PFIA.TO vs. CNAO.TO
PFIA.TO (PICTON Long Short Income Alternative Fund) and CNAO.TO (CI Alternative North American Opportunities Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, PFIA.TO returned 3.45%/yr vs 11.80%/yr for CNAO.TO. Their -0.00 correlation means they have often moved in opposite directions in the past. PFIA.TO charges 1.73%/yr vs 1.21%/yr for CNAO.TO.
Performance
PFIA.TO vs. CNAO.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 CNAO.TO's 4.35% 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%
CNAO.TO
- 1D
- 3.27%
- 1M
- -2.21%
- 6M
- 8.02%
- YTD
- 4.35%
- 1Y
- 8.39%
- 3Y*
- 16.68%
- 5Y*
- 11.80%
- 10Y*
- —
- ALL TIME*
- 11.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$691.00 | CA$314.09 | CA$4.40K | |
| CA$320.53K | CA$347.41K | CA$317.03K |
PFIA.TO vs. CNAO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFIA.TO PICTON Long Short Income Alternative Fund | 1.12% | 5.42% | 7.76% | 7.26% | -3.42% | -0.17% |
CNAO.TO CI Alternative North American Opportunities Fund | 4.35% | 7.57% | 31.71% | 35.16% | -18.93% | 7.41% |
Correlation
The correlation between PFIA.TO and CNAO.TO is 0.05, 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. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.00 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021 | -0.00 |
The correlation between PFIA.TO and CNAO.TO shifts across timeframes, from -0.06 (3 years) to 0.05 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PFIA.TO vs. CNAO.TO — Risk / Return Rank
PFIA.TO
CNAO.TO
PFIA.TO vs. CNAO.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 Alternative North American Opportunities Fund (CNAO.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 | CNAO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.08 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 0.38 | +2.22 |
| Martin ratioReturn relative to average drawdown | 7.25 | 1.08 | +6.18 |
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Drawdowns
PFIA.TO vs. CNAO.TO - Drawdown Comparison
The maximum PFIA.TO drawdown since its inception was -17.12%, smaller than the maximum CNAO.TO drawdown of -27.39%. Use the drawdown chart below to compare losses from any high point for PFIA.TO and CNAO.TO.
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Drawdown Indicators
| PFIA.TO | CNAO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.12% | -27.39% | +10.27% |
Max Drawdown (1Y)Largest decline over 1 year | -1.36% | -19.73% | +18.37% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | -22.55% | +21.08% |
Max Drawdown (5Y)Largest decline over 5 years | -6.46% | -27.39% | +20.93% |
Current DrawdownCurrent decline from peak | -0.14% | -5.61% | +5.47% |
Average DrawdownAverage peak-to-trough decline | -1.11% | -7.02% | +5.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 6.96% | -6.48% |
Volatility
PFIA.TO vs. CNAO.TO - Volatility Comparison
The current volatility for PICTON Long Short Income Alternative Fund (PFIA.TO) is 0.68%, while CI Alternative North American Opportunities Fund (CNAO.TO) has a volatility of 7.12%. This indicates that PFIA.TO experiences smaller price fluctuations and is considered to be less risky than CNAO.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 | CNAO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 7.12% | -6.44% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 17.44% | -15.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.41% | 21.28% | -18.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.18% | 18.87% | -14.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.34% | 18.78% | -12.44% |
PFIA.TO vs. CNAO.TO - Expense Ratio Comparison
PFIA.TO has a 1.73% expense ratio, which is higher than CNAO.TO's 1.21% expense ratio.
Dividends
PFIA.TO vs. CNAO.TO - Dividend Comparison
PFIA.TO's dividend yield for the trailing twelve months is around 4.90%, while CNAO.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CNAO.TO CI Alternative North American Opportunities Fund | 0.00% | 0.00% | 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 CNAO.TO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNAO.TO is cheaper at 1.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNAO.TO is cheaper with a 1.21% expense ratio, compared with 1.73% for PFIA.TO.
They also come from different issuers: Picton and CI. Their fees differ too: 1.73% for PFIA.TO and 1.21% for CNAO.TO.
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