PFIA.TO vs. CROP.TO
PFIA.TO (PICTON Long Short Income Alternative Fund) and CROP.TO (Purpose Credit Opportunities Fund) are both exchange-traded funds - PFIA.TO is a Long-Short fund actively managed by Picton, while CROP.TO is a Nontraditional Bonds fund actively managed by Purpose. Both are actively managed. Over the past 3 years, PFIA.TO returned 5.89%/yr vs 9.29%/yr for CROP.TO. Their 0.08 correlation means their historical movements had little consistent relationship. PFIA.TO charges 1.73%/yr vs 1.97%/yr for CROP.TO.
Performance
PFIA.TO vs. CROP.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 CROP.TO's 3.14% 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%
CROP.TO
- 1D
- -0.16%
- 1M
- -0.42%
- 6M
- 2.62%
- YTD
- 3.14%
- 1Y
- 7.87%
- 3Y*
- 9.29%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$107.93K | CA$153.61K | CA$412.87K | |
| CA$320.53K | CA$347.41K | CA$317.03K |
PFIA.TO vs. CROP.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% | -0.52% |
CROP.TO Purpose Credit Opportunities Fund | 3.14% | 8.10% | 12.74% | 6.36% | -5.82% | 0.07% |
Correlation
The correlation between PFIA.TO and CROP.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. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021 | 0.08 |
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Return for Risk
PFIA.TO vs. CROP.TO — Risk / Return Rank
PFIA.TO
CROP.TO
PFIA.TO vs. CROP.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 Purpose Credit Opportunities Fund (CROP.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 | CROP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.47 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 8.72 | -6.12 |
| Martin ratioReturn relative to average drawdown | 7.25 | 23.15 | -15.89 |
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Drawdowns
PFIA.TO vs. CROP.TO - Drawdown Comparison
The maximum PFIA.TO drawdown since its inception was -17.12%, which is greater than CROP.TO's maximum drawdown of -8.68%. Use the drawdown chart below to compare losses from any high point for PFIA.TO and CROP.TO.
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Drawdown Indicators
| PFIA.TO | CROP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.12% | -8.68% | -8.44% |
Max Drawdown (1Y)Largest decline over 1 year | -1.36% | -0.91% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | -4.10% | +2.63% |
Max Drawdown (5Y)Largest decline over 5 years | -6.46% | — | — |
Current DrawdownCurrent decline from peak | -0.14% | -0.63% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -1.11% | -2.42% | +1.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.34% | +0.14% |
Volatility
PFIA.TO vs. CROP.TO - Volatility Comparison
PICTON Long Short Income Alternative Fund (PFIA.TO) has a higher volatility of 0.68% compared to Purpose Credit Opportunities Fund (CROP.TO) at 0.56%. This indicates that PFIA.TO's price experiences larger fluctuations and is considered to be riskier than CROP.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 | CROP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 0.56% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 1.88% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.41% | 3.17% | -0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.18% | 4.41% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.34% | 4.41% | +1.93% |
PFIA.TO vs. CROP.TO - Expense Ratio Comparison
PFIA.TO has a 1.73% expense ratio, which is lower than CROP.TO's 1.97% expense ratio.
Dividends
PFIA.TO vs. CROP.TO - Dividend Comparison
PFIA.TO's dividend yield for the trailing twelve months is around 4.90%, less than CROP.TO's 5.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CROP.TO Purpose Credit Opportunities Fund | 5.49% | 5.48% | 5.61% | 5.96% | 5.97% | 1.33% | 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 CROP.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, 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 1.97% for CROP.TO.
PFIA.TO is categorized as Long-Short, while CROP.TO is Nontraditional Bonds. They also come from different issuers: Picton and Purpose. Their fees differ too: 1.73% for PFIA.TO and 1.97% for CROP.TO.
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