PFIA.TO vs. PFMS.TO
PFIA.TO (PICTON Long Short Income Alternative Fund) and PFMS.TO (Picton Multi-Strategy Alternative Fund ETF) are both exchange-traded funds - PFIA.TO is a Long-Short fund actively managed by Picton, while PFMS.TO is a Multistrategy fund actively managed by Picton. Both are actively managed. Over the past 5 years, PFIA.TO returned 3.45%/yr vs 6.24%/yr for PFMS.TO. Their 0.04 correlation means their historical movements had little consistent relationship. PFIA.TO charges 1.73%/yr vs 4.83%/yr for PFMS.TO.
Performance
PFIA.TO vs. PFMS.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 PFMS.TO's 7.43% 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%
PFMS.TO
- 1D
- 0.19%
- 1M
- 1.57%
- 6M
- 3.65%
- YTD
- 7.43%
- 1Y
- 16.05%
- 3Y*
- 12.43%
- 5Y*
- 6.24%
- 10Y*
- —
- ALL TIME*
- 7.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$320.53K | CA$347.41K | CA$317.03K | |
| CA$50.37K | CA$34.59K | CA$33.22K |
PFIA.TO vs. PFMS.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% |
PFMS.TO Picton Multi-Strategy Alternative Fund ETF | 7.43% | 16.36% | 10.02% | 3.06% | -7.15% | 11.50% | 8.34% | 1.90% |
Correlation
The correlation between PFIA.TO and PFMS.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. | 0.00 |
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. PFMS.TO — Risk / Return Rank
PFIA.TO
PFMS.TO
PFIA.TO vs. PFMS.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 Multi-Strategy Alternative Fund ETF (PFMS.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 | PFMS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.35 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 3.18 | -0.58 |
| Martin ratioReturn relative to average drawdown | 7.25 | 10.89 | -3.64 |
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Drawdowns
PFIA.TO vs. PFMS.TO - Drawdown Comparison
The maximum PFIA.TO drawdown since its inception was -17.12%, smaller than the maximum PFMS.TO drawdown of -23.00%. Use the drawdown chart below to compare losses from any high point for PFIA.TO and PFMS.TO.
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Drawdown Indicators
| PFIA.TO | PFMS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.12% | -23.00% | +5.88% |
Max Drawdown (1Y)Largest decline over 1 year | -1.36% | -5.07% | +3.71% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | -5.36% | +3.89% |
Max Drawdown (5Y)Largest decline over 5 years | -6.46% | -13.11% | +6.65% |
Current DrawdownCurrent decline from peak | -0.14% | -1.16% | +1.02% |
Average DrawdownAverage peak-to-trough decline | -1.11% | -3.79% | +2.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 1.48% | -1.00% |
Volatility
PFIA.TO vs. PFMS.TO - Volatility Comparison
The current volatility for PICTON Long Short Income Alternative Fund (PFIA.TO) is 0.68%, while Picton Multi-Strategy Alternative Fund ETF (PFMS.TO) has a volatility of 1.55%. This indicates that PFIA.TO experiences smaller price fluctuations and is considered to be less risky than PFMS.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 | PFMS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 1.55% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 5.85% | -3.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.41% | 9.30% | -6.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.18% | 11.67% | -7.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.34% | 13.69% | -7.35% |
PFIA.TO vs. PFMS.TO - Expense Ratio Comparison
PFIA.TO has a 1.73% expense ratio, which is lower than PFMS.TO's 4.83% expense ratio.
Dividends
PFIA.TO vs. PFMS.TO - Dividend Comparison
PFIA.TO's dividend yield for the trailing twelve months is around 4.90%, while PFMS.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
PFIA.TO PICTON Long Short Income Alternative Fund | 4.90% | 3.97% | 3.66% | 5.63% | 4.69% | 4.25% | 6.02% | 1.66% |
PFMS.TO Picton Multi-Strategy Alternative Fund ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PFIA.TO and PFMS.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, 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 4.83% for PFMS.TO.
PFIA.TO is categorized as Long-Short, while PFMS.TO is Multistrategy. Their fees differ too: 1.73% for PFIA.TO and 4.83% for PFMS.TO.
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