PFIA.TO vs. CMAG.TO
PFIA.TO (PICTON Long Short Income Alternative Fund) and CMAG.TO (CI Munro Alternative Global Growth Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, PFIA.TO returned 3.45%/yr vs 10.19%/yr for CMAG.TO. Their -0.01 correlation means they have often moved in opposite directions in the past. PFIA.TO charges 1.73%/yr vs 2.07%/yr for CMAG.TO.
Performance
PFIA.TO vs. CMAG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PFIA.TO achieves a 1.12% return, which is significantly lower than CMAG.TO's 8.26% return.
PFIA.TO
- 1D
- 0.00%
- 1M
- 0.26%
- 6M
- 0.57%
- YTD
- 1.12%
- 1Y
- 3.30%
- 3Y*
- 5.89%
- 5Y*
- 3.45%
- 10Y*
- —
- ALL TIME*
- 4.78%
CMAG.TO
- 1D
- 1.80%
- 1M
- -4.41%
- 6M
- 6.40%
- YTD
- 8.26%
- 1Y
- 12.20%
- 3Y*
- 21.56%
- 5Y*
- 10.19%
- 10Y*
- —
- ALL TIME*
- 13.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$176.84K | CA$267.63K | CA$209.25K | |
| CA$320.53K | CA$347.41K | CA$317.03K |
PFIA.TO vs. CMAG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PFIA.TO PICTON Long Short Income Alternative Fund | 1.12% | 5.42% | 7.76% | 7.26% | -3.42% | 3.17% | 7.08% |
CMAG.TO CI Munro Alternative Global Growth Fund | 8.26% | 13.08% | 37.11% | 16.07% | -19.04% | 9.21% | 34.62% |
Correlation
The correlation between PFIA.TO and CMAG.TO is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.02 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2020 | -0.01 |
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Return for Risk
PFIA.TO vs. CMAG.TO — Risk / Return Rank
PFIA.TO
CMAG.TO
PFIA.TO vs. CMAG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PICTON Long Short Income Alternative Fund (PFIA.TO) and CI Munro Alternative Global Growth Fund (CMAG.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.
| PFIA.TO | CMAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.10 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 0.91 | +1.68 |
| Martin ratioReturn relative to average drawdown | 7.25 | 2.23 | +5.02 |
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Drawdowns
PFIA.TO vs. CMAG.TO - Drawdown Comparison
The maximum PFIA.TO drawdown since its inception was -17.12%, smaller than the maximum CMAG.TO drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for PFIA.TO and CMAG.TO.
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Drawdown Indicators
| PFIA.TO | CMAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.12% | -23.94% | +6.82% |
Max Drawdown (1Y)Largest decline over 1 year | -1.36% | -11.60% | +10.24% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | -18.87% | +17.40% |
Max Drawdown (5Y)Largest decline over 5 years | -6.46% | -23.94% | +17.48% |
Current DrawdownCurrent decline from peak | -0.14% | -9.52% | +9.38% |
Average DrawdownAverage peak-to-trough decline | -1.11% | -8.11% | +7.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 4.73% | -4.25% |
Volatility
PFIA.TO vs. CMAG.TO - Volatility Comparison
The current volatility for PICTON Long Short Income Alternative Fund (PFIA.TO) is 0.68%, while CI Munro Alternative Global Growth Fund (CMAG.TO) has a volatility of 8.16%. This indicates that PFIA.TO experiences smaller price fluctuations and is considered to be less risky than CMAG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIA.TO | CMAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 8.16% | -7.48% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 18.66% | -16.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.41% | 21.48% | -19.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.18% | 17.36% | -13.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.34% | 17.26% | -10.92% |
PFIA.TO vs. CMAG.TO - Expense Ratio Comparison
PFIA.TO has a 1.73% expense ratio, which is lower than CMAG.TO's 2.07% expense ratio.
Dividends
PFIA.TO vs. CMAG.TO - Dividend Comparison
PFIA.TO's dividend yield for the trailing twelve months is around 4.90%, while CMAG.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 0.00% | 0.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PFIA.TO PICTON Long Short Income Alternative Fund | 4.90% | 3.97% | 3.66% | 5.63% | 4.69% | 4.25% | 6.02% | 1.66% |
Frequently Asked Questions
PFIA.TO and CMAG.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PFIA.TO is cheaper at 1.73% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PFIA.TO is cheaper with a 1.73% expense ratio, compared with 2.07% for CMAG.TO.
They also come from different issuers: Picton and CI. Their fees differ too: 1.73% for PFIA.TO and 2.07% for CMAG.TO.
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