PFIA.TO vs. PFAE.TO
PFIA.TO (PICTON Long Short Income Alternative Fund) and PFAE.TO (PICTON Long Short Equity (130/30) Alternative Fund) are both Long-Short funds from Picton. Both are actively managed. Over the past 5 years, PFIA.TO returned 3.45%/yr vs 14.68%/yr for PFAE.TO. Their 0.04 correlation means their historical movements had little consistent relationship. PFIA.TO charges 1.73%/yr vs 1.45%/yr for PFAE.TO.
Performance
PFIA.TO vs. PFAE.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 PFAE.TO's 11.76% 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%
PFAE.TO
- 1D
- -0.34%
- 1M
- -1.72%
- 6M
- 10.53%
- YTD
- 11.76%
- 1Y
- 27.52%
- 3Y*
- 22.66%
- 5Y*
- 14.68%
- 10Y*
- —
- ALL TIME*
- 16.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$160.58K | CA$201.61K | CA$237.15K | |
| CA$320.53K | CA$347.41K | CA$317.03K |
PFIA.TO vs. PFAE.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% |
PFAE.TO PICTON Long Short Equity (130/30) Alternative Fund | 11.76% | 25.47% | 28.53% | 12.08% | -7.08% | 24.90% | 21.52% | 5.00% |
Correlation
The correlation between PFIA.TO and PFAE.TO is -0.04, 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. | -0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019 | 0.04 |
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Return for Risk
PFIA.TO vs. PFAE.TO — Risk / Return Rank
PFIA.TO
PFAE.TO
PFIA.TO vs. PFAE.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 PICTON Long Short Equity (130/30) Alternative Fund (PFAE.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 | PFAE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.32 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 2.61 | -0.02 |
| Martin ratioReturn relative to average drawdown | 7.25 | 12.00 | -4.75 |
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Drawdowns
PFIA.TO vs. PFAE.TO - Drawdown Comparison
The maximum PFIA.TO drawdown since its inception was -17.12%, smaller than the maximum PFAE.TO drawdown of -31.50%. Use the drawdown chart below to compare losses from any high point for PFIA.TO and PFAE.TO.
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Drawdown Indicators
| PFIA.TO | PFAE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.12% | -31.50% | +14.38% |
Max Drawdown (1Y)Largest decline over 1 year | -1.36% | -10.08% | +8.72% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | -14.92% | +13.45% |
Max Drawdown (5Y)Largest decline over 5 years | -6.46% | -17.79% | +11.33% |
Current DrawdownCurrent decline from peak | -0.14% | -1.72% | +1.58% |
Average DrawdownAverage peak-to-trough decline | -1.11% | -3.73% | +2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 2.19% | -1.71% |
Volatility
PFIA.TO vs. PFAE.TO - Volatility Comparison
The current volatility for PICTON Long Short Income Alternative Fund (PFIA.TO) is 0.68%, while PICTON Long Short Equity (130/30) Alternative Fund (PFAE.TO) has a volatility of 2.63%. This indicates that PFIA.TO experiences smaller price fluctuations and is considered to be less risky than PFAE.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 | PFAE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 2.63% | -1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 10.63% | -8.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.41% | 14.71% | -12.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.18% | 16.40% | -12.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.34% | 18.12% | -11.78% |
PFIA.TO vs. PFAE.TO - Expense Ratio Comparison
PFIA.TO has a 1.73% expense ratio, which is higher than PFAE.TO's 1.45% expense ratio.
Dividends
PFIA.TO vs. PFAE.TO - Dividend Comparison
PFIA.TO's dividend yield for the trailing twelve months is around 4.90%, more than PFAE.TO's 0.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
PFAE.TO PICTON Long Short Equity (130/30) Alternative Fund | 0.30% | 0.34% | 0.03% | 0.69% | 0.55% | 0.00% | 0.00% | 0.95% |
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 PFAE.TO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PFAE.TO is cheaper at 1.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PFAE.TO is cheaper with a 1.45% expense ratio, compared with 1.73% for PFIA.TO.
Their fees differ too: 1.73% for PFIA.TO and 1.45% for PFAE.TO.
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