PFAE.TO vs. VUSE

Last updated Jul 25, 2026

PFAE.TO (PICTON Long Short Equity (130/30) Alternative Fund) and VUSE (Vident U.S. Equity Strategy ETF) are both exchange-traded funds - PFAE.TO is a Long-Short fund actively managed by PICTON Investments, while VUSE is a Mid Cap Value Equities fund tracking the Vident U.S. Quality Index. PFAE.TO is actively managed, while VUSE is passively managed. Over the past 5 years, PFAE.TO returned 14.86%/yr vs 14.04%/yr for VUSE. At a 0.35 correlation, their price movements are largely independent. PFAE.TO charges 1.45%/yr vs 0.50%/yr for VUSE.

Performance

PFAE.TO vs. VUSE - 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 Vident U.S. Equity Strategy ETF (VUSE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PFAE.TO is traded in CAD, while VUSE is traded in USD. To make them comparable, the VUSE 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 12.75% return, which is significantly higher than VUSE's 9.75% 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%

VUSE

• 1D: -0.10%
• 1M: -1.39%
• 6M: 8.31%
• YTD: 9.75%
• 1Y: 15.28%
• 3Y*: 16.05%
• 5Y*: 14.04%
• 10Y*: 12.32%
• ALL TIME*: 12.23%

*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
VUSE Vident U.S. Equity Strategy ETF	CA$736.16K	CA$1.77M	CA$1.15M

PFAE.TO vs. VUSE - 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%	5.10%
VUSE Vident U.S. Equity Strategy ETF	9.75%	8.02%	25.57%	21.40%	-3.68%	35.39%	4.23%	6.13%

Correlation

The correlation between PFAE.TO and VUSE is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jul 12, 2019	0.35

The correlation between PFAE.TO and VUSE shifts across timeframes, from 0.35 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PFAE.TO vs. VUSE — 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

VUSE

VUSE Risk / Return Rank: 35
VUSE Sharpe Ratio Rank: 35
VUSE Sortino Ratio Rank: 33
VUSE Omega Ratio Rank: 32
VUSE Calmar Ratio Rank: 35
VUSE Martin Ratio Rank: 41

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. VUSE - 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 Vident U.S. Equity Strategy ETF (VUSE). 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	VUSE	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.11	+0.84
Sortino ratio: Return per unit of downside risk	2.72	1.63	+1.09
Omega ratio: Gain probability vs. loss probability	1.35	1.19	+0.16
Calmar ratio: Return relative to maximum drawdown	2.83	1.53	+1.30
Martin ratio: Return relative to average drawdown	13.09	4.67	+8.42

PFAE.TO vs. VUSE - Sharpe Ratio Comparison

The current PFAE.TO Sharpe Ratio is 1.95, which is higher than the VUSE Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of PFAE.TO and VUSE, 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. VUSE - Drawdown Comparison

The maximum PFAE.TO drawdown since its inception was -31.50%, smaller than the maximum VUSE drawdown of -37.74%. Use the drawdown chart below to compare losses from any high point for PFAE.TO and VUSE.

Drawdown Indicators

	PFAE.TO	VUSE	Difference
Max Drawdown Largest peak-to-trough decline	-31.50%	-37.74%	+6.24%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-10.02%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-14.92%	-19.51%	+4.59%
Max Drawdown (5Y) Largest decline over 5 years	-17.79%	-19.51%	+1.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.74%	—
Current Drawdown Current decline from peak	-0.84%	-3.61%	+2.77%
Average Drawdown Average peak-to-trough decline	-3.74%	-4.70%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	3.28%	-1.10%

Volatility

PFAE.TO vs. VUSE - Volatility Comparison

The current volatility for PICTON Long Short Equity (130/30) Alternative Fund (PFAE.TO) is 2.56%, while Vident U.S. Equity Strategy ETF (VUSE) has a volatility of 3.29%. This indicates that PFAE.TO experiences smaller price fluctuations and is considered to be less risky than VUSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFAE.TO	VUSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	3.29%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	11.20%	10.93%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	14.69%	13.84%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.41%	18.29%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	21.07%	-2.93%

PFAE.TO vs. VUSE - Expense Ratio Comparison

PFAE.TO has a 1.45% expense ratio, which is higher than VUSE's 0.50% expense ratio.

Dividends

PFAE.TO vs. VUSE - Dividend Comparison

PFAE.TO's dividend yield for the trailing twelve months is around 0.30%, less than VUSE's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%	0.00%
VUSE Vident U.S. Equity Strategy ETF	0.46%	0.47%	0.84%	1.15%	1.57%	1.16%	1.33%	1.61%	1.55%	1.16%	1.25%	1.73%

Frequently Asked Questions

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

PFAE.TO and VUSE have a correlation of 0.52, 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 VUSE?

On fees, VUSE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFAE.TO or VUSE?

VUSE is cheaper with a 0.50% expense ratio, compared with 1.45% for PFAE.TO.

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

PFAE.TO is categorized as Long-Short, while VUSE is Mid Cap Value Equities. They also come from different issuers: PICTON Investments and Vident. Their fees differ too: 1.45% for PFAE.TO and 0.50% for VUSE.