PFAE.TO vs. XIC.TO

Last updated Jul 25, 2026

PFAE.TO (PICTON Long Short Equity (130/30) Alternative Fund) and XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - PFAE.TO is a Long-Short fund actively managed by PICTON Investments, while XIC.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. PFAE.TO is actively managed, while XIC.TO is passively managed. Over the past 5 years, PFAE.TO returned 14.86%/yr vs 14.75%/yr for XIC.TO. A 0.52 correlation means they provide meaningful diversification when combined. PFAE.TO charges 1.45%/yr vs 0.06%/yr for XIC.TO.

Performance

PFAE.TO vs. XIC.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 iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PFAE.TO having a 12.75% return and XIC.TO slightly higher at 12.87%.

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%

XIC.TO

• 1D: 0.48%
• 1M: 1.99%
• 6M: 7.88%
• YTD: 12.87%
• 1Y: 32.03%
• 3Y*: 23.13%
• 5Y*: 14.75%
• 10Y*: 12.39%
• ALL TIME*: 9.25%

*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
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF	CA$27.73M	CA$28.37M	CA$26.69M

PFAE.TO vs. XIC.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%	5.10%
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF	12.87%	31.51%	21.48%	11.74%	-5.82%	23.43%	5.61%	4.68%

Correlation

The correlation between PFAE.TO and XIC.TO is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 12, 2019	0.52

Over the past year, PFAE.TO and XIC.TO have become more correlated (0.79) than their long-term average of 0.52, meaning their price movements have been converging.

Return for Risk

PFAE.TO vs. XIC.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

XIC.TO

XIC.TO Risk / Return Rank: 90
XIC.TO Sharpe Ratio Rank: 93
XIC.TO Sortino Ratio Rank: 91
XIC.TO Omega Ratio Rank: 91
XIC.TO Calmar Ratio Rank: 86
XIC.TO Martin Ratio Rank: 92

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. XIC.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 iShares Core S&P/TSX Capped Composite Index ETF (XIC.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	XIC.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.43	-0.49
Sortino ratio: Return per unit of downside risk	2.72	3.16	-0.44
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	2.83	3.47	-0.63
Martin ratio: Return relative to average drawdown	13.09	15.68	-2.58

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

The current PFAE.TO Sharpe Ratio is 1.95, which is comparable to the XIC.TO Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of PFAE.TO and XIC.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. XIC.TO - Drawdown Comparison

The maximum PFAE.TO drawdown since its inception was -31.50%, smaller than the maximum XIC.TO drawdown of -47.27%. Use the drawdown chart below to compare losses from any high point for PFAE.TO and XIC.TO.

Drawdown Indicators

	PFAE.TO	XIC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.50%	-47.27%	+15.77%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-9.29%	-0.79%
Max Drawdown (3Y) Largest decline over 3 years	-14.92%	-12.27%	-2.65%
Max Drawdown (5Y) Largest decline over 5 years	-17.79%	-16.24%	-1.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.21%	—
Current Drawdown Current decline from peak	-0.84%	-0.30%	-0.54%
Average Drawdown Average peak-to-trough decline	-3.74%	-6.72%	+2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	2.05%	+0.13%

Volatility

PFAE.TO vs. XIC.TO - Volatility Comparison

PICTON Long Short Equity (130/30) Alternative Fund (PFAE.TO) and iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) have volatilities of 2.56% and 2.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFAE.TO	XIC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	2.47%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	11.20%	10.72%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	14.69%	13.23%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.41%	13.20%	+3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	14.96%	+3.18%

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

PFAE.TO has a 1.45% expense ratio, which is higher than XIC.TO's 0.06% expense ratio.

Dividends

PFAE.TO vs. XIC.TO - Dividend Comparison

PFAE.TO's dividend yield for the trailing twelve months is around 0.30%, less than XIC.TO's 1.99% 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%
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF	1.99%	2.23%	2.64%	2.96%	3.10%	2.45%	3.03%	3.01%	3.19%	2.49%	2.72%	3.21%

Frequently Asked Questions

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

PFAE.TO and XIC.TO have a correlation of 0.79, 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 XIC.TO?

On fees, XIC.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XIC.TO is cheaper with a 0.06% expense ratio, compared with 1.45% for PFAE.TO.

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

PFAE.TO is categorized as Long-Short, while XIC.TO is Canada Equities. They also come from different issuers: PICTON Investments and iShares. Their fees differ too: 1.45% for PFAE.TO and 0.06% for XIC.TO.