PFIA.TO vs. FGLS.NEO
PFIA.TO (PICTON Long Short Income Alternative Fund) and FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) are both Long-Short funds. Both are actively managed. Over the past year, PFIA.TO returned 3.30% vs 17.35% for FGLS.NEO. Their 0.04 correlation means their historical movements had little consistent relationship. PFIA.TO charges 1.73%/yr vs 1.51%/yr for FGLS.NEO.
Performance
PFIA.TO vs. FGLS.NEO - 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 FGLS.NEO's 14.05% 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%
FGLS.NEO
- 1D
- 0.93%
- 1M
- 12.73%
- 6M
- 9.19%
- YTD
- 14.05%
- 1Y
- 17.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$2.29M | CA$1.61M | CA$847.06K | |
| CA$320.53K | CA$347.41K | CA$317.03K |
PFIA.TO vs. FGLS.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PFIA.TO PICTON Long Short Income Alternative Fund | 1.12% | 5.42% | 7.13% |
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 14.05% | 8.38% | -21.20% |
Correlation
The correlation between PFIA.TO and FGLS.NEO is -0.03, 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. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.04 |
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Return for Risk
PFIA.TO vs. FGLS.NEO — Risk / Return Rank
PFIA.TO
FGLS.NEO
PFIA.TO vs. FGLS.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PICTON Long Short Income Alternative Fund (PFIA.TO) and Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO). 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 | FGLS.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.13 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 0.88 | +1.72 |
| Martin ratioReturn relative to average drawdown | 7.25 | 1.78 | +5.47 |
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Drawdowns
PFIA.TO vs. FGLS.NEO - Drawdown Comparison
The maximum PFIA.TO drawdown since its inception was -17.12%, smaller than the maximum FGLS.NEO drawdown of -25.89%. Use the drawdown chart below to compare losses from any high point for PFIA.TO and FGLS.NEO.
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Drawdown Indicators
| PFIA.TO | FGLS.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.12% | -25.89% | +8.77% |
Max Drawdown (1Y)Largest decline over 1 year | -1.36% | -21.12% | +19.76% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -6.46% | — | — |
Current DrawdownCurrent decline from peak | -0.14% | -4.51% | +4.37% |
Average DrawdownAverage peak-to-trough decline | -1.11% | -14.33% | +13.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 10.41% | -9.93% |
Volatility
PFIA.TO vs. FGLS.NEO - Volatility Comparison
The current volatility for PICTON Long Short Income Alternative Fund (PFIA.TO) is 0.68%, while Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has a volatility of 15.47%. This indicates that PFIA.TO experiences smaller price fluctuations and is considered to be less risky than FGLS.NEO 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 | FGLS.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 15.47% | -14.79% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 24.14% | -22.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.41% | 30.09% | -27.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.18% | 25.12% | -20.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.34% | 25.12% | -18.78% |
PFIA.TO vs. FGLS.NEO - Expense Ratio Comparison
PFIA.TO has a 1.73% expense ratio, which is higher than FGLS.NEO's 1.51% expense ratio.
Dividends
PFIA.TO vs. FGLS.NEO - Dividend Comparison
PFIA.TO's dividend yield for the trailing twelve months is around 4.90%, while FGLS.NEO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 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 FGLS.NEO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FGLS.NEO is cheaper at 1.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FGLS.NEO is cheaper with a 1.51% expense ratio, compared with 1.73% for PFIA.TO.
They also come from different issuers: Picton and Fidelity. Their fees differ too: 1.73% for PFIA.TO and 1.51% for FGLS.NEO.
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