opportunities Fund (CNAO.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.TO	CNAO.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.95	0.66	+1.28
Sortino ratio: Return per unit of downside risk	2.72	1.01	+1.71
Omega ratio: Gain probability vs. loss probability	1.35	1.13	+0.22
Calmar ratio: Return relative to maximum drawdown	2.83	0.70	+2.13
Martin ratio: Return relative to average drawdown	13.09	2.01	+11.08

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

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

Drawdowns

PFAE.TO vs. CNAO.TO - Drawdown Comparison

The maximum PFAE.TO drawdown since its inception was -31.50%, which is greater than CNAO.TO's maximum drawdown of -27.39%. Use the drawdown chart below to compare losses from any high point for PFAE.TO and CNAO.TO.

Drawdown Indicators

	PFAE.TO	CNAO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.50%	-27.39%	-4.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-19.73%	+9.65%
Max Drawdown (3Y) Largest decline over 3 years	-14.92%	-22.55%	+7.63%
Max Drawdown (5Y) Largest decline over 5 years	-17.79%	-27.39%	+9.60%
Current Drawdown Current decline from peak	-0.84%	-4.45%	+3.61%
Average Drawdown Average peak-to-trough decline	-3.74%	-7.02%	+3.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	6.89%	-4.71%

Volatility

PFAE.TO vs. CNAO.TO - Volatility Comparison

The current volatility for PICTON Long Short Equity (130/30) Alternative Fund (PFAE.TO) is 2.56%, while CI Alternative North American Opportunities Fund (CNAO.TO) has a volatility of 6.73%. This indicates that PFAE.TO experiences smaller price fluctuations and is considered to be less risky than CNAO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFAE.TO	CNAO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	6.73%	-4.17%
Volatility (6M) Calculated over the trailing 6-month period	11.20%	17.03%	-5.83%
Volatility (1Y) Calculated over the trailing 1-year period	14.69%	20.95%	-6.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.41%	18.78%	-2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	18.72%	-0.58%

PFAE.TO vs. CNAO.TO - Expense Ratio Comparison

PFAE.TO has a 1.45% expense ratio, which is higher than CNAO.TO's 1.21% expense ratio.

Dividends

PFAE.TO vs. CNAO.TO - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CNAO.TO CI Alternative North American Opportunities Fund	0.00%	0.00%	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

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

PFAE.TO and CNAO.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PFAE.TO or CNAO.TO?

On fees, CNAO.TO is cheaper at 1.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFAE.TO or CNAO.TO?

CNAO.TO is cheaper with a 1.21% expense ratio, compared with 1.45% for PFAE.TO.

What is the main difference between PFAE.TO and CNAO.TO?

They also come from different issuers: PICTON Investments and CI Global Asset Management. Their fees differ too: 1.45% for PFAE.TO and 1.21% for CNAO.TO.