PFAE.TO vs. ENB

Last updated Jun 5, 2026

PFAE.TO (Picton Mahoney Fortified Active Extension Alternative Fund) is fund fund, while ENB (Enbridge Inc.) is a stock. Over the past 5 years, PFAE.TO returned 15.68%/yr vs 18.18%/yr for ENB. At a 0.17 correlation, their price movements are largely independent.

Performance

PFAE.TO vs. ENB - 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 Enbridge Inc. (ENB). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PFAE.TO is traded in CAD, while ENB is traded in USD. To make them comparable, the ENB 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 ENB's 23.42% 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*: —

ENB

• 1D: 1.77%
• 1M: 6.89%
• YTD: 23.42%
• 6M: 20.55%
• 1Y: 30.56%
• 3Y*: 24.00%
• 5Y*: 18.18%
• 10Y*: 10.51%

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

PFAE.TO vs. ENB - 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%
ENB Enbridge Inc.	23.42%	14.03%	37.21%	-3.30%	14.04%	29.65%	-15.06%	20.46%

Correlation

The correlation between PFAE.TO and ENB is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jul 26, 2019	0.17

The correlation between PFAE.TO and ENB shifts across timeframes, from -0.00 (1 year) to 0.21 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PFAE.TO vs. ENB — 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

ENB

ENB Risk / Return Rank: 83
ENB Sharpe Ratio Rank: 86
ENB Sortino Ratio Rank: 83
ENB Omega Ratio Rank: 80
ENB Calmar Ratio Rank: 83
ENB Martin Ratio Rank: 83

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. ENB - 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 Enbridge Inc. (ENB). 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	ENB	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.95	+0.28
Sortino ratio: Return per unit of downside risk	3.09	2.74	+0.34
Omega ratio: Gain probability vs. loss probability	1.40	1.33	+0.07
Calmar ratio: Return relative to maximum drawdown	3.25	3.24	+0.01
Martin ratio: Return relative to average drawdown	15.13	8.13	+7.00
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. ENB - Sharpe Ratio Comparison

The current PFAE.TO Sharpe Ratio is 2.23, which is comparable to the ENB Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of PFAE.TO and ENB, 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	ENB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.95	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.14	1.16	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.68	+0.57

Drawdowns

PFAE.TO vs. ENB - Drawdown Comparison

The maximum PFAE.TO drawdown since its inception was -31.50%, smaller than the maximum ENB drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for PFAE.TO and ENB.

Drawdown Indicators

	PFAE.TO	ENB	Difference
Max Drawdown Largest peak-to-trough decline	-31.50%	-38.83%	+7.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-9.48%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-14.92%	-13.97%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	-17.77%	-21.36%	+3.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.83%	—
Current Drawdown Current decline from peak	0.00%	-1.57%	+1.57%
Average Drawdown Average peak-to-trough decline	-3.42%	-8.48%	+5.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	3.77%	-1.62%

Volatility

PFAE.TO vs. ENB - Volatility Comparison

The current volatility for Picton Mahoney Fortified Active Extension Alternative Fund (PFAE.TO) is 3.40%, while Enbridge Inc. (ENB) has a volatility of 5.96%. This indicates that PFAE.TO experiences smaller price fluctuations and is considered to be less risky than ENB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFAE.TO	ENB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	5.96%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	10.93%	12.90%	-1.97%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	15.79%	-1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	15.78%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.52%	21.75%	+0.77%

Dividends

PFAE.TO vs. ENB - Dividend Comparison

PFAE.TO's dividend yield for the trailing twelve months is around 0.31%, less than ENB's 4.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENB Enbridge Inc.	4.89%	5.66%	6.28%	7.31%	6.80%	6.85%	7.55%	5.58%	6.68%	4.71%	4.13%	4.71%
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 ENB in my portfolio?

PFAE.TO and ENB have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.