PFIA.TO vs. HDGE.TO

Last updated Aug 4, 2026

PFIA.TO (PICTON Long Short Income Alternative Fund) and HDGE.TO (Accelerate Absolute Return Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, PFIA.TO returned 3.45%/yr vs 14.17%/yr for HDGE.TO. Their -0.03 correlation means they have often moved in opposite directions in the past. PFIA.TO charges 1.73%/yr vs 3.95%/yr for HDGE.TO.

Performance

PFIA.TO vs. HDGE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in PICTON Long Short Income Alternative Fund (PFIA.TO) and Accelerate Absolute Return Fund (HDGE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFIA.TO achieves a 1.12% return, which is significantly lower than HDGE.TO's 1.64% 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%

HDGE.TO

• 1D: 1.98%
• 1M: 2.73%
• 6M: 3.78%
• YTD: 1.64%
• 1Y: 6.43%
• 3Y*: 9.06%
• 5Y*: 14.17%
• 10Y*: —
• ALL TIME*: 6.76%

*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)
HDGE.TO Accelerate Absolute Return Fund	CA$5.10K	CA$9.90K	CA$12.56K
PFIA.TO PICTON Long Short Income Alternative Fund	CA$320.53K	CA$347.41K	CA$317.03K

PFIA.TO vs. HDGE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PFIA.TO PICTON Long Short Income Alternative Fund	1.12%	5.42%	7.76%	7.26%	-3.42%	3.17%	9.26%	3.58%
HDGE.TO Accelerate Absolute Return Fund	1.64%	3.68%	22.91%	3.36%	15.47%	27.57%	-20.14%	0.51%

Correlation

The correlation between PFIA.TO and HDGE.TO is -0.09, 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.	-0.09
Correlation (3Y) Balances recent behavior with more history.	-0.03
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.05
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	-0.03

Return for Risk

PFIA.TO vs. HDGE.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PFIA.TO

PFIA.TO Risk / Return Rank: 62
PFIA.TO Sharpe Ratio Rank: 58
PFIA.TO Sortino Ratio Rank: 60
PFIA.TO Omega Ratio Rank: 63
PFIA.TO Calmar Ratio Rank: 70
PFIA.TO Martin Ratio Rank: 58

HDGE.TO

HDGE.TO Risk / Return Rank: 23
HDGE.TO Sharpe Ratio Rank: 22
HDGE.TO Sortino Ratio Rank: 21
HDGE.TO Omega Ratio Rank: 22
HDGE.TO Calmar Ratio Rank: 24
HDGE.TO Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PFIA.TO vs. HDGE.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 Accelerate Absolute Return Fund (HDGE.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	HDGE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.47	0.50	+0.98
Sortino ratio: Return per unit of downside risk	2.16	0.79	+1.37
Omega ratio: Gain probability vs. loss probability	1.29	1.10	+0.19
Calmar ratio: Return relative to maximum drawdown	2.60	0.77	+1.83
Martin ratio: Return relative to average drawdown	7.25	2.06	+5.20

PFIA.TO vs. HDGE.TO - Sharpe Ratio Comparison

The current PFIA.TO Sharpe Ratio is 1.47, which is higher than the HDGE.TO Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of PFIA.TO and HDGE.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

PFIA.TO vs. HDGE.TO - Drawdown Comparison

The maximum PFIA.TO drawdown since its inception was -17.12%, smaller than the maximum HDGE.TO drawdown of -29.81%. Use the drawdown chart below to compare losses from any high point for PFIA.TO and HDGE.TO.

Drawdown Indicators

	PFIA.TO	HDGE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.12%	-29.81%	+12.69%
Max Drawdown (1Y) Largest decline over 1 year	-1.36%	-9.07%	+7.71%
Max Drawdown (3Y) Largest decline over 3 years	-1.47%	-12.20%	+10.73%
Max Drawdown (5Y) Largest decline over 5 years	-6.46%	-13.69%	+7.23%
Current Drawdown Current decline from peak	-0.14%	-2.95%	+2.81%
Average Drawdown Average peak-to-trough decline	-1.11%	-8.57%	+7.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	3.39%	-2.91%

Volatility

PFIA.TO vs. HDGE.TO - Volatility Comparison

The current volatility for PICTON Long Short Income Alternative Fund (PFIA.TO) is 0.68%, while Accelerate Absolute Return Fund (HDGE.TO) has a volatility of 3.41%. This indicates that PFIA.TO experiences smaller price fluctuations and is considered to be less risky than HDGE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFIA.TO	HDGE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	3.41%	-2.73%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	10.78%	-8.90%
Volatility (1Y) Calculated over the trailing 1-year period	2.41%	14.03%	-11.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.18%	16.45%	-12.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.34%	17.26%	-10.92%

PFIA.TO vs. HDGE.TO - Expense Ratio Comparison

PFIA.TO has a 1.73% expense ratio, which is lower than HDGE.TO's 3.95% expense ratio.

Dividends

PFIA.TO vs. HDGE.TO - Dividend Comparison

PFIA.TO's dividend yield for the trailing twelve months is around 4.90%, more than HDGE.TO's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HDGE.TO Accelerate Absolute Return Fund	1.44%	1.45%	1.48%	2.10%	2.14%	2.05%	3.01%	0.99%
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

Can I hold both PFIA.TO and HDGE.TO in my portfolio?

PFIA.TO and HDGE.TO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PFIA.TO or HDGE.TO?

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.

Which ETF is cheaper, PFIA.TO or HDGE.TO?

PFIA.TO is cheaper with a 1.73% expense ratio, compared with 3.95% for HDGE.TO.

What is the main difference between PFIA.TO and HDGE.TO?

They also come from different issuers: Picton and Accelerate Financial Technologies Inc.. Their fees differ too: 1.73% for PFIA.TO and 3.95% for HDGE.TO.