PFAE.TO vs. EMA-PC.TO

Last updated Apr 2, 2026

Compare and contrast key facts about Picton Mahoney Fortified Active Extension Alternative Fund (PFAE.TO) and Emera Incorporated (EMA-PC.TO).

Performance

PFAE.TO vs. EMA-PC.TO - 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 Emera Incorporated (EMA-PC.TO). The values are adjusted to include any dividend payments, if applicable.

PFAE.TO vs. EMA-PC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PFAE.TO Picton Mahoney Fortified Active Extension Alternative Fund	2.45%	25.47%	28.53%	12.08%	-6.88%	24.90%	21.52%	6.33%
EMA-PC.TO Emera Incorporated	1.29%	15.47%	23.62%	16.61%	-18.92%	44.17%	3.84%	0.86%

Returns By Period

In the year-to-date period, PFAE.TO achieves a 2.45% return, which is significantly higher than EMA-PC.TO's 1.29% return.

PFAE.TO

• 1D: 1.29%
• 1M: -4.40%
• YTD: 2.45%
• 6M: 7.45%
• 1Y: 29.85%
• 3Y*: 21.11%
• 5Y*: 15.11%
• 10Y*: —

EMA-PC.TO

• 1D: -0.47%
• 1M: 0.16%
• YTD: 1.29%
• 6M: 4.70%
• 1Y: 14.12%
• 3Y*: 17.69%
• 5Y*: 8.96%
• 10Y*: 10.16%

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

Return for Risk

PFAE.TO vs. EMA-PC.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: 85
PFAE.TO Sharpe Ratio Rank: 85
PFAE.TO Sortino Ratio Rank: 85
PFAE.TO Omega Ratio Rank: 80
PFAE.TO Calmar Ratio Rank: 87
PFAE.TO Martin Ratio Rank: 90

EMA-PC.TO

EMA-PC.TO Risk / Return Rank: 79
EMA-PC.TO Sharpe Ratio Rank: 83
EMA-PC.TO Sortino Ratio Rank: 78
EMA-PC.TO Omega Ratio Rank: 82
EMA-PC.TO Calmar Ratio Rank: 69
EMA-PC.TO Martin Ratio Rank: 85

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. EMA-PC.TO - 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 Emera Incorporated (EMA-PC.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.

	PFAE.TO	EMA-PC.TO	Difference
Sharpe ratio Return per unit of total volatility	1.76	1.47	+0.29
Sortino ratio Return per unit of downside risk	2.35	2.05	+0.30
Omega ratio Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio Return relative to maximum drawdown	2.90	1.53	+1.37
Martin ratio Return relative to average drawdown	12.36	8.57	+3.79
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. EMA-PC.TO - Sharpe Ratio Comparison

The current PFAE.TO Sharpe Ratio is 1.76, which is comparable to the EMA-PC.TO Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of PFAE.TO and EMA-PC.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PFAE.TO	EMA-PC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.47	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.10	0.60	+0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.33	+0.85

Correlation

The correlation between PFAE.TO and EMA-PC.TO is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PFAE.TO vs. EMA-PC.TO - Dividend Comparison

PFAE.TO's dividend yield for the trailing twelve months is around 0.33%, less than EMA-PC.TO's 6.36% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFAE.TO Picton Mahoney Fortified Active Extension Alternative Fund	0.33%	0.34%	0.03%	0.69%	0.76%	0.00%	0.00%	1.30%	0.00%	0.00%	0.00%	0.00%
EMA-PC.TO Emera Incorporated	6.36%	6.34%	6.85%	6.29%	6.29%	4.83%	6.60%	6.40%	5.02%	4.22%	4.73%	5.20%

Drawdowns

PFAE.TO vs. EMA-PC.TO - Drawdown Comparison

The maximum PFAE.TO drawdown since its inception was -31.50%, smaller than the maximum EMA-PC.TO drawdown of -45.60%. Use the drawdown chart below to compare losses from any high point for PFAE.TO and EMA-PC.TO.

Drawdown Indicators

	PFAE.TO	EMA-PC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.50%	-45.60%	+14.10%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-9.71%	-1.60%
Max Drawdown (5Y) Largest decline over 5 years	-17.77%	-26.10%	+8.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.60%	—
Current Drawdown Current decline from peak	-4.40%	-0.51%	-3.89%
Average Drawdown Average peak-to-trough decline	-3.51%	-9.07%	+5.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	1.73%	+0.92%

Volatility

PFAE.TO vs. EMA-PC.TO - Volatility Comparison

Picton Mahoney Fortified Active Extension Alternative Fund (PFAE.TO) has a higher volatility of 6.60% compared to Emera Incorporated (EMA-PC.TO) at 1.46%. This indicates that PFAE.TO's price experiences larger fluctuations and is considered to be riskier than EMA-PC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFAE.TO	EMA-PC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.60%	1.46%	+5.14%
Volatility (6M) Calculated over the trailing 6-month period	11.39%	5.19%	+6.20%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	9.68%	+7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.86%	14.99%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.84%	16.82%	+6.02%