PFAE.TO vs. PFIA.TO

Last updated Jul 25, 2026

PFAE.TO (PICTON Long Short Equity (130/30) Alternative Fund) and PFIA.TO (PICTON Long Short Income Alternative Fund) are both Long-Short funds from PICTON Investments. Both are actively managed. Over the past 5 years, PFAE.TO returned 14.86%/yr vs 3.41%/yr for PFIA.TO. At a 0.04 correlation, their price movements are largely independent.

Performance

PFAE.TO vs. PFIA.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 PICTON Long Short Income Alternative Fund (PFIA.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 PFIA.TO's 0.91% 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%

PFIA.TO

• 1D: 0.00%
• 1M: 0.26%
• 6M: 0.37%
• YTD: 0.91%
• 1Y: 3.30%
• 3Y*: 5.78%
• 5Y*: 3.41%
• 10Y*: —
• ALL TIME*: 4.76%

*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)
PFAE.TO PICTON Long Short Equity (130/30) Alternative Fund	CA$123.45K	CA$195.19K	CA$237.15K
PFIA.TO PICTON Long Short Income Alternative Fund	CA$392.29K	CA$336.42K	CA$327.83K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PFAE.TO PICTON Long Short Equity (130/30) Alternative Fund	12.75%	25.47%	28.53%	12.08%	-7.08%	24.90%	21.52%	5.00%
PFIA.TO PICTON Long Short Income Alternative Fund	0.91%	5.42%	7.76%	7.26%	-3.42%	3.17%	9.26%	3.58%

Correlation

The correlation between PFAE.TO and PFIA.TO is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.04

Return for Risk

PFAE.TO vs. PFIA.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

PFIA.TO

PFIA.TO Risk / Return Rank: 61
PFIA.TO Sharpe Ratio Rank: 58
PFIA.TO Sortino Ratio Rank: 58
PFIA.TO Omega Ratio Rank: 62
PFIA.TO Calmar Ratio Rank: 69
PFIA.TO Martin Ratio Rank: 57

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. PFIA.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 PICTON Long Short Income Alternative Fund (PFIA.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	PFIA.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.37	+0.58
Sortino ratio: Return per unit of downside risk	2.72	1.99	+0.73
Omega ratio: Gain probability vs. loss probability	1.35	1.26	+0.09
Calmar ratio: Return relative to maximum drawdown	2.83	2.44	+0.39
Martin ratio: Return relative to average drawdown	13.09	6.83	+6.26

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

The current PFAE.TO Sharpe Ratio is 1.95, which is higher than the PFIA.TO Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of PFAE.TO and PFIA.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. PFIA.TO - Drawdown Comparison

The maximum PFAE.TO drawdown since its inception was -31.50%, which is greater than PFIA.TO's maximum drawdown of -17.12%. Use the drawdown chart below to compare losses from any high point for PFAE.TO and PFIA.TO.

Drawdown Indicators

	PFAE.TO	PFIA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.50%	-17.12%	-14.38%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-1.36%	-8.72%
Max Drawdown (3Y) Largest decline over 3 years	-14.92%	-1.47%	-13.45%
Max Drawdown (5Y) Largest decline over 5 years	-17.79%	-6.46%	-11.33%
Current Drawdown Current decline from peak	-0.84%	-0.34%	-0.50%
Average Drawdown Average peak-to-trough decline	-3.74%	-1.11%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	0.48%	+1.70%

Volatility

PFAE.TO vs. PFIA.TO - Volatility Comparison

PICTON Long Short Equity (130/30) Alternative Fund (PFAE.TO) has a higher volatility of 2.56% compared to PICTON Long Short Income Alternative Fund (PFIA.TO) at 0.67%. This indicates that PFAE.TO's price experiences larger fluctuations and is considered to be riskier than PFIA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFAE.TO	PFIA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	0.67%	+1.89%
Volatility (6M) Calculated over the trailing 6-month period	11.20%	1.88%	+9.32%
Volatility (1Y) Calculated over the trailing 1-year period	14.69%	2.43%	+12.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.41%	4.18%	+12.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	6.35%	+11.79%

Dividends

PFAE.TO vs. PFIA.TO - Dividend Comparison

PFAE.TO's dividend yield for the trailing twelve months is around 0.30%, less than PFIA.TO's 4.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
PFIA.TO PICTON Long Short Income Alternative Fund	4.91%	3.97%	3.66%	5.63%	4.69%	4.25%	6.02%	1.66%

Frequently Asked Questions

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

PFAE.TO and PFIA.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.